"The first BIT" automated preparation of the reporting under IFRS in Bazalt Management

On April 9, 2018 The First BIT company announced implementing solution "BIT .FINANS. Managerial accounting" in Bazalt Management company. As a result of the project terms of reporting are reduced from 12-14 to 3-4 days, an opportunity to prepare the reporting in the middle of the month is provided.

Prerequisites of the Project

According to the policy of holding, all branches should provide accounting (financial) reports under standards of the German accounting (GAAP) in parent company. For preparation of the reporting under Russian accounting standards the company used the 1C: Accounting 8 software product, and formation of the management reporting happened more manually, using Excel. Because of it there were difficulties. Preparation of the management reporting for parent company in Excel occupied finance division 2-3 working days on each legal entity entering into group. There was no possibility of obtaining intermediate data, and high labor costs on preparation did not allow to prepare the reporting in the middle of the month. It half manual report generation by employees increased risks of errors and long procedures of adjustments for requirements of parent company.

Project Progress

For problem solving specialists of the St. Petersburg branch of The First BIT company recommended to implement "BIT .FINANS. Managerial accounting". The solution allows in uniform base of a message accounting (financial) and tax accounting as according to the Russian standards, so according to any standards (IFRS, the German GAAP, own management accounting).

System implementation was executed in a short time. Specialists of First BIT performed works in 5 months.

Project Results

Key project deliverables:

1. Obtaining credentials according to standards of the German GAAP online parallel to accounting.
2. automatic preparation of the management reporting in time one day by one employee on each legal entity with accomplishment of the control procedures minimizing risks of errors in the reporting Is provided.
3. an opportunity to execute intermediate closing (in the middle of the month) and to carry out preliminary data analysis Is provided.
4. the Received functionality on many aspects exceeds requirements of the company and allows to apply more widely obtained information in management accounting.
5. the Scalability of a system provides a possibility of expansion of business without significant increase in labor costs at preparation of the management reporting.