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UMH Group
UMH Group

UMH Group

A multimedia company in Eastern Europe that manages a portfolio of more than 50 media brands and employs more than 4,400 people. It holds leading positions in the television, internet, radio and press markets.
31,3%
Share of the Ukrainian market
>50
Media brands
15th position
In the CIS media companies ranking
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Background

MS Excel is used to prepare IFRS reports
IFRS reporting and adjustments are performed manually
Accounting data is stored in more than 90 unrelated information databases
Different types of platforms and a large number of configurations
Reporting is generated once a year
It takes 3 months to prepare the reports after the accounting period is closed
About 12-14 million postings per year
Labour-intensive consolidation of a large amount of data and the possibility of errors
Difficulty in disaggregating summary data by analyst

Project

In the course of the project, it became necessary to optimise the speed of the database (routine procedures for the database, optimisation of reporting speed, optimisation of routine procedures speed). At the same time, the project budget remained the same.

01
Project concept and design

The project objectives were defined:
1. to develop regulations that set out the key principles and rules for accounting and reporting in accordance with IFRS;
2. to set up mechanisms for uploading data to a single database;
3. to ensure that IFRS reports are received at least once a quarter.

02
Regulation

Within 1.5 months, all the necessary regulatory documents were developed and agreed with the auditors (Regulation on IFRS Accounting Policies, Regulation on IFRS Registers and Accounting Analysts, Regulation on IFRS Reporting, Regulation on IFRS Transformation and Amendment Rules). A clearly defined and agreed methodology helped to significantly reduce risks during the subsequent system setup.

03
Automation

1. Implementation of the developed system architecture using the functionality of the software product and setting up data exchange between all information databases.
2. Setting up the model in accordance with IFRS.
3. Setting up mechanisms for transforming and adjusting data in IFRS reporting.
4. Launching the system on 2010 data.

Results of ABM Finance implementation

Developed a unique, flexible automated system for receiving IFRS reports

  • Significant improvement in the quality of reporting
  • Set up consolidated IFRS reporting in four currencies
  • IFRS reports are generated without the use of Excel calculations
  • The entire transformation and amendment process is strictly regulated and automated
  • Process automation eliminates data loss and the likelihood of errors during transformation
  • The ability to receive IFRS data on a quarterly basis has been implemented
  • The time for reporting after the close of the accounting period has been reduced to 2 months
  • It is now possible to track the progress of the process using the reports available in the system
  • Any specific report can be set up in a short time, with no need to request data from businesses

Customer feedback

Mazira Iryna

Head of the audit department

"Today, many companies have the desire and need to prepare consolidated IFRS financial statements. Many IT companies are trying to find a universal solution using different software products, but not all of them succeed. In our case, the project result was achieved, and despite the fact that there is no limit to perfection and there are some issues, we can say that automation of accounting and reporting in accordance with IFRS based on ABM Finance is a good solution for large companies of any complexity and business areas."

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