Financial reporting is the collection of data, processes, and documents that capture, review, and trace every financial detail of a company through the creation of reports on key activities and internal processes. Its main aim is to deliver a clear, real view of the company’s position to improve decision-making and enable forecasts. Yet all too often it is a tedious workflow that struggles with data unification, monthly close pressure, and limited automation.
At this point, one of the most recommended solutions by experts is LucaNet, a global software provider for financial consolidation, planning, and reporting. LucaNet’s mission is to improve business life by reducing risk, supporting growth, and helping decisions with confidence in its product.
Understanding how information is handled across different companies, how they organize their reporting, which tools they seek to enhance this activity, and how they arrived at LucaNet, how they implemented it, and what advantages and obstacles they faced in the process, is essential to grasp how this tool is shaping outcomes. To discuss these topics, El Periódico de España and ‘activos’ organized an event in Madrid, with LucaNet guiding discussions, featuring Purever Industries, Grupo Cansol, and the Restoration Business Group of the South. The gathering addressed several of the chief concerns of financial directors.
From hand to hand
Ignacio Lara, professional consultant at LucaNet, explained that the goal is to make the digitalization and reporting process as smooth as possible for all companies. He stressed that many firms do not own their own financial information. Through this tool, the aim is to collect data so it serves the finance department best.
Ana María Vicente, head of consolidation at Purever, noted that before LucaNet, the entities reported into an Excel template the consolidation required. After adopting the tool, data gathering has progressively improved.
Juan Carlos Ramos, supervisor of financial accounting at Grupo Cansol, an Andalusian energy group serving clients through the full lifecycle of renewable installations, shared that four years ago the company began its transformation and admitted that reporting was the most challenging part. Information passed through many hands before reaching the final result, which undermined reliability. In this sense, he highlighted how LucaNet helps integrate all data, provide a single trusted source, and make information easily verifiable.
Paloma Artigas, CFO at Grupo NRSur, a restaurant sector firm with 150 franchise locations, explained that reporting was previously done in Excel and they needed a tool that could be customized to fit their needs and integrated with their systems.
Moving forward and improving
Lara argued that when selecting a reporting program, companies should view it as a digitalization strategy to advance daily operations. She outlined several reasons firms turn to LucaNet to streamline consolidation and financial reporting processes.
Both Purever and Grupo Cansol outsourced their accounting services. Vicente highlighted that one major challenge was data accounting itself, with large volumes of historical data that get lost as information moves between teams. LucaNet helps ensure data stays accessible and reliable throughout the process.
Ramos added that growth has driven financing rounds where clear, precise information is required. He stressed choosing this new tool not only for enhanced visibility but also for the ability to generate customized reports. Artigas noted that in a demanding context, reporting must be dynamic and adaptable.
Intuitive use
Lara emphasized two key concepts during LucaNet’s implementation: deployment time and client autonomy. The software’s simplicity has significantly shortened timelines.
Vicente pointed out that LucaNet clarifies data origins and enables independent investigation. It eliminates the constant need to ask questions by email and, looking ahead, the challenge is to unify all subsidiaries under a common ERP system, which would speed up processes and allow users to obtain answers themselves.
Ramos highlighted the visibility the tool offers when viewing financial statements across subsidiaries. Quick data navigation builds trust and ease of use.
Artigas agreed, stressing the relief of accessing data swiftly and comparing periods with ease for the finance teams. Lara added that data consistency is essential for reporting to financial institutions, arguing that when teams focus on analyzing data rather than entering it, a qualitative leap occurs and resources can be redirected to other tasks.
The LucaNet representative described the company’s ongoing mission: to help evolving firms rely on LucaNet to resolve their reporting challenges. He indicated there is still substantial room for growth in LucaNet’s journey ahead.