Sulzer Chemtech completes system implementation of preparation of the reporting under IFRS

The Russian division of large-scale international concern "SULZER" began cooperation with Homnet Consulting company in an implementation project of the software product "Homnet: IFRS", the press service of integrator reported on July 18, 2013.

Background

The company needs to provide the reporting according to international standards (IFRS). Earlier employees of "Sulzer Chemtech" prepared the reporting under IFRS in spreadsheets of MS of Excel, such practice did not correspond to requirements of the large company. The leadership team of representation made the decision on creation of an automated system of reporting according to IFRS.

On analysis results, carried out among the leading Russian implementation companies, the management of "Sulzer Chemtech" made the decision on cooperation with Homnet Consulting company.

Taking into account functionality of software products is decided to begin implementing solution "Homnet: IFRS" on a technology platform "1C:Enterprise 8". The significant role in the choice of the software product was played by the fact that the company uses the software product of 1C Company - "1C: Manufacturing Enterprise Management 8".

Objectives

It is supposed to carry out:

• Integration into "1C: Manufacturing Enterprise Management" of a subsystem "Homnet: IFRS";
• Setup of the IFRS block in a system;
• Automation of preparation of accounting reports under IFRS;
• Automation of preparation of different managerial reports on the received orders, sales and the predicted indicators;
• User training to work with a new system;
• Preparation jointly with specialists of "Sulzer Chemtech" of the reporting under IFRS for the I quarter 2013.

It is originally going to automate five jobs.

End of the Project

On November 11, 2013 the Homnet Consulting company announced project completion of implementation of the software product "to Homnet: IFRS" in an enterprise information system Zultser Hemtekh. For November 11, 2013 the customer keeps full account of business activities according to international standards on the basis of RAS.

The information system created on the basis of "Homnet: IFRS", helped the company to keep full parallel account of business activities according to international standards of the reporting on the basis of the Russian accounting. Process of determination of structure of cost of sales according to IFRS, maintaining parallel blocks of accounting according to sections of fixed assets, intangible assets, stocks, deferred expenses is automated. For formation of financial statements according to IFRS all operations with RAS are transformed to the international accounting. At the same time each wiring in RAS has the reflection in the international accounting. In addition, during the project the additional functionality allowing to reduce gaps between RAS and IFRS is also implemented.

The project automates 5 jobs.

Vadim Losev, the chief financial officer of Zultser Hemtekh LLC, noted: "Our company is happy with cooperation about Homnet Consulting. This project confirmed high qualification and professionalism of staff of the company, their competence and aiming at result. In the future we are going to cooperate about Homnet Consulting regarding implementation of automatic data exchange between "1C: Manufacturing Enterprise Management 8" and corporate programs, optimization of reflection of economic transactions in an information system".