Background
The data are in different accounting systems
There is no unified approach to management accounting
Complex process of collecting primary accounting information
Labour-intensive data consolidation
IFRS accounting requirements
Continuous growth of the group of companies and the emergence of new participants
Project
Methodology
The financial structure of the company, distribution of organisational units (subdivisions), types of income and expenses by CFR was developed. The list, forms and techniques of formation of final management reports and IFRS reports were also developed and agreed upon. The list and composition of management analytics, in the context of which final reports are formed, were described and agreed upon. A management/IFRS chart of accounts was developed.
Requirements to accounting systems for management accounting/IFRS purposes are compiled.
Management accounting and IFRS
The transfer of primary accounting data to management accounting registers using the data translation mechanism has been set up. Adjustment mechanisms and regulatory procedures have also been implemented. Necessary additional data were entered using customised proformas. The balance at the beginning of the reporting period was transferred from the accounting registers. Management reports and IFRS reports were approved: Balance, P&L, CF, Sareh, etc.
Users have been trained to work with the system (generation and analysis of reports, procedures for making adjustments, period closing). Roles and access rights are set up, users work in the system with their rights.
Budgeting
The methodology of planning items is described. Registers of planned normative information and data entry forms for functional budgets were set up. Final reports based on planned PnL and CF data were received and reconciled. Users are trained in the mechanisms of input of planned data, plan-fact analysis
Treasury
Automation of the business process "Approval of requests for disbursement of funds".
Setting up control over disbursement of funds within the approved budgets and under the terms of mutual settlements, payment terms. Automating the coordination of registers and the formation of payment documents on the agreed registers and setting up the exchange with the client-bank. Training of users to work with the debugged model of payment execution, formation of instructions to users.
Results of ABM Finance implementation
The Company has obtained an objective and transparent picture of the state of the business
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A unified information base containing accounting data of the Group's organisations was created
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All organisations apply unified accounting rules and unified directories when recording business transactions
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Standardised loading of accounting data from various sources (databases)
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A single system for submitting and reconciling payments is set up
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Payment discipline and quality of budget control has increased
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Reduction of time for reporting and the ability to decipher data to primary documents
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Designing different types of reports according to the user's needs
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Improved quality of reporting information, ease of working with it and conducting analyses
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