PhosAgro automated management accounting and finance using the solution "BIT .FINANS"

On December 12, 2017 The First BIT company announced automation of management accounting and finansovv for more than hundred jobs of PhosAgro Group using the solution "BIT .FINANS".

For conducting managerial and financial accounting in affiliated enterprises of group different software products were used. It complicated to financial and accounting services obtaining the consolidated data from the enterprises of group.

PhosAgro group (2017)

For the purpose of creation of a single automated system with the functionality allowing to optimize treasurer processes, to minimize risks and operating expenses, the PhosAgro Group as a result of the tender selected the solution "BIT .FINANS: Management accounting" First BIT companies. The BIT .FINANS software product is a versatile tool for automation of financial and management accounting and also budgeting and treasury in the companies of any scale and a field of activity.

Within the project specialists First BIT:

• The mechanism allowing in the request and reports is implemented to see debt on data of the current base and according to primary accounting. It allowed to guarantee availability of the operational analysis according to requests and the debt of the partner.
• The mechanism at the choice of only those BST and budget resources which are specified in the agreement or in the additional agreement to it is implemented. It provided decrease in probability of emergence of errors at control of a possibility of use of a budget resource under the agreement.
• An opportunity to use setup of payment when forming the payment schedule is provided. Dates and the amount are filled according to it.
• Processing of formation of requests according to payment schedules is added. Control of a possibility of adjustment of requests is added.
• The procedural task on filling check the analyst and sendings the message for e-mail is created. Thus the mechanism of automatic broadcasting and filling the analyst is implemented.

Transition of the companies of the PhosAgro Group to the single accounting system allowed:

• Control a funds expenditure in subsidiary companies;
• Perform payments in the centralized order;
• Create contractual and payment documents in a single system;
• Manage and approve draft agreements with automated verifications and control of contractual conditions on limits of the income and expenditure budget.
• Reduce terms of preparation of decade registers of payments;
• Consolidate the management reporting.

"The financial service and accounting of Group needed functionality for management of cash flows of affiliated enterprises which would reduce risk of emergence of errors because of possible mismatch when using different accounting programs. Specialists First BIT professionally and responsibly approached project implementation, we are happy with experience with them". Tribshtok Nikita Viktorovich, head of department of economy of child and dependent societies