FBK optimized preparation of the financial reporting under international standards using "Homnet: IFRS"

2020: Optimization of the financial reporting under international standards

On February 19, 2020 the Homnet Consulting company reported that FBK LLC Homnet optimized preparation of the financial reporting under international standards using ": IFRS".

FBK renders services in accounting outsourcing, including, on preparation of reports to clients according to global corporate standards.

Active development of the company, growth of number of clients, in particular those who prepare the monthly corporate reporting based on MSFO, US GAAP, German GAAP and to other standards influenced emergence of need for automation of process of formation of such reporting. The staff of FBK noted that drawing up reports was represented by labor-intensive process: the reporting had to be prepared manually in Excel.

The management of FBK made the decision on implementation of the complex product "HOMNET:MSFO" developed by Homnet Group based on "1C:Enterprise 8" for conducting managerial and accounting accounting and also reporting according to the international standards. The saturated functionality of a system and flexibility of its setup became key selection terms.

The product is simple in implementation therefore the staff of FBK made the HOMNET:MSFO installation on servers independently with consulting support from specialists of Homnet Group.

Specialists of Homnet Group provided training of key staff of the company in work in a system and continue to give consulting support of FBK on methodological and technical issues within the agreement of complex service.

In a project deliverable functions of accounting and preparation of the corporate reporting for clients are automated. FBK received a full-fledged system which allowed to optimize reporting process, as a result the number of manual transactions is minimized, labor costs are reduced. The staff of FBK notes convenience of work in the program and increase in efficiency of use of working time, by release from routine transactions.

For February, 2020 UK FBK which also is a part of FBK Grant Thornton began to cooperate with Homnet Group regarding automation. In Management company works on process automation of budgeting and financial planning of projects are conducted.

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