Our Client - Germany's largest heating installation company
After the acquisition by the Canadian PE fund Brookfield in 2021, Thermondo, Germany's largest heating installation company, was faced with the challenge of preparing consolidated financial statements in addition to individual financial statements. In response to these new requirements, Finatycs developed and implemented an Excel-based consolidation solution that not only harmonized the group reporting process but also ensured compliance and legal requirements, as well as a seamless transition for Thermondo's finance team.
At Finatycs, we believe in empowering businesses through IT based solutions and technical know-how to move them forward. This strategy was proven by our successful project at Thermondo. We look forward to helping our customers address complex topics such as financial transformation, rapid reporting, or Data management and analysis. We not only provide ideas but also work together on long-term solutions.
Eduard Kobert, Partner, Finatycs
Our Challenges - Meeting deadlines
The biggest challenges for Thermondo included integrating disparate financial data, meeting regulatory requirements, and managing the transition smoothly – all within a tight deadline. Our goal was to create a solution that not only overcomes these challenges but also provides a scalable and easy-to-use system for the finance team. Our team first conducted a thorough assessment of Thermondo's financial reporting processes and data sources. We then designed a customized, Excel-based consolidation solution that meets Thermondo's specific requirements.
Following the successful implementation of our Excel-based consolidation solution at Thermondo, we achieved several significant results:
Meeting the deadlines for the submission of consolidated financial statements: Thermondo was able to present its first consolidated financial statements on time and in accordance with legal requirements.
Increased efficiency and accuracy in financial reporting: Minimizing errors and improving the accuracy of financial data by automating and streamlining processes.
Improved decision-making through real-time access to financial data: With customizable dashboards and reports, Thermondo's management team can now make more sophisticated decisions.
Seamless transition for the finance team: Through comprehensive training and ongoing support, Thermondo's finance team was able to manage the transition smoothly.
After successfully achieving our initial deliverables and providing high quality results on time, we began the second phase of our endeavor. The goal of this phase was to improve overall stability and optimize process efficiency. As a strategic decision, we decided to switch our consolidated financial statement to Lucanet.
Our Objective - Improving financial reporting
Our Solution - Key features for an innovative solution
With the continuously increasing demands and complexity of financial transactions, modern solutions are crucial to ensure that companies are always up to date. Below, we highlight some key features of our innovative financial solution designed to address these challenges.
Automated Import: We developed a system for importing financial data from multiple sources, reducing manual entry and the risk of errors.
Consolidation: Our solution enabled consolidation on multiple levels and various currencies to ensure accurate financial statements and compliance.
Scalability: Our solution is designed to meet changing business needs and can integrate new entities or change existing structures.
Training and Support: We provided the finance team with comprehensive training and ongoing support for efficient consolidation management.