Hope Utilities expands the use of the Lucasys solution

ATLANTA, Dec. 3, 2024 (GLOBE NEWSWIRE) — Hope Utilities, a leading provider of U.S. natural gas and water distribution services, has built on its previous success with Lucasys and expanded its use of the Lucasys Tax solution by implementing the Deferred Tax application. Building on Hope Utilities’ successful implementation of Lucasys for tax write-offs, this milestone in technology integration is part of the company’s ongoing commitment to leveraging advanced technologies to optimize operational efficiency and accuracy in financial reporting.

“Implementing Lucasys Tax has transformed our operations. The platform’s robust features have streamlined our tax processes, allowing us to adapt to the complexity of West Virginia’s regulatory landscape while increasing efficiency across the board. Lucasys has been an invaluable partner in preparing for future growth and acquisitions.”
-Olena Bilskiy, Tax Director at Hope Utilities

Hope Utilities serves as a major utility in West Virginia and operates in a unique tax reporting flow-through area in the state. This regulatory approach, which requires immediate recognition of tax benefits at the state level, presents complex challenges for tracking, compliance and forecasting. To comply with West Virginia law, the Lucasys Deferred Tax application now integrates seamlessly with existing systems from Hope Utilities and provides robust capabilities to automate workflows, manage area-specific calculations, and ensure compliance. The implementation included pre-configured workflows and real-time collaboration with Hope Utilities’ finance and tax teams, delivering an end-to-end solution that meets the needs of this flow-through jurisdiction.

“Hope Utilities’ proactive approach to tax management demonstrates its commitment to maintaining compliance while optimizing efficiency. We are proud to support them with solutions that meet West Virginia’s regulatory needs and position them for continued growth.”
– Daniel Chang, Chief Operating Officer at Lucasys

With a strategic focus on expansion, exemplified by the acquisition of Peoples Gas in 2023, Hope Utilities strengthens its readiness for future growth opportunities. The introduction of Lucasys’ Deferred Tax application improves the company’s ability to quickly integrate acquired businesses into its financial systems and provides scalable solutions for managing complex tax positions and reporting requirements across multiple jurisdictions.

Together with Lucasys partner Utegration, Hope Utilities has also implemented Utegration’s Finance4U Extended Asset Accounting (EAA) solution, an industry-specific solution based on SAP’s S/4HANA platform. EAA replaces PowerPlan’s 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 providing advanced software solutions, Lucasys also provides comprehensive consulting and advisory services tailored to the unique needs of utilities. From data cleansing and preparation to ongoing support and staff augmentation services, Lucasys enables utilities to optimize their tax asset processes and maximize operational efficiency.

To learn more about the collaboration between Lucasys and Hope Utilities, click here.

About Lucasys

Lucasys delivers software and technology-enabled services to enable finance, accounting and tax professionals in asset-intensive industries to optimize the financial performance of their assets and proactively address changing regulatory and compliance requirements. With a focus on rate-regulated utilities, Lucasys provides the industry and expertise utilities need to achieve their business goals. 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 utilities in nine states and provides services 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. In addition, they offer natural gas production and natural gas marketing through subsidiaries. For more information, visit https://hopeutilities.com/.