Alpcot Agro implements the system of consolidation of financial statements

The CORUS Consulting group completed the project of automation of process of consolidation of financial statements in the Alpcot Agro group - agro-industrial holding, the asset manager in Russia and Ukraine.

Task

Intention of the management of Alpcot Agro to increase the level of control, quality and efficiency of processes of preparation of the reporting under IFRS became the main motive of project implementation.

The management of Alpcot Agro asked for the help CORUS Consulting group - the system integrator having successful experience of implementation of similar projects. As a basis of an information system of consolidation of the reporting, the system of consolidation of the financial and management reporting Oracle Hyperion Financial Management was selected from several options.

Solution

During the project consultants of CORUS Consulting Group automated process of preparation of the consolidated statements of the group including more than 60 companies.

In the created information system business process of consolidation of financial statements with check of initial data by the rules set in a system and approval of the reporting of each company at three stages is fully implemented: reconciliation of intra group transactions, input and detailing of transformational tables, formation of the set of financial statements. Using the usual MS Excel interface specialists of Alpcot Agro finance division prepare transformational tables for each subsidiary company. Then these data are imported to Oracle Hyperion Financial Management where are exposed to check and the subsequent consolidation.

During the project full role instructions are developed for all users participating in business process of consolidation of the reporting with the description of methodology of transformation of data and consolidations. Thus, the client managed not only to automate processes of preparation of the reporting, but also to systematize and improve methodology of these processes.

Results

Now in a system the consolidated statements for the 2 and 3 quarters 2011 is prepared, the reporting for 2 previous years is created and checked. Thus, the solution implemented by CORUS Consulting Group is successfully put into operation and allows the Alpcot Agro group to expect reduction of risk of errors and reduction of terms of preparation of the reporting. In plans of Alpcot Agro and CORUS Consulting Group - further development of an information system of the consolidated statements.

Opinion

"The automated consolidation of the reporting using the Oracle Hyperion Financial Management tools allowed us to reduce significantly terms of preparation of the reporting of IFRS, to lower load of employees of financial department during reporting period and also it is essential to simplify process of audit of the reporting. We thank CORUS Consulting Group for the help in implementation of this project", Alexey Mashchenkov supervising the project from Alpcot Agro comments.

"Any public company imposes special quality requirements of processes of preparation of the corporate reporting. Cooperation with Alpcot Agro company gave us invaluable experience which can be applied to implementation of the most difficult tasks in the field of process optimization of preparation of the reporting under IFRS. We are glad to our cooperation and we hope to continue work on advantage of shareholders of Alpcot Agro and in the future", Kirill Bannikov, the project manager from CORUS Consulting Group noted.