Background
Outdated 1C 7.7 cannot set up exchanges with M.E.Doc
There is no single database for data consolidation
Intra-group transactions are not carried out and are not itemised
The budgeting process is the preparation of separate departmental budgets
Plan-factual analysis is made only for cash
Profit and Loss and Balance Sheet statements are not generated
Labour-intensive process of approving payment requests
Project
As part of the project, we developed a detailed methodology and automated data collection and analysis. We set up effective planning and budgeting, and automated the treasury (payment requests and the process of approving registers for payment).
Developing a methodology
We updated management analytics (Financial Responsibility Centre, budget lines). We developed a four-dimensional division of responsibilities.
We described the reporting technique and formulated the requirements for keeping records in the operational loop. Also, we agreed on the formats and techniques for generating consolidated statements in the ABM Finance software product (Income Statement, Cash Flow Statement, Balance Sheet).
Automation of the budgeting process
A budget model was developed. Documents, registers (proformas) for entering planned data are set up. Planned data has been entered to generate planned reports for the test period (P&L, CF, Balance (optional), Capex). A description of the budgeting subsystem was prepared. User training was conducted and the system was put into operation.
Automation of the treasury
The process for approving payment requests was developed, approved and automated.
An automated process for compiling and approving the payment register was developed and implemented. This includes: creation of the register by the CFO, approval by the CEO, automatic creation of payment documents, exchange with the client bank. After the payment is confirmed, the status of the application is automatically changed to "Paid by the bank".
Automation of management accounting
The management chart of accounts and analyst have been updated. The translation from the accounting chart of accounts to the management chart of accounts has been implemented. Reporting forms in management sections (Income Statement, Cash Flow Statement, Balance Sheet) have been set up. Documents and processing have been set up to eliminate internal turnover and generate consolidated reports.
Results of the implementation of ABM Finance
Qualitative changes
-
A single financial management methodology has been created
-
Top management received operational access to key financial indicators – current and forecast
-
Online analysis of plan-actual deviations is configured, the ability to quickly switch to another development scenario
-
There is an opportunity to replicate and expand business according to a proven template
-
The information system is ready for the growth and development of the company
