ThyssenKrupp Elevator (BIT: IFRS 8)

The 1C: Accounting and Trade company (BIT) completed system implementation "1C:Enterprise 8. Management of manufacturing enterprise for Ukraine" and "BIT:IFRS 8" in the Ukrainian branch of ThyssenKrupp Elevator company, one of leaders in the field of production and maintenance of elevators and escalators. Work of finance division was automated. Implementation allowed to simplify accounting by projects and to automate accounting according to IFRS. According to the results of the project time of formation of the regulated reporting was reduced by 30%, preparation of the reporting under IFRS for the head company repeatedly accelerated. The management received tools for identification of the perspective and problem directions and effective distribution of financial resources by projects.

"ThyssenKrupp Elevator" monthly provides the reporting under IFRS for the head office. The enterprise offers passenger and freight elevators, escalators, passenger pipelines, elevators for physically disabled people, landing passenger ladders for the airports and also full technical and warranty service. In firm about 42500 people work, the sales volume of the organization in 2008-2009 was 5.3 billion euros, 900 representations of "ThyssenKrupp Elevator" work worldwide.

Within several years the Ukrainian branch "ThyssenKrupp Elevator used for maintaining managerial and accounting the program on the 1C: Enterprise 7.7 for Ukraine platform which did not satisfy to requirements of the company regarding formation of the international reporting for shareholders.

The automated system for the organization of a common information space for work of accounting, HR and financial service was required. It was necessary to implement formation of parallel accounting on Ukrainian and to International Financial Reporting Standards, timely providing accounting records, products cost accounting by projects.

In September, 2009 the management of the enterprise made the decision on implementation of new, more powerful software for solving of tasks of the company. The Moscow office "ThyssenKrupp Elevator" successfully works with systems "1C:Enterprise 8. Management of manufacturing enterprise" and "BIT:IFRS 8", the implemented Russian specialists "1C: Accounting and Trade" (BIT) therefore it was decided to use positive experience of colleagues and to select the same software products and the same partner for implementation.

As a result of product introduction "1C:Enterprise 8. Management of manufacturing enterprise for Ukraine" in a common information space 10 employees of finance, personnel division and accounting work. System "1C:Enterprise 8. The management of Manufacturing Enterprise for Ukraine" allows to keep accounting qualitatively.

Before implementing solution qualitative cost accounting on projects was complicated. Thanks to setup of the mechanism of distribution of indirect costs and depreciation on projects project costs accounting was automated. It allowed to obtain quickly the complete information about profitability on each project and to make budgets. The reporting which is provided by the program allows to reveal perspective and problem projects and activities for effective allocation of costs.

Automation of work of personnel department allowed to reduce several times time expenditure by payroll calculation to the staff of the company. Earlier this process took several days only 3-4 hours now. According to the results of the project with the help of a product "BIT:IFRS 8" is implemented parallel accounting on Ukrainian and to International Financial Reporting Standards and process of reporting for head office in Germany was considerably simplified.

The solution helped to increase efficiency and accuracy of preparation of the management reporting. Besides, an opportunity to charge depreciation on fixed assets and intangible assets independently according to national and international standards is implemented. Providing obligatory reports on financial statements, planning of expenses and income on different international subsystems for acceptance of management decisions is also automated. Important aspect was that the product "8" offered BIT:IFRS an exhaustive set of reports. An opportunity to receive reports from registers with deep analytics is implemented. Became possible to create reports practically in any cuts. Before such opportunities was not.

Elena Malakhova, the Head of department of finance, controlling and accounting of ThyssenKrupp Elevator company, tells about results of automation: "Product introduction "1C:Enterprise 8. Management of manufacturing enterprise for Ukraine" and "8" was executed by BIT:IFRS in eight months. Parallel accounting on Ukrainian and to International Financial Reporting Standards is automated. As a result of implementation of an automated system there was more effective cost accounting of activity by projects as mechanisms of project-based accounting are created, for example: distribution of indirect costs by projects, distribution of depreciation by projects, payroll distribution on the basis of development on projects. As a result time expenditure was reduced by search of necessary information and formation of documentation that allowed to accelerate customer service. The management received excellent tools for efficiency analysis of distribution of money. Further we are going to connect to work in a system sales departments, purchases and service maintenance".