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Losch Luxembourg


Financial reporting, Budgeting, planning, and forecasting, Consolidation


"With CCH Tagetik, we have been able to streamline our financial processes while providing much more detailed and meaningful reporting. The significant time savings allows us to do much more analysis for decision support."

Karsten Noth, CFO, Losch Services S.àr.l. Luxembourg


 

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the challenge


Founded in 1948, Losch Luxembourg specializes in automotive distribution. Its business is divided into three main areas: import, retail (through 9 dealerships), and services such as rentals and leasing. In 2016, the company decided to redesign its management processes and procedures. One of the decisions the board made was to modernize the company’s financial processes and management. In addition to streamlining consolidation, the board wanted to improve financial reporting, regulatory and statutory compliance, and cash flow optimization. Additionally, board members wanted to implement long-range planning, budgeting, and rolling forecasting.

Benefits

Benefits


Traceability and visibility

Ability to track progress, manage workflows, and provide greater traceability and visibility into all financial processes

Informed decisions

The enterprise now have regular, timely information to make informed decisions based on the most current data

Cross-company reporting and benchmarking

Cross-company reporting and benchmarking can now be done for comparisons; what-if analyses and top-down adjustments further support decisions and goal setting

Elimination of spreadsheet-based reporting

The company was spending an inordinate amount of its time managing, maintaining, and consolidating hundreds of Excel-based input forms and reports

More efficient data collection

40% decrease in time required for data collection

Faster, more detailed financial reporting

The reporting is more comprehensive, with detail easily available, to guide and support the business on a daily, weekly, or longer-term basis.

the solution


In the fourth quarter of 2016, the Losch team decided on CCH Tagetik’s unified solution for corporate performance management. Managers across the enterprise now have regular, timely information to make informed decisions based on the most current data. Cross-company reporting and benchmarking can now be done for comparisons; what-if analyses and top-down adjustments further support decisions and goal setting.


From automated data collection to simplification of profit elimination and consolidation to integrated planning, CCH Tagetik has allowed Losch’s finance team to shift its focus away from manual work to value-adding activities. As mentioned above, automotive distribution is a cash intensive business. CCH Tagetik now gives managers a clear and automated view on key cash position drivers and cash flow plan status.

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