Pulse IC implements comprehensive automation of Central Bank requirements

2022: Launch of the project based on the solutions of the Homnet Group of Companies

Khomnet Group of Companies acted as a project partner at Pulse IC to automate and centralize the functions of fulfilling regulatory requirements. The project became an engine in the development of the company, helped strengthen and increase its position in the market. This was reported by the Khomnet Group of Companies on June 15, 2022.

SK "Pulse" (until 13.01.2022 SK "Tyumen-Polis") in the industry for more than 20 years. In the summer of 2021, the Pulse IC changed the company's development strategy. The new leadership headed for business expansion and development. In order to implement the intended course, management decided to transform the existing IT infrastructure, which had low scalability potential. The project of building a unified accounting and reporting system (automation of accounting and tax accounting, preparation of XBRL reporting, automation of new settlements under Regulation 710-P) based on the solutions of Khomnet Group of Companies was the first fundamental stage towards the transformation of the IT infrastructure and business as a whole. Olga Krymova, who is the Financial Director of the company as of June 2022, was directly involved in the procedure for choosing automated systems:

We were looking for a contractor who will be ready in a short time and in the middle of the year to migrate the current financial system to another program and ensure reporting in accordance with the requirements of Regulation 710-P, as well as automate the reporting process to XBRL. said Olga Krymova, CFO of the company.

The maximum involvement of experts of the Homnet Group and employees of the insurance company made it possible to introduce a full-fledged set of products as soon as possible and speed up the reporting processes for submission to the Bank of Russia. Together, the project team was able to put the accounting system on the Unified Chart of Accounts "HOMNET: NFO" into trial operation in 3 months. During this time, the balances were transferred to December 31, 2020 and turnover was overflowed for 9 months of 2021, integration with the Insurance System was set up and recommendations for accounting were prepared in order to correctly form reporting forms in automatic mode in accordance with the 5724-U Indication. On the basis of KHOMNET: NFO, the specialists of the Khomnet Group of Companies provided reconciliation and set up automatic tax accounting from the IV quarter of 2021. At the same time, usually, the implementation of tax accounting is carried out from a new calendar year in order to optimize resources on the project and avoid the need to check previously submitted data. But the customer of the project set the task of setting up the automatic formation of a tax return for 2021 in order to submit reports for this period from the implemented system. Thanks to a deep examination of the team of the Khomnet Group of Companies, the task was implemented within one month. In terms of automation of the regulator's requirements under Regulation 710-P, the implementation was also carried out in just a month, which was facilitated by the close interaction of the customer's employees with the project team of Khomnet Group of Companies. At this stage of the project, reporting for October 2021 was submitted from KhOMNYeT:710-P. The team of Khomnet Group showed high expertise in the project and applied the best practices for introducing information systems, which made it possible to implement the project efficiently and in a short time. The term for the full implementation of all software products "HOMNET: NFO," "KhOMNYeT:710-P" and "XOMHET: XBRL," which are integrated among themselves and represent a single system, was 5 months. Thus, the project optimizes and centralizes all processes related to the implementation of regulatory requirements, including those updated as the application of calculations under the Regulation of the 710-P on financial stability and solvency of the insurer. As a result of the project, it was possible to achieve a different level of speed of closing the reporting periods, significantly reduce the burden on the financial service of IC Pulse, reducing the number of manual operations. The creation of an easily scalable, reliable and high-tech infrastructure strengthened the position of Pulse IC in the market and ensured the possibility of business growth.