"JV Business of carat" implements the automation equipment of financial control

On July 24, 2014 the West Concept holding announced project completion on implementing solution "Treasury together with Microsoft SharePoint in Business of Carat group.

Project Tasks

For management of key business processes in Business of Carat company the system of budget management of IBM Cognos Planning and the accounting system INFIN is used. The basic processes connected with financial control are not covered:

• There was no transparent control of execution of payments and budgets;
• Process of approval of payments took away a lot of excess time;
• The large number of handwork and error connected with a human factor strongly slowed down business processes of the company;
• It was impossible to receive the timely management reporting in real time.

The management of JV Business Kar made the decision on implementation of an automated system of financial control. After in-depth examination of the market and consideration of the relevant proposals the solution "West Concept|Treasury" was selected.

Project Results

As a result of system implementation, in JV Business Kar company the new functionality which is completely automating processes of financial control is provided. The staff of the company had an opportunity:

• Create requests for the budget of payments and the register for the budget for the centers of the financial responsibility (CFR) within the general budget with IBM Cognos;
• Bring requests for payment with verifiability both on the main limits to IBM Cognos, and according to requests for the budget from the CFD and also to make currency payments;
• To quickly tie the closing documents to requests;
• Receive the reporting in the uniform unified format in real time.

The number of handwork decreased, owing to minimization of errors and increase in speed of processes of approval - load of employees decreased and extra time was released. The regulation of approval and execution of payments also promoted that process of financial control became more effective and transparent.