Newell Rubbermaid automates accounting in a sootvtetstviye with US GAAP

The Homnet Consulting company completed an implementation project of the software product "Homnet: IFRS" in the Russian representative office of Newell Rubbermaid multinational corporation.

Prerequisites

The Russian representative office of Newell Rubbermaid (Sanford LLC) made the decision on implementation of the modern full-function software product for formation of financial statements according to international standards (US GAAP) and also programs for conducting accounting and tax accounting.

Implementation

The Homnet Consulting company conducted examination of the operating system, Homnet installed the software product ": IFRS".

Within the project works on loading of the chart of accounts in "Homnet are performed : The IFRS", configure the table of correspondence of accounts (a so-called mepping), data from the current information systems are transferred, integration into the used programs of accounting is performed. Besides, specialists Homnet Consulting performed tuning of the chart of accounts on US GAAP (the managerial chart of accounts) and rules of broadcast of credentials, setup of necessary forms of the reporting.

Within the project a number of special documents is created:

• For reflection of expenses in the ledgers US GAAP the document "Accounts for Payment US GAAP" allowing to distribute expenses according to cost accounts in proportion to the set percentage is created.
• The document "Accounts to Receiving US GAAP" for exposure of expenses to foreign clients on the services rendered to them in the territory of the Russian Federation.
• The regulatory document "Revaluation of US GAAP" allowing to select accounts of accounting for write-off of results of revaluation and to set currency rates was developed for revaluation of so-called currency accounts (USD, EUR, GBP).

The packet of reports for US GAAP – P&L and Balance sheet is also created; the report allowing to overload the turnover balance sheet (in a standard type) in the special file which is in turn loaded into the all-European ERP system.

As a result of implementation 20 jobs are automated.

From the customer

The CEO of the Russian representative office of Newell Rubbermaid of Shcherbatenko R.B. (Sanford LLC) estimated project results: "A new system increased employee performance of all levels and, as a result, – quality of execution of operations. After implementation "Homnet: The IFRS" significantly reduced time for reporting and opportunities for more effective work planning appeared. Thanks to implementation "Homnet: IFRS" and "1C: Accounting 8" we had an opportunity further effectively to develop functionality of an information system".