Corus Consulting automated and accelerated management accounting in Invitro

2020: Automation of management accounting

Corus Consulting Group announced on September 29, 2020 project completion on automation of management accounting, IFRS and functions of treasury in medical company "Invitro". The solution based on 1C allowed to reduce terms of formation of the corporate reporting, to increase its quality and reliability and also as much as possible to pull together management accounting and IFRS.

With growth of business in Invitro there was a need to optimize processes of formation of the corporate reporting and IFRS. Work with partners, accomplishment of payment orders, formation of the management reporting in the company required high labor costs of the financial block. To reduce the number of manual transactions, to accelerate processes of a reporting preparation, to increase reliability and detail of data, Invitro selected the 1C: Holding Management system. This Russian solution for management accounting capable to reduce terms of closing of the period and to increase quality of the reporting.

At the first stage of the project specialists of Corus Consulting together with an internal command of Invitro transferred functions of treasury to "1C: Holding Management", having expanded systems capabilities. For example, for fast work with hundreds of entering payment orders process of input of payment partners was simplified. Development of methodology for automation of management accounting and IFRS became the next stage. The IT company analyzed the reporting, defined points of rapprochement of accounting and also the analyst worked necessary cuts: on the centers of the financial responsibility, segments, sales channels, divisions.

Consolidation of data of companies "Invitro" from Belarus, Kazakhstan and Ukraine became an important part of the project. The project team developed mepping for formation of the consolidated statements – setup of compliances of charts of accounts and the analyst of foreign operations – on uniform standards of Invitro. It allowed to integrate the reporting under all group, to provide transparent and comparable data of management accounting and IFRS. At automation of functions of management accounting the mechanism of multithreaded processing developed in Corus Consulting for the high-loaded systems of 1C was used. It accelerates loading and broadcast of data in 1C on the uniform managerial chart of accounts. Now the speed of settlement and technical operations on all group grew three times.

"In the companies with wide network of regional and international representative offices there is always a complexity of consolidation of data. The solution implemented in Invitro allowed to integrate information on clinics and laboratories in Russia, Belarus, Kazakhstan and in Ukraine and to create a uniform picture of the events in the company at strict observance of local and foreign legislative standards of accounting. Now management has a source of data on all business of the company - it is the following level of orderliness and transparency", – Sergey Garkusha, the manager of projects of department of 1C of Corus Consulting Group commented on the project.

Implementation of the centralized control system of the normative reference information and also accounting of projects regarding budgeting will become the next stage of development of the solution.

"The most important for us was to receive a fast and productive system. We are sure that data-driven approach is the cornerstone of effective management, and now we have the tool capable to quickly provide qualitative and objective data for acceptance of management decisions", – Natalya Baranova, the chief financial officer of Invitro noted.

It is not the first project of Corus Consulting in Invitro: before the company cooperated within implementing solutions Anaplan and Oracle.