The Borets production company implemented technology of preparation of the consolidated corporate financial statements

On November 8, 2016 CORUS Consulting Group and SAP CIS company announced project completion on implementation of an automated system of preparation of the consolidated corporate financial statements in Borets company. As a technology platform the SAP product BPC for NetWeaver on HANA is used.

Project Tasks

The Borets company prepares semi-annual and annual consolidated and also the monthly reporting under IFRS which data are used for preparation of the management reporting. Historically these problems were solved with use of own model of transformation and consolidation in Excel. Consolidation in Excel assumed a large number of difficult calculations which accomplishment took a lot of time, required fixed control of the management. The company management made the decision on use of a specialized system for creation of the reporting on the basis of SAP BPC for NetWeaver on HANA. The partner of the project in system implementation selected CORUS Consulting Group and ITSC company, one of the largest outsourcers on support of SAP solutions in Russia with a geographically-distributed structure more than 30 regions (according to a ranking of TAdviser "The largest outsourcers of support of SAP solutions 2014").

Exposure of Borets company, (2012)

Project Progress

Within the project:

• collecting of initial data using the unified Excel packets is automated,
• the model of corporate financial data is created,
• necessary adjustments and calculations are formalized and configured.

Project Results

The uniform center of financial data created on the basis of the industrial solution helps to prepare the analytical reporting quickly. The changes arising during operation of a system of consolidation are permitted by forces of specialists, with the minimum involvement of IT service or external consultants. There was a possibility of transparent comparison of IFRS and management reporting by types of adjustments, a possibility of step-by-step loading of initial data.

The decision on implementation of an industrial system of financial consolidation is strategic for the company. Development of a system of the corporate reporting, including process of rapprochement of the management reporting and IFRS, meets real objective requirements of the company in this connection the methodology of financial statements passed several stages of development and was rather deeply worked by the time of start of the project. It is difficult to specify some specific function which would not be executed within the procedures which developed by this moment. But at the same time, existence of such developed system also is a source of need for automation. The urgent need of scaling of the applied techniques, the need for the analysis of the reporting of any level within uniform algorithms and a uniform data model – the solution of these tasks is to the following steps in development of a corporate system of financial statements which we also expect to make using a new system based on SAP BPC. Also It should be noted that the opportunity put in a system flexibly is very important for the solution of this task to configure the majority of the applied algorithms and the used procedures by own efforts, without involvement of technical specialists. Daniil Shapirovsky, chief financial officer of PK Borets LLC

Successful project implementation on SAP BPC, including in Borets production company, for us as integrator with a broad spectrum of solutions for automation of activity of financial services, means correctness of the selected course towards development of examination in this platform. The low cost of ownership, flexibility of setup and the put in the memory technology available thanks to SAP HANA accelerating processing of large volumes of data – components of successful system operation. Alexander Rakhmanov, CEO of CORUS Consulting Group

Considering an unstable situation in the market of oilfield service services, it is important to management of the companies of this industry to make the correct decisions on the basis of the correct and quickly created consolidated financial statements. Today it is possible thanks to the advanced IT tools without involvement of highly skilled personnel. We are glad that the Borets company, one of market leaders of oil mechanical engineering, for the solution of this task selected the SAP BPC on HANA platform which is used by the enterprises around the world. Ilya Yuryev, deputy CEO, SAP CIS