ATLANTA, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Hope Utilities, a leading provider of US natural gas and water distribution services, has built upon their previous success with Lucasys and expanded their use of the Lucasys Tax solution by implementing its Deferred Tax application. Building on the successful implementation of Lucasys for Tax Depreciation, this milestone in Hope Utilities’ technology integration is part of the company’s ongoing commitment to leveraging advanced technologies to optimize operational efficiency and accuracy in financial reporting.
“The implementation of Lucasys Tax has been a game-changer for our operations. The platform’s robust capabilities have streamlined our tax processes, allowing us to adapt to the complexities of West Virginia’s regulatory landscape while enhancing efficiency across the board. Lucasys has been an invaluable partner in helping us prepare for future growth and acquisitions.”
-Olena Bilskiy, Director of Tax at Hope Utilities
Hope Utilities serves as a critical energy provider in West Virginia, operating within a unique flow-through jurisdiction for tax reporting in the state. This regulatory approach, which demands immediate recognition of tax benefits at the state level, presents complex challenges for tracking, regulatory compliance, and forecasting. To adhere to West Virginia’s regulatory rules, the Lucasys Deferred Tax application now seamlessly integrates with Hope Utilities’ existing systems, providing robust capabilities to automate workflows, manage jurisdiction-specific calculations, and ensure adherence. The implementation included pre-configured workflows and real-time collaboration with Hope Utilities’ finance and tax teams, delivering an end-to-end solution designed to accommodate the demands of this flow-through jurisdiction.
"Hope Utilities’ proactive approach to tax management demonstrates its commitment to maintaining compliance while optimizing efficiency. We’re proud to support them with solutions that address the regulatory requirements in West Virginia and position them for continued growth."
- Daniel Chang, Chief Operating Officer at Lucasys
With a strategic focus on expansion, exemplified by the 2023 acquisition of Peoples Gas, Hope Utilities is strengthening its readiness for future growth opportunities. The adoption of Lucasys’ Deferred Tax application enhances the company’s ability to rapidly integrate acquired entities into its financial systems, providing scalable solutions to manage complex tax positions and reporting obligations across multiple jurisdictions.
In tandem 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.
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/.
