The first BIT automated processes of management of finance and accounting according to IFRS in O'KEY group

The First BIT company in partnership with O'KEY Group completed the large-scale project^[1] on complex automation of management accounting in Group of the implementing solution BIT .FINANS, the press service of integrator reported on May 29, 2013.

Preparation

Before in holding a number of different programs for accounting was used. There was no single system of preparation of the reporting. Some divisions worked in "1C: Accounting" of versions 8 and 7.7. For streamlining and consolidation of managerial data the company management decided to pass to a single system of accounting. As the key instrument of its creation selected the solution for management of corporate finances of "BIT .FINANS". The product is integrated with "1C: Accounting 8" of PROF version and allows to implement at the same time several types of accounting, to perform multiscenario planning of budgets in necessary analytical cuts.

As the contractor of the project developers "BIT .FINANS" - specialists of the First BIT acted. They performed installation and setup of a system, executed integration of 1C into other accounting programs.

Within the third, completing, project stages specialists of the First BIT implemented a possibility of maintaining in group of accounting on the International Financial Reporting Standards (IFRS) by means of the software solution for management of finance of BIT .FINANS.

Earlier, at two previous project stages, specialists of the First BIT implemented in group own solution based on 1C:Enterprise 8 — BIT .FINANS, become a basis of the built system on management of finance and conducting management accounting. At the expense of it control over expenses on budgets and approval of payments was automated, accounting in all companies of group is unified, terms of formation of accounting and financial statements are reduced.

Problems of a final stage of the project of automation of activity of the retailer became: reduction of terms of reporting according to IFRS, increase in information transparency and informational content of the reporting in all companies of group, including acting abroad.

Setup of the procedure of broadcasting and parallel accounting at the third stage allowed O'KEY group to lower labor costs on conducting parallel accounting of IFRS on the basis of postings of RAS (Russian accounting standards), to increase information transparency of IFRS reporting thanks to a binding of the international postings to each document. Unification and standardization of rules of formation of postings of IFRS for all companies of group allowed to compare more effectively different financial performance and also to receive the reporting in different analytical cuts and with different extent of detailing.

Result

Implementation of the industry software product "BIT .FINANS" helps to keep account on 30 divisions of holding in uniform information base. The system of automatic loading, comparison and broadcast of data is developed and implemented.

"The unified information system was necessary for us, including to reduce reporting terms under RAS, IFRS and management accounting and also for fast exchange of reliable data on all group. We took the BIT .FINANS program as a system basis. Management accounting — Konstantin Arabidis, the chief of the department of the corporate reporting, planning and controlling of ""O'KEY company comments. — We managed to achieve good results at each stage of the IT project, including on final thanks to which we had an opportunity to prepare the reporting consolidated by IFRS from one system".

Notes