Budgeting is automated in the Uzbek office of Vincert Global Forwarders

2023: Implementation of BIT.Finans.Prof.

On August 21, 2023, the First Bit company announced that it had automated budgeting in the Uzbek office of the international company Vincert Global Forwards.

As reported, within the framework of the First Bit project, he automated management accounting in the Uzbek office of the company, using the Bit.Finance software product. This made it possible to reduce labor costs for accounting and optimize its quality.

Previously, the company used the 1C: Accounting program, but most of the transactions with cash flows and budgeting were carried out manually using MS Excel, which created an obstacle to sustainable business development.

The company's management needed a convenient tool for managing budgets and costs, as well as for financial planning and control. The implementation partner is the IT integrator "First Bit," which is developer of the Bit.Finance family of software products. Bit.Finance products are designed for comprehensive automation of management accounting, treasury and budgeting on the basis of 1C. The project was implemented by the First Bit teams from Tashkent and Russia (office of Moskvornaya Sportivnaya). Russian Office Team from The Management Accounting and IFRS divisions were also involved in localizing the Bit.Finance solution for the Uzbekistan market.

Bit.Finance: Prof was selected as the product, which includes cash management functions, payment calendar, payment register, scenario planning, setting up rules for sighting any documents, process approving and setting limits, as well as uploading/uploading data to MS Excel. "Bit. Finance was "seamlessly integrated with 1C: Accounting," which made it possible to work in a single information field.

The project was implemented in a short time, in just three months. The implemented software made it possible to form an automated system for controlling financial flows, which significantly optimized the BDDS procedures and the plan-factor analysis. It was possible centralize and optimize the process of creating, agreeing and approving cash consumption requests according to budget limits.

Also, the company has a single payment calendar - one of the main tools for managing cash flow, working in conjunction with limits and the budgeting subsystem. Now all expenses are effective are accounted for and distributed to the Central Federal District and individual divisions of the company.

{{quote 'author
= said Sultanbek Kayumov, representative of Vincert Global Forwarders in Uzbekistan' As a result of the work performed, we managed to reduce the costs of accounting, optimize its quality and generally optimize the processes associated with reporting. We thank Tashkent and Moscow "First Bit" team for high qualification, the project implemented on time and achievement of the set goals.}}

{{quote 'author
= noted Arina Presnyakova, head of the Management Accounting and IFRS division of First Bit, Sportivnaya's office. On the project in Vincert Global Forwards, we were faced with the task of automating the treasury unit in 3 months. To achieve results in such a short time, it was decided to use the consulting implementation method, where the Vincert Global Forwarders team directly implemented the software, and The first Bit played the role of a tracker directing the implementation team. Thanks to the customer's involvement, we managed to meet the required project deadline.}}