Dan-Invest optimized preparation of the reporting under IFRS using First BIT

The First BIT company in March, 2018 announced process optimization of preparation of the reporting under IFRS in the Dan-Invest group representing livestock business in Russia.

increased the accuracy of calculation of depreciation by rules IFRS. In a month the livestock companies of the Dan-Invest group received the first results on improvement of quality of the reporting in IFRS.

Prerequisites

In the company for accounting the product "1C: Accounting of the agricultural enterprise" was already used. Solving of tasks of management accounting and also reporting according to IFRS happened manually to use of Excel that did not exclude a possibility of inaccuracies and problems in "data" of a consolidated balance of the companies of group on IFRS. With respect thereto the company management made the decision on process automation reporting according to IFRS.

Project Progress

Complete implementation of the software product "BIT. Finance" took about 6 months. Work on calculation and depreciation and also complete fixed asset accounting in the program stood one of tasks of automation of accounting of the company. It was necessary to implement an algorithm of calculation of depreciation by rules IFRS and to reduce labor costs by formation of balance and reports on this direction.

The company management carried out the analysis, considering presence of the corresponding competences at the IT companies and examinations in accounting according to IFRS. On these indicators The First BIT company was selected. Several meetings with developers of the software product "BIT were held. Finance", including is held demonstrations for representatives of the Danish holding AXZON.

Project Results

Specialists of The First BIT company implemented accounting according to IFRS using a broadcasting technique from RAS. Now account is kept in parallel under Russian accounting standards and IFRS. The technique of closing of the period and distribution of accounts was complicated — automatic allocation of costs on Arable and Feed is implemented. Automatic execution of calculations of depreciation with residual cost by rules IFRS allowed to increase the accuracy and efficiency of calculations. Besides, the quality and speed of accomplishment of the reporting for the Danish holding AXZON increased. With respect thereto more time remains on increase in efficiency of use of money in the company, reported in integrator.

Implementation "BIT. Finance" allowed us quicker and more correctly to prepare the reporting for investors and also when carrying out audit. Undoubtedly, at a stage of fine-tuning of system operation control and introduction of some adjustments is necessary. Nevertheless, automation of accounting allowed to reduce quantity of errors when reporting according to IFRS because all postings of the Russian accounting are automatically broadcast according to IFRS. Economy of working time allows employees to be engaged in data analysis, but not report generation. More time remains on increase in efficiency of use of money that is very important at a production development stage. We thank a command of First BIT for the help in the choice of the software product and its mastering, competent and first consulting support — Nina Belikova, the deputy finance director of Dan-Invest told.