"First Bit" in 3 months automated the treasury and budgeting from the eco-packaging manufacturer OSQ Group

2022: Automation of the treasury and budgeting based on the product "BIT.Finans.Holding"

IT-integrator First Bit"" with the help of a solution of its own design BIT.Finance helped the packaging manufacturer OSQ Group to bring the treasury to budgeting another level. The approval of applications has accelerated, planning has been simplified and opportunities have expanded. This was analysts announced by the company "First Bit" on December 28, 2022.

Previously, the company did not have a specialized solution for the treasury and budgeting. All related processes took place either in 1C or in Excel. OSQ Group is an international company with several thousand financial transactions every day.

With the introduction of BIT. Finance, the company has risen to a fundamentally different level. Repeated payments have gone, cash management has become more transparent, the company has learned to plan and predict them, thus avoid cash gaps, narrated by Papoyan Tovmas, chief financial officer of OSQ Group.

One of the key problems was repeated payments: employees of different departments simultaneously started the same applications, and as a result, the money was written off twice under the same expense item. The introduction of BIT Finance made it possible to automate the coordination of applications along complex routes; including parallel, sequential, and mixed stages. Budgeting and analytics have improved. Responsible employees can automatically generate various reports in the program:

• Cash Flow Report;
• P&L report (income statement);
• Plan-factual analysis by; to the budget
• Plan of actual analysis of requests for spending funds;
• Ledger report "Budget control values."

Any data can be tracked up to the original document. Employees of the financial department monitor the flow of funds in real time. In the Cash Flow report, you can see all the latest transactions divided into blocks: operating activities, investments, finance, etc. In just 3 months, OSQ Group has a functional budgeting and treasury tool, configured taking into account the special structure of their business. Now the company can quickly monitor the movement of money, profits and losses, and the coordination of applications for expenses has accelerated and has become more accurate.