Brief Summary
Balkan Services implemented Lucanet at Sunotec, automating the preparation of consolidated financial statements.
The solution addresses the growing complexity of the group’s consolidation process, which includes over 80 companies, by ensuring data consistency, operational traceability, and a significant reduction in report preparation time.
With this implementation, Sunotec gains a clearer, more timely view of the group’s financial position, which is crucial for its growth and restructuring, as well as for its plans to expand into new markets.
About the Company
Sunotec is a Bulgarian-German company with a 12% market share in the construction of industrial photovoltaic power plants in Europe, with more than 600 solar projects totalling over 8.2 gigawatts of capacity worldwide. The company employs over 1700 people and owns the second-largest fleet of proprietary construction equipment in Europe.
The Need for a New Software
As Sunotec’s operations expanded and the number of companies in the group grew, consolidating financial statements gradually became a significant challenge.
The financial consolidation process is becoming more complex and time-consuming, increasing the risk of errors. At the same time, highly qualified specialists are tied up with operational tasks before they can begin consolidation work.
In response to these challenges, Sunotec is advancing process optimisation and automation by deploying a specialised financial consolidation solution from Balkan Services.
Project Objectives
- Automate the process of preparing consolidated financial statements
- Ensuring consistency of financial data across the entire group
- Guaranteeing full traceability of transactions and adjustments made
- Reducing the time required to prepare consolidated financial statements
The Solution
The Lucanet CFO Platform involves implementing a specialised financial consolidation platform that automates data collection, processing, and consolidation across the group’s companies. The software introduces standardised processes, ensures traceability of all operations, and significantly reduces manual processing, enabling faster, more accurate preparation of consolidated financial statements.
Results
- Availability of consistent data;
- Full traceability of financial data and transactions;
- Significantly shortened and simplified financial consolidation process;
- Ability to record adjustments to individual financial statements in accordance with applicable accounting standards, reflected on a transactional basis;
- Automation of the preparation of disclosures to the financial statements;
- Data verification at individual statement level, including preliminary reconciliation of intercompany relationships, prior to the start of the consolidation process;
- Simplified financial audit process.
