Outspan International (BIT: Management accounting 8)

The 1C: Accounting and Trade company (BIT) successfully completed the project of automation of management accounting of Outspan International company, representative office of the international holding "Olam International" in Russia. As a result of implementation "BIT: Management accounting 8" became more effective work of sales department and department of the reporting. Preparation of reports for the head company is automated. Detailed cost information and profits on each product in a total turnover of the company is available that helped to plan more effectively sales and changes of a product line.

Outspan International is the Russian trading company which founder is the international holding Olam International which is based in Singapore. Olam International has branches more than in 60 countries and "robusta", sesame, cocoa, rice, cotton and tropical wood is among the world's largest suppliers of cashew, sort coffee.

Before implementation of the software product "BIT: Management accounting 8" in the company the financial statements were prepared using spreadsheets. This method could not provide accounting according to standards of Olam International holding, all management reporting actually was formed on business accounts manually. Large volumes of data which are stored in tables, lack of uniform information base, need of automation of reporting according to IFRS – all this forced the management to look for more effective methods of accounting.

For the solution of these tasks the project of automation was initiated. It was required to organize parallel accounting and receiving a packet of the reporting under International Financial Reporting Standards, internal standards of Olam International company and RAS. On analysis results of offers the product "BIT was selected from this area: Management accounting 8" which allows to solve assigned tasks at the most acceptable time and monetary expenditure.

The implementation project was executed by specialists "1C: Accounting and Trade" (BIT) within 2 months. Parallel accounting and reporting under RAS, IFRS and internal standards of holding is as a result automated. For convenience of providing the reporting in head office the interface in English is created.

In a project deliverable reporting for the head company is automated (earlier it took away from employees about five working days – now only several minutes). In the company the mechanism of broadcast of data according to all features of accounting according to IFRS in Outspan International is completely debugged. Creation of a complete packet of the management reporting, both standard, and specialized is provided: profit and losses (P&L), the report on investments, sales and cost value, straight lines and overheads, reports about creditor and receivables, etc.

As now information on income and costs on each product of the company is available, sales planning of different types of goods became more effective, decision making about changes in a product line became simpler.

Akshaya Goyal, the director of the Russian branch of Olam International company comments: "Implementation "of BITS: Management accounting 8" allowed to obtain operational data on income and expenses, on a share role of participation of each product in a goods turnover of all company, on cash flow, on changes of the capital of the company. There was an opportunity to automatically create managerial balance and to carry out ratio analysis. We thank specialists of BIT for qualitatively executed project. Also we plan further cooperation of our companies within system implementation in other branches of holding".