Global Denim implements an automated system of financial accounting

The 1C-Rarus company completed automation of an accounting and reporting system in Global Denim LLC company on a basis "1C:Enterprise 8. Management of corporate finances".

Project implementation of implementation took 5 months. The system allowing to process information arriving from 31 shops in uniform base of the central office is implemented.

Objectives

Creation of an automated system of financial accounting of the company according to the internal standards "Global Denim" became a project objective:

• Organization of parallel accounting for the Russian (RAS) standards and for US GAAP;
• Ensuring integration of accounting with bilateral online and systems of operational accounting;
• Development of mechanisms of preparation of the monthly international reporting;
• Obtaining the authentic reporting under IFRS for adoption of operational solutions.

For accomplishment of these requirements the standard solution "1C:Enterprise 8 was selected. Management of corporate finances", on the 1C:Enterprise 8 platform.

As the partner for project implementation the 1C-Rarus company was selected.

During implementation the following business processes were automated:

• Management of finance and reporting on US GAAP;
• Accounts receivable management;
• Accounting under RAS and IFRS and tax statements;
• Formation and sending reporting Global Denim;
• Reporting according to the IFRS standards.

The system of analytical reports for conducting amount-based accounting under RAS and IFRS is created by:

• 32 - Objects – 30 shops, a wholesale warehouse and office
• Brendov. Allows to see the movement of brands by shops, regions. Helps to estimate efficiency of use of each brand.
• Centers of the Financial Responsibility. Gives the chance to analyze income and expenditure accounts in the set parameters (by shops, regions, offices, the working groups).

The non-standard reporting under IFRS is developed:

• The turnover balance sheet according to IFRS to accounts.
• Report of "Ageing". Allows to see dates of emergence of debt by partners and accounts, on the set periods. Gives the chance to obtain transparent data on receivables on group in terms of the international accounting.
• Itemized statement on profits and losses. Allows to trace the history of each digit. Provides transparency of financial and economic activity.
• Report on reconciliation of postings of RAS and IFRS.
• The report on reconciliation of OS between RAS and IFRS.
• The report on accounts of PnL (profits and losses) with data output in the Excel format.