CORUS Consulting Group implemented the project based on Oracle Hyperion Financial Management for Agrokultura

December 26, 2014. The CORUS Consulting group announced project completion on development of the Oracle Hyperion Financial Management system in preparation of the management reporting in IFRS for agricultural holding Agrokultura.

Earlier specialists of Corus Consulting implemented for holding the project on system implementation of consolidation of the financial and management reporting Oracle Hyperion Financial Management. In the current year quality requirements and speeds of implementation of transaction increased in holding that caused need for completion of functionality and development of a system. Thanks to the Agrokultura system increased the level of control, quality and efficiency of processes of preparation of the reporting under IFRS. Automation of process of consolidation of a system allowed to implement simultaneous operation on process of formation of data for the management reporting of more than 20 users. More than 50 organizations which account is kept in five different currencies used by the companies of Russia, Ukraine and Europe are consolidated in the current system. Monthly data from more than 15 sources of information on each business unit are loaded into a system that makes more than 40 thousand lines. In the Oracle Hyperion Financial Management system more than 100 forms, a part from which are necessary for check and control of data and also for drawing up the management reporting and the reporting of group on IFRS, automatically form.

Result

In a project deliverable the majority of processes of consolidation, including calculation of a share of minority, an exception of an unrealized profit in stock remainders, a company merger and so forth was automated. Thus, thanks to project implementation the role of the manager of consolidation was reduced to development of methodology and control over process. Time spent for data loading in a system, consolidation and formation of necessary reports was minimized, and at the moment takes no more than an hour in general on group. In a project deliverable terms of preparation of the reporting were reduced more than twice.

"Regulators and investors impose quality requirements and to terms of preparation of the consolidated statements by our holding. Thanks to new systems capabilities of consolidation of the reporting based on Oracle Hyperion Financial Management we received expanded tools which allowed us to reduce terms of preparation of the reporting of IFRS and also it is essential to simplify process of audit of the reporting. Agrokultura could reach higher level of monthly data analysis in the MD&A format", - Ara Sogomonyan, the chief financial officer of Agrokultura holding comments.

"Development of a system of consolidation based on Oracle Hyperion Financial Management allowed to organize process of continuous preparation of the monthly management reporting. Also due to reduction of terms time of employees which was directed to other projects that promoted increase in their motivation was released. As a result it promoted improvement of business processes of the company in general", - Dmitry Yurevich, the head of Department of the corporate reporting and planning of Agrokultura holding says.

"We work with holding for a long time, and this cooperation gives us invaluable experience which we apply to implementation of other difficult projects in the field of process optimization of preparation of the reporting, - Daniil Shapirovsky, the head IFRS of department of CPM CORUS Consulting Group notes. - Agrokultura is the public company which should correspond to high rates of quality and efficiency of the executed business processes. In this connection the broad functionality and reliability of the Oracle Hyperion Financial Management system gives great opportunities for improvement of processes of preparation of the reporting. We are glad that use of a system helps holding to reach serious performance indicators and to continue successful development".

Representatives of the company integrator reported TAdviser.