Croc helped to optimize Zarubezhneft process of preparation of the consolidated statements according to IFRS

2020: Reinzhenering of a system of consolidation of the reporting under IFRS

On December 16, 2020 IT- the company Croc announced carrying out reengineering of a system of consolidation of the reporting on IFRS in group "Zarubezhneft". The project allowed to optimize costs for IT support and to reduce reporting terms by 30%, at significant increase in perimeter and disclosures and also to accelerate technical processes of closing for 30-50%, depending on processes. As a basis for a system the configuration "1C: Holding Management" was selected.

Reengineering of a single system of consolidation on the IFRS JSC Zarubezhneft executed by specialists of CROC is intended to help to solve a problem of formation of a common information space in which all enterprises of group will work. Now at the enterprises of JSC Zarubezhneft charts of accounts of RAS are as close as possible to IFRS on coding, broadcasting, "the account in the account" setup is used. 33 business units carry out forward translation, all transformation is transferred to a system. On the packets of data collection (PDC) the same report forms form, as when broadcasting, on 4 large enterprises of group – filling with data of NSBU is automated, the uniform portal of intra group transactions is configured.

Thanks to project implementation focus of labor costs is displaced from technical execution of operations on analytical and control procedures, the involvement of specialists of transaction accounting also increases. In a system continuous monitoring of the course of process of preparation of the reporting is made: confirmation checking accomplishment of a task, the analysis of a current status of process in a subsystem "The monitor of fast closing". The monitor allows to control the course of preparation of the reporting for each business unit of JSC Zarubezhneft. Within project implementation for 23% the perimeter of consolidation of the reporting from 35 grew to 46 business units.

Those solutions which implemented colleagues from CROC allowed to achieve all effective objectives. We increased quality of data, reduced terms of preparation of the reporting and provided data. Finally it allowed to reduce labor costs of both the staff of subsidiaries, and IT support that led also to process optimization. This project was considered successful for JSC Zarubezhneft, – Oksana Zhuchenko, the head "Management of the Summary Reporting and Methodology" of JSC Zarubezhneft noted.

Creation of digital platforms for geographically distributed companies turned from discharge of innovations into category of vital tasks. However such large-scale projects require not only existence of solutions in the market, but also examinations, synergies of the customer and integrator. The command of CROC managed to implement a complex task of upgrade of the IFRS block in 1C: Holding Management and also to develop under JSC Zarubezhneft needs several subsystems, – Yury Silantyev, the head of ERP systems of CROC IT company noted.