Homnet Consulting automated management accounting in JSC Finotdel

7/1/2015. The Homnet Consulting company announced automation of management accounting and the reporting under IFRS in JSC Finotdel.

Goals and Objectives

JSC Finotdel addressed to Homnet Consulting for the purpose of creation of a single system for accounting and control of business processes of the company and also for automation of preparation of the reporting under IFRS.

Within the development strategy IT infrastructures of the company the management "FINANCE DEPARTMENT" formulated the following first-priority requirements to which should satisfy proposed solution:

IFRS block:

• accounting according to IFRS;
• receiving forms of the reporting under IFRS;
• formation of additional reports on disclosure of information of IFRS and management accounting;
• possibility of conducting parallel accounting with the minimum change of business processes;
• possibility of adding and change of report forms at the level of the user.

Block KAZNACHEYSTVO:

• formation of "Requests for payment" on the basis of the budget of cash flow;
• electronic approval of requests for payment;
• automatic budget control of requests for payment.

Block BYUDZHETIROVANIYE:

• input and adjustment of budgets;
• assignment of algorithms of formation to budget items (limits/standards/formula) for the purposes of automatic calculation of planned data for budgets;
• accounting according to scenarios, currencies, analytical cuts (divisions, types of credit products);
• existence of flexible reports for the plan-fact analysis, comparison of the budgets given according to different scenarios;
• possibility of creation of budgets from top to down and from below up.

Choosing a Solution

Considering needs of the customer, as the software development Homnet Consulting – "Homnet was selected : IFRS". The software product as much as possible meets the demands made by Finotdel company and allows to automate accounting according to the IFRS standards, management accounting, the reporting under IFRS and accounting of blocks of treasury and budgeting.

System implementation employees performed Finance department with advisory support of specialists Homnet Consulting.

Result

• considerably labor productivity at decrease in labor costs grew;
• the transparency of financial flows increased;
• the company management had an opportunity in online the mode to watch all business processes of the company and if necessary quickly to make effective management decisions;
• there was an opportunity by different the analyst to find new solutions for improvement of production indicators of the company;
• the efficiency of accounting increased and profitability of the company increased.