GEOTEK Holding implements a budgeting system and management accounting

On June 9, 2014 NVision Group announced implementation in prospecting company "GEOTEK Holding" of a single system of budgeting on the basis of the solution Oracle Hyperion Planning with support of problems of management accounting and reporting.

Project Progress

Within the project processes of budgeting and financial planning of 15 subsidiary companies and branches of holding located in different regions of Russia and beyond its limits are unified and joint.

"Now we can quickly receive, effectively process and in details analyze all information on holding. Our specialists independently developed the uniform transparent methodology of budget model and the reporting providing the maximum use normative drayvernykh tools when forming project budgets. The term of preparation of the budget was reduced at us by one month, the reporting set-up time decreased. Further we are going to integrate the implemented solution with the BI system of holding and to develop models of long-term planning", - Ilona Petrova, the chief financial executive of GEOTEK Holding told.

Tools are developed for scenario modeling and calculation of economy of projects for tenders. Specialists of NVision Group configured schemes of budgeting of subcontract works, models of balancing of production capacities and the equipment. The developed costs planning block on personnel is created. In it is mute it is possible to create wage fund on different metrics, for example, on each individual employee or on positions and also to conduct calculation of piece-work and time-rate pay. The solution allows work in three financial reporting systems at once: IFRS, RAS and internal managerial accounting. In the course of consolidation of the reporting automatic reconciliation and an exception of intra group transactions is carried out. The complete agreement of production, economic and financial performance of budgets of all levels, the interconnected implementation of all financial budgets of group (PL, CF, BS) is provided.

"We created a high-performance system with the broadest tool kit for business performance management. Our specialists "squeezed out" of the platform based on which the solution, a functionality maximum was developed. And, the project was implemented in the shortest lines. Usually such major problems break into a set of stages and several years can proceed, our command kept within eight months", - Leonid Sobolev, the director of business development of the Consulting division of Nvision Group company noted.