ATLANTA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Hope Utilities, a leading provider of US natural gas and water distribution services, has completed a strategic engagement with software and consulting firm Lucasys to implement its advanced tax fixed asset solution, Lucasys Tax. The pivotal initiative is part of Hope Utilities' ongoing commitment to leveraging advanced technologies to optimize operational efficiency and accuracy in financial reporting.
The collaboration was driven by Hope Utilities’ decision to pursue a robust tax fixed asset software solution to facilitate their evolving requirements as their utility network expands to new markets. The implementation process included the conversion and standardization of data resulting from several recent acquisitions by Hope Utilities, including Peoples Gas in 2023.
"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
Leveraging their deep domain expertise in utilities, Lucasys seamlessly converted tax fixed asset data from legacy system PowerTax as well as acquired assets previously tracked in Excel, ensuring continuity and accuracy throughout the process. Lucasys Tax will now serve as a unified repository for tax fixed asset data, streamlining operations and providing 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
Together with Lucasys partner Utegration, Hope Utilities has also implemented 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 and enables Hope Utilities to leverage S/4HANA’s Universal Journal for all asset accounting needs. Lucasys’ partnership with Utegration further strengthens the value proposition for Hope Utilities by providing an end-to-end accounting and tax solution.
In addition to offering advanced software solutions, Lucasys provides comprehensive advisory and consulting services tailored to meet the unique needs of utilities. From data cleansing and preparation to ongoing support and staff augmentation services, Lucasys empowers utilities to optimize their tax fixed asset processes and maximize operational efficiency.
The successful implementation of Lucasys Tax marks a significant milestone in Hope Utilities' journey towards digital transformation and continuous improvement. This upgrade underscores the company's dedication to adopting best-in-class technologies to better serve their customers and streamline their internal processes.
To read more about the collaboration between Lucasys and Hope Utilities, click here.
About Lucasys
Lucasys delivers software and technology-enabled services to empower finance, accounting, and tax professionals in asset-intensive industries to optimize the financial performance of their fixed assets and proactively meet changing regulatory and compliance requirements. With a core focus on rate-regulated utilities, Lucasys provides the industry and domain expertise utilities require to meet their business objectives. To learn more about Lucasys, visit https://www.lucasys.com or follow us on LinkedIn.
About Hope Utilities
Hope Utilities is a holding company that owns natural gas and water distribution utilities across 9 states, providing service to more than 227,000 residential, commercial, and industrial customers in the communities they serve. Hope Utilities currently operates natural gas utilities in Indiana, Maine, Montana, North Carolina, Ohio, and West Virginia; and water and wastewater utilities in Arizona, Michigan, and Texas. They also provide natural gas production and natural gas marketing through subsidiary companies. For more information, visit https://hopeutilities.com/.
Lucasys
Contact: Thomas Ferguson, CMO, Lucasys
1-844-582-2797
contact@lucasys.com
