Fellows (1C: Enterprise 8.0)

The Microtest company carried out system implementation of accounting and the reporting of IFRS to FELLOWES companies.

Background

Reduction of financial accounting of distribution company in Russia in compliance with internal standards of Fellowes became a project objective of system implementation of accounting and the reporting according to IFRS. For this purpose it was required:

• organize parallel accounting under Russian (RAS) and the American US GAAP standards;
• provide formation of the regulated daily corporate reporting for inclusion in the European and world analytical system;
• develop mechanisms of preparation of the monthly international reporting;
• provide possibilities of conducting multiple currency accounting.

Solution

Implementing the project in Fellows company, specialists Microtest carried out the following works:

• analysis of account policy;
• completion of functionality "1C: Manufacturing Enterprise Management 8" according to requirements of the customer;
• the translation of the solution on the new platform "1C: Enterprise 8.1";
• integration with a global corporate system of collecting and data analysis of Fellowes;
• training of 30 employees of the company.

Results

In a project deliverable the Fellows company received the solution in which were implemented:

• management of finance and formation of the management reporting;
• reporting on US GAAP;
• formation and sending reporting to a corporate system of Fellowes Global Data Warehouse.

Except the solution of these tasks, specialists Microtest transferred the solution "Fellows" to the new platform "1C: Enterprise 8.1" that allowed the Customer to increase high-speed performance of a system and to expand functionality.

The organization of accounting for US GAAP in parallel with RAS and management accounting of Fellows company became the central feature of the project. Implementation of such scheme of the reporting allowed:

• by 4 times to reduce terms of formation of financial statements – from 20 to 5 days;
• on a third to lower accounting labor costs at the expense of the organization of the centralized data entry;
• prepare the international reporting in an interval between reporting dates;
• provide complete detailing of financial information due to use of two charts of accounts: Russian and international.