Navicon completed the project of automation of accounting according to IFRS in IK Renaissance Capital

June 22, 2015. The Navicon system integrator announced project completion of implementation of Microsoft Dynamics AX 2012 in Renaissance Capital investment company.

Project Objective

Automation of IFRS and management accounting was a project objective of implementation of ERP in Renaissance Capital company.

Project Progress

Based on Microsoft Dynamics AX the following blocks were automated:

• Accounting according to the IFRS standards, parallel accounting in local currencies and in currency of group
• Integration with purchasing systems, accounting of traveling and entertainment expenses, accounting of trade operations, a system bank client (in points of presence of divisions of the company)
• Bidirectional integration with the system of local financial accounting under RAS (1C), integration for work with reference books (data acquisition from master systems and data transmission to systems for which Microsoft Dynamics AX is a master system)
• Formation of data marts for connection of external systems and the data warehouse and also a packet of operational financial statements based on the solution Navicon-ReportDesigner
• Consolidation of financial transactions, creation of the consolidated statements on group

Implementation time of the ERP system was defined in advance, due to the need of implementation of the new bank module in Renaissance Capital. A system had to be developed and put into commercial operation in 6 months. For implementation of the tasks the Navicon command in the shortest possible time mobilized all resources - at the peak moments more than 30 people worked on the project. A new ERP system earned at head office of the company and its international representative offices strictly according to the plan.

User training was made in 2 weeks prior to an exit in commercial operation with active use of means of distance learning and teleconferences as offices IR "Renaissance Capital" are located in different regions of the world. For training users were grouped in languages and time zones that allowed to involve the most part of days and in the intensive mode to put employees Renaissance Capital into operation.

The project on implementation of Microsoft Dynamics AX laid the foundation for full automation of the financial block in the company which will allow to increase in the future significantly quality of financial analytics and employee performance. Now cooperation Navicon and Renaissance Capital continues. An ERP system develops together with business of investment company; there are works on expansion of the used functionality.

"Microsoft Dynamics AX 2012 system was selected thanks to the potential speed of system implementation in commercial operation, flexibility and quality of the provided solution, including optimal cost, - Vladimir Gibenko, CIO IK Renaissance Capital comments. - When choosing the partner we, first of all, paid attention to qualification of personnel and profound knowledge of financial accounting. We are happy with the choice and cooperation with Navicon company".

"The project in Renaissance Capital showed that we have an opportunity to provide to the customer a big team of professionals, - Sergey Chevychelov, the managing partner of Navicon company notes. - We implemented Microsoft Dynamics AX in the representations of group which are in different regions of the world. Documentation, training and communications in the project were kept in English. The implementation methodology of a system was reviewed for maintaining the project in extremely short time, with the approval of requirements and system development happening in the parallel mode. This approach entered additional risks to the project, but determination from the customer and readiness for risk from Navicon played a role, we made the project in the terms required for the customer".

"Implementation of systems on automation of business is always aimed at increase in productivity at all levels: employees, processes, document flow and also on an exception of routine transactions, - Alyona Gekler, the director of Microsoft Dynamics in Russia comments. - The Microsoft Dynamics AX system allows to construct not just administration management by business, but also to create the uniform "center of the truth" for acceptance of management decisions at all levels. We highly appreciate professionalism of our partners who in a short time could implement such difficult, geographically distributed and at the same time interesting project. Similar implementations inspire by Microsoft Dynamics in Russia to develop our business solutions".