OutlookSoft streamlines financial reporting and budgeting for Russian oil trading company   5th February 2007 OutlookSoft Corporation, has implemented its OutlookSoft performance management software within LITASCO, a trader of crude oil and refined petroleum products. OutlookSoft is managing LITASCO's budgeting, statutory reporting, GAAP consolidation and performance management needs and has already delivered significant returns. LITASCO is the trading arm of LUKOIL for all of its international trading and supply operations outside of Russia . OutlookSoft was first implemented as a replacement for LITASCO's out-dated Excel sheet budget reporting, but was quickly expanded to cover statutory and GAAP reporting, and performance management. The solution is delivering significant ROI, with budgetary reporting time cut from a week to just half a day (a 90% reduction). LITASCO's business analysts are now able to focus almost all of their time on proactively analysing data and advising on company strategy. Additionally, OutlookSoft's scorecarding application has been linked to LITASCO's trading application, allowing management to capture real-time intelligence about the company's status, including performance against key performance indicators, highlighting and unveiling likely causes of variance. Laurent Corbaz, Head of Financial Reporting & Planning at LITASCO, states: “The main reason for selecting OutlookSoft was the fact they took the time to understand what our business needed and were able to tailor OutlookSoft to our very specific needs quickly and effectively. Within five months we had completed implementation of the budgeting, statutory, GAAP and scorecarding solutions and were already experiencing positive effects from early implementations”
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