Ekoniva ("Homnet: IFRS")

IMPLEMENTATION IN EKONIVA HOLDING OF MODULES "HOMNET: BUDGETING" AND "HOMNET: TREASURY" BASED ON "HOMNET: IFRS".

Company Info

The Russian-German enterprise "Ekoniva — Tekhnika Holding" is founded in 1994. The company supplies modern agricultural machinery and the equipment of the leading world brands to the Russian market, makes complex service maintenance, repairs and delivery of spare parts.

PROBLEMS AND TASKS

It was required to obtain Ekoniva — Tekhnika Holding companies quickly and precisely information on any financial performance and also to make the reporting according to International Financial Reporting Standards for the founders and investors and the consolidated statements according to IFRS on group.

Solution

Before operation on budgeting were conducted in spreadsheets, data were entered manually. With development of the company control over income and expenses and the analysis of the current financial status became excessively labor-consuming. It created difficulties at acceptance of management decisions. Based on the tender held among the leading partners of 1C for project implementation modules "were selected by Homnet: Treasury" and "Homnet: Budgeting" as the most meeting requirements imposed to functionality, an implementation time and cost.

It is worth mentioning that before Ekoniva company it was required to make the reporting according to IFRS for the founders and investors and also the consolidated statements according to IFRS on group. Also a system "was for this purpose selected by Homnet: IFRS". Main selection terms "Homnet: Its functionality, flexibility of setup, simplicity of implementation and maintenance of a system became IFRS". Before implementation "Homnet: IFRS" the staff of the company made the reporting using spreadsheets of Microsoft Excel.

As a result of implementation of modules "Homnet: Treasury" and "Homnet: Budgeting" any information on financial performance can be obtained within several minutes. Onto budgets it is controlled in real time that allows to exclude exceeding of budgets and to objectively make management decisions.