Innovation in Tax Fixed Assets: Hope Utilities Adopts Best-in-Class Lucasys Software
Leading natural gas and water distribution services company, Hope Utilities, has implemented Lucasys’ industry-leading tax fixed asset software. Faced with the challenges of maintaining legacy software systems, Hope Utilities recognized the opportunity to streamline their accounting solutions and transform their business processes.
This decision to adopt a new platform was motivated by Hope Utilities' commitment to technological progress and the modernization of their fixed asset accounting infrastructure. The Lucasys software suite presents a robust and seamless alternative to legacy industry software, enabling efficient management of tax fixed asset data.
"We are honored to support Hope Utilities in their strategic journey toward enhancing operational efficiency and financial accuracy. This successful implementation of Lucasys Tax is a testament to the power of collaboration and innovation in meeting the complex challenges of today’s utility industry. We look forward to continuing our partnership with Hope Utilities as they lead the way in adopting advanced technologies to serve their customers more effectively."
-Vadim Lantukh, Chief Executive Officer at Lucasys
Drawing on their extensive expertise in the utilities sector, Lucasys efficiently converted tax fixed asset data from the legacy system and integrated acquired assets that were previously managed in Excel. Lucasys Tax will now function as a centralized repository for tax fixed asset data, streamlining operations and offering a consolidated view of financial information.
"Working with Hope Utilities has been a very rewarding experience and we are proud to support their mission to deliver reliable utility services through cutting-edge technology. Lucasys software is engineered to meet the unique needs of utility companies, and we are confident it will provide substantial benefits to Hope Utilities and their stakeholders. "
- Gabriel St James, Director of Product and Services at Lucasys
In collaboration with Lucasys partner Utegration, Hope Utilities has also adopted Utegration’s Finance4U Extended Asset Accounting (EAA) solution, an industry-specific solution built on SAP’s S/4HANA platform. EAA replaces PowerPlan’s fixed asset modules, allowing Hope Utilities to utilize S/4HANA’s Universal Journal for all asset accounting needs. This partnership between Lucasys and Utegration enhances the value proposition for Hope Utilities by delivering a comprehensive end-to-end accounting and tax solution.
In addition to modern software solutions, Lucasys provides utilities with comprehensive services to ease platform transitions, including data cleansing and preparation, resource augmentation, and end-user support for legacy software solutions. Lucasys experts also assist utilities in mapping business processes, defining business requirements for formal RFPs, and documenting internal processes to articulate the needs of their next tax fixed-asset system. As utilities across North America struggle to maintain and support legacy fixed asset solutions, Hope Utilities' partnership with Lucasys highlights the transformative power of proactive adaptation and strategic collaboration. With Lucasys' support, Hope Utilities confidently navigated the transition, emerging stronger and better prepared for future challenges.
The use of Lucasys advanced technology with cleansed and standardized data now positions Hope Utilities to seize opportunities for strategic decision-making and operational optimization. This collaboration with Lucasys marks a significant milestone in Hope Utilities' pursuit of operational excellence and sustainable growth in the utility sector.
How Lucasys Can Help
As utilities evaluate their own technology roadmap, they know they can rely on Lucasys for cutting-edge software solutions. Whether looking for new software or trying to get the most value out of existing solutions, Lucasys can provide insights into the latest accounting and tax issues facing the utility industry. To learn more about how Lucasys can help, visit https://www.lucasys.com/solutions.