1C completed the implementation of 1C: Holding Management 8 in Pioneer Group of Companies

2014: Implementation of Corporate Performance Management

On December 9, 2014, the Pioneer Group of Companies completed the implementation^[1] of the 1C: Holding Management 8 class Corporate Performance Management system.

Choice of solution

Previously, spreadsheets were used to form financial statements under IFRS. Manually filling out the reporting package of 29 data entry forms for each subsidiary, 40 final reporting forms and notes was very laborious and took up to 1.5 months. Time for qualitative analysis of the data was not enough. The company needed an information system that would simplify the collection of data from subsidiaries and speed up the formation of consolidated statements under IFRS.

As a software product, the specialists of the Pioneer Group of Companies chose 1C: Holding Management 8, a new comprehensive CPM (Corporate Performance Management) solution developed on the innovative high-performance technology platform 1C:Enterprise 8.3. The choice of the system was influenced by the fact that 1C: Enterprises 8: 1C: Manufacturing Enterprise Management and 1C: Accounting 8 solutions are already successfully used for management and accounting in the holding companies.

The implementation partner was MKSKOM LLC, a partner of 1C, who has successful experience in automating financial management tasks in holding companies.

Project progress

The project was completed in just 1.5 months. The new system helped to achieve the following results:

• Completion of data entry forms for most subsidiaries is fully automated. To do this, unified IFRS details have been added to the main reference books in accounting systems. As a result, it was possible to significantly simplify the filling out of 29 reports for each subsidiary. The time for the initial filling of data entry forms has been reduced from 2-3 weeks to two days.
• The visual transformation of reporting is implemented in the table model of filling Trial Balance (SALT IFRS), i.e. the main approach and appearance of the transformation report remained the same as in the previously used spreadsheets, the employees of the group of companies did not have to retrain and get used to new forms of documents.
• Adjustments are unified and automated, including the most complex ones: repetition of transactions of the previous period, import of manual adjustments from spreadsheets. This made it possible to simplify the methodology and reduce the time for technical operations during the transformation of reporting to 1 week.
• The clear process of reconciliation and elimination of intra-group operations, as well as the settlement of insignificant discrepancies, allowed the company's specialists to simplify the most important stage of reporting transformation.
• By integrating the system with ERP and enterprise accounting solutions, users can go down to the primary operation in just a few clicks. This helps the employees of Pioneer Group, quickly conduct the necessary analysis of the transformed reporting, and auditors - confirm the accuracy of the financial statements.

Result

As a result of the project, the preparation of consolidated statements under IFRS is fully automated. The time for monthly preparation of 29 reports for each subsidiary has been significantly reduced. 40 final reporting forms are generated much faster.

Yulia Redkina, Head of IFRS Reporting at Pioneer Group, notes: "With the introduction of the 1C: Holding Management 8 system, the IFRS reporting transformation model has become more transparent and easily managed. The amount of manual work has been minimized, the time for the preparation of final reports has been significantly reduced, and the total time for the transfer of reports has accelerated by 2 times

Notes