-
-
- Services
- Arrangement of management accounting and reporting
- Arrangement of bookkeeping and tax accounting
- Budget modeling
- Preparation and consolidation of financial statements in accordance with the international reporting standards (IFRS, US GAAP) and corporate procedures
- Arrangement and optimization of business processes
- Corporate structure optimization
- Analysis of the potential of development of business products and services
- Assessment of investment opportunities of business projects, business plan development, technical and economic assessment
- Financial analysis and modeling
- Due Diligence
- Solutions
- Experience
- Services
-
- Services
- Comprehensive automation of management accounting
- Development and implementation of specialized information systems
- Comprehensive automation of operative accounting
- Automation of tariff calculation and control for public utilities companies
- Arrangement and automation of banking products
- Automation of corporate document flow
- Integration and migration of information systems
- IT projects management
- Gathering and analysis of business requirements to IT solutions
- Assessment and selection of IT solutions
- Development of IT strategy
- Consulting and IT audit
- Telecommunication audit and communications system
- Solutions
- Experience
- Services
-
IT Audit
- Services
- Audit of IFRS financial statements
- RAS audit of financial statements, bookkeeping and taxation
- Consulting services and methodological support
- Outsourcing bookkeeping and tax accounting in compliance with the Russian standards
- Analysis of economic feasibility of expenses included into tariff calculation at public utility companies
- Solutions
- Experience
- HomeIPoint
- Services
-
In the framework of the area of “Management Consulting”, IDelync offers optimum solutions aimed at increasing manageability, efficiency, competitiveness and, as a result, stability of our clients’ companies.
The key to the specifics and the advantage of IDelync’s activity is in the integrated approach in solving client’s problems, including development of strategic and organizational actions to optimize specific business processes and creation of business management systems with their further technological implementation.
Vast experience of our consulting practice alongside with our experts’ high qualification promote deep analysis of real business needs and problems which our customer may come across, development of optimal recommendations for our clients and provision of required and relevant assistance in their practical implementation.
- Arrangement of management accounting and reporting
The main purpose of management accounting is to provide executives and managers with necessary information for taking decisions and effective management of the enterprise. Arrangement of management accounting lies in creation of a system of planning, financing, expenditure and control of all economic processes, with the help of accounting and reporting tools.
Management accounting is not regulated by the national legislation of a country, but in order to receive full and reliable information, it must be organized in compliance with the generally accepted international principles. The company offers arrangement of management accounting in compliance with the international financial reporting standards: IFRS, US GAAP. The choice of the main accounting system (IFRS, GAAP) depends on the historically predetermined situation in the company, sometimes it is determined by requirements of foreign investors.
The expertise of IDelync’s experts in the field of management accounting and its automation allows to provide the following services:
- Developing a company’s financial structure;
- Building of the model of management accounting, setting up connections and means of exchange with other subsystems: bookkeeping, budgeting;
- Developing the main reporting forms, singling out the key indicators;
- Developing the key records: card of accounts, analytical profiles.
The required stages in a management accounting arrangement project are:
- Preparation of guidelines or recommendations as to arrangement of managerial document flow, regulations on coordinated action of a company’s services;
- Providing consulting support to a company’s employees on issues of implementation of the developed method of management accounting ;
- By arrangement with the Client – assistance in implementation of all developed documents, Company’s regulations.
- Arrangement of bookkeeping and tax accounting
Arrangement of bookkeeping and accounting is one of the key and priority services provided by IDelync and it is the basis for other services of arrangement of management accounting, managerial processes as well as automation of bookkeeping, tax and management accounting.
IDelync offers the following options of arrangement of bookkeeping and tax accounting:
-
“From scratch”. This service is recommended for companies at the stage of their creation or ultimate restructuring. Qualified arrangement of bookkeeping and tax accounting at this stage will allow to avoid mistakes and minimize financial risks related to violation of the existing rules and standards of bookkeeping and tax accounting of the Russian Federation.
-
Arrangement of bookkeeping and tax accounting at an operating enterprise. This option is in demand as the preliminary stage preceding accounting automation, when new kinds of activities appear or in case the accounting principles of the existing ones are changed.
Each of the offered options includes works on analysis of the current taxation scheme, a new scheme is developed or a list of measures for its optimization.
In the course of works, our specialists shall perform:
-
analysis of peculiarities of the company’s activities and its current condition of bookkeeping and tax accounting;
-
development of optimal taxation scheme for a specific company or recommendations as to optimization of the existing one;
-
development (improvement) of the working Chart of Accounts and Accounting Policy in accordance with the company’s peculiarities;
-
preparation of guidelines or recommendations as to organization of bookkeeping documents flow, regulations on coordinated actions of the company’s services in the area of bookkeeping and tax accounting;
-
by arrangement with the Client – assistance in implementation of all developed documents, the Company’s regulations.
When performing the abovementioned works, IDelync’s experts try to take into account the future direction of the Company’s development: automation of bookkeeping, tax accounting as well as management accounting, thus ensuring an uninterrupted process of improvements in the area of accounting and organization of the Company’s activities.
-
- Budget modeling
The necessity in arrangement of budget models and budgetary process generally arises in a company due to the need to obtain a tool for financial planning, receiving information about gains, expenses, profit, with the required degree of detail, identification of profitability of different areas of business and company’s subdivisions.
IDelync offers services of arrangement of the budgetary process and budget modeling for companies from different areas of business.
By arrangement of budgetary process of a company we mean the following:
developing documentation regulating the organizational issues of budgeting: working out optimal financial structure of a company, determining the financial responsibility centres, their functions and areas of responsibility:
-
budgeting and control regulations;
-
developing documentation describing and defining methodological aspects of budgetary process accepted in a company – goals, tasks and budgeting principles; list of budgets, their kinds and formats;
- holding training seminars for a company’s responsible personnel engaged in the process;
- providing consulting support to a company’s employees regarding the issues of implementation of the developed budgeting technology;
- gathering, analysis and formalization of requirements to automation of the budgetary process (by a separate arrangement with the Client).
The qualifications of IDelync’s experts in the area of management accounting and its automation allows to provide services in budget modeling both within the framework of a separate project or as a stage of preliminary works in projects of integrated automation of a company’s management accounting.
Therefore, the full cycle of implementation of the budgeting technology in a company consists of the following stages:
Stage 1. Identification of the company’s financial structure.
Stage 2. Development of a budgeting model.
Stage 3. Development of procedures for the budgetary process.
Stage 4. Automation of the budgetary process.
IDelync provides custom-tailored services to each Client and the complete list of the stages of works, their price and terms are determined on the basis of a company’s requirements.
-
- Preparation and consolidation of financial statements in accordance with the international reporting standards (IFRS, US GAAP) and corporate procedures
The main purposes of preparation of financial statements in accordance with the requirements of the international standards are the faithful representation of financial information required for decision making, ensuring transparency of the statements, presentation of the results of management of resources entrusted to the company’s management.
There is a number of differences between the principles of accounting accepted in certain Russian and international standards.
For convenience, the existing differences can be divided into two groups:
- The first group of differences can be explained by the fact that some rules do not exist in Russia, for example, those related to business combination, depreciation of assets, financial instruments, etc.;
- The second group of differences can be explained by the fact that the Russian Accounting Standards (RAS) and the IFRS have different rules applicable to identical issues, for example, those related to finance lease, reserves, information disclosure in financial statements, etc.
Due to this, when IFRS financial statements are prepared on the basis of the RAS, it is necessary to perform restating. Restating stands for analysis of financial statements adopted by a Russian enterprise, making amendments required for preparation of a comprehensive financial report of the company, which would in general comply with the international financial reporting standards (IFRS, US GAAP).
The full packet of financial statements includes:
- Statement of financial condition (the Balance sheet);
- Statement of total revenue (complex profit and loss);
- Cashflow statement;
- Statement of changes of shareholder equity;
- Key accounting policies;
- Notes to the financial statements;
In the projects involving restatement of financial statements in compliance with the IFRS requirements, IDelync are guided by the principle of individuality of a Client, taking into account the specifics of Client’s activities, prospects of further development and dynamics of capitalisation of a Client’s company.
As a result, the financial statements prepared in accordance with the requirements of international standards may not only be used as financial statements for attracting additional funding or procedures of the company’s capitalization, but also as an instrument for:
- determining strategic key indicators;
- budgeting (planning) procedures in companies;
- financial analysis of attainability of the fixed indicators and assessment of dynamics of a company’s development;
- the mechanism of control of a company’s value.
Apart from financial statements, IDelync provides services of consolidation of financial statements for a group of companies.
The main purpose of preparing consolidated statements is presentation of activities of a holding or a group of interrelated organizations (mother, daughter and independent) as an activity of a single economic unit. A mother company submits consolidated statements in order to objectively and faithfully demonstrate to the owners what their investments are like, that is control and ownership of net assets of enterprises (IFRS 27).
The services of preparation and consolidation of statements may be completed on Client’s request with the services of development of regulations as well as with audit of international and Russian statements.
- Arrangement and optimization of business processes
Business process is a sequence of operations, aimed at achieving a target result valuable for the organization. IDelync offers services of arrangement and optimization of business processes in a company, aimed at their improvement: achievement of these results but in a shorter period of time, with higher quality or with a smaller amount of resources used.
Business process is a number of logically connected repeated actions resulting in use of the enterprise’s resources for reprocessing the unit (physically or virtually) with a view to achieving specific measurable results or products in order to satisfy demands of internal or external consumers. In the event a company’s business processes are not built optimally, then each of the links of this chain will result in loss of resources (time, finances) and/or quality.
As part of the service of “Arrangement and optimization of business processes”, our experts perform the following:
- carrying out high level review of an enterprise’s activity for identification of key business processes; assisting the Client in defining goals of improvement of business processes and their key success factors (assessment criteria of goal achievement of the business process being analyzed);
- describing key business processes and gathering additional information regarding them;
- analyzing business processes, determining “bottlenecks”. Basing on the gathered information, recommendations are developed aimed at their optimization, or arrangement of new business processes; executing the performed analysis in the form of a relevant document, describing the source information, analysis method used, its results (recommendations);
- taking decisions together with the Client regarding optimization of existing processes or implementation of new ones, assisting in performing required organizational changes and process readjustment (implementation), including personnel training.
Experience of IDelync’s experts as well as use of well-known and well-established methods of analysis, arrangement and optimization of business processes, allow to improve the enterprise’s quality of work through improvement of business processes, as well as prepare it for further automation.
- Corporate structure optimization
The service of corporate structure optimization offered by IDelync is aimed at structuring an enterprise’s units or a group of companies, and building an effective system using integrated mechanisms of corporate management and control.
The necessity of corporate optimization or building corporate structure may arise in the following situations:
- business restructuring: creation of holdings or their restructuring. At this stage it is important to pay attention to and correctly separate powers between managerial bodies of enterprises, establish cooperation in order to achieve a synergetic effect from the holding’s activities;
- necessity to optimize (reduce) the tax burden by means of distribution of functions among enterprises with different taxation schemes;
- enterprise’s owners’, investors’ need in increased control and management of hired top-management. Well- considered corporate structure and, most importantly, the system of corporate control will allow the company’s owners, investors to responsively control and receive reliable information regarding the holding’s activities even in conditions when personal participation in the enterprise’s work is not achievable.
In the framework of this service, IDelync’s experts conduct the following types of work:
- analysis of existing corporate structure;
- gathering, analysis and ranking of business requirements to optimization;
- development and description of optimized corporate structure (company’s units; connections between enterprises included into the structure; taxation schemes; managerial bodies and areas of their responsibility);
- assistance in implementation of the plan of required actions with a view to transition to the developed corporate structure.
Corporate structure optimization yields resources conservation of an enterprise, increased manageability of receipts and expenditures (in particular, tax payments), timely detection and reduction of influence of business risks, optimized capital structure and increased profitability of the company’s operations.
- Analysis of the potential of development of business products and services
In the environment of quality changes in Russian economy and the overall system of social relations, the issue of effective management of potential is gaining additional currency. It is inherently connected with the main tasks set before a modern enterprise, and is an influential part of efficiency of economical activity.
Russian enterprises currently have to resolve contradictions determined by imperfection of structural relations. There is a high level of depreciation of equipment, lack of own sources of finance, credit inaccessibility due to high price of their provision, low buying power holding back demand for manufactured products. In this situation, enterprises are looking for inner resources and optimize their use.
In these conditions, one of the leading issues is that of analysis of the potential of development of business products and services, which allows to effectively use both existing and new business products. IDelync’s experts provide assistance in resolving this issue and determination of managed factors influencing an enterprise’s activity, develop advice on their restructuring, improvement of the inner structure and management mechanism. At the same time management of potential is the decisive factor, which in many aspects determines the strategy and ways of an enterprise’s development.
- Assessment of investment opportunities of business projects, business plan development, technical and economic assessment
The decision on whether to invest money in a business project or not, is taken by investors on the basis of investment assessment. In order to receive comprehensive information necessary to take a reasoned decision on expediency of investment in a certain business, it is required to perform a complex analysis of the project and determine its investment value.
Investment assessment of value of business projects should be conducted for the following purposes:
-
increasing efficiency of business projects;
-
valuation of business projects in case of their buying and selling as a whole or by the subsystems;
-
when an enterprise is being restructured or closed down;
-
when working out a strategic development and degree of stability plan of an enterprise;
-
for estimation of credit standing of an enterprise on the whole as well as the hypothecation value in case of crediting;
-
tax assessment;
-
when organising insurance cover in the course of which the necessity arises to perform valuation in anticipation of possible losses.
Professional definition of the purpose of assessment by IDelync’s experts allows to correctly choose business project assessment methods and determine the investment value of the facility objectively.
The company provides the following services of business valuation:
-
Valuation of shares ( public corporation, close corporation):
-
Company share valuation (limited liability company);
-
Bank valuation;
-
Insurance company valuation;
-
Valuation of receivables;
-
Valuation of bills of credit;
-
Valuation of other securities (bonds, options, etc.).
Revaluation of fixed assets (for the purposes of transfer to IFRS reporting).
-
- Financial analysis and modeling
Financial modeling – financial analysis of complex and uncertain situations connected with making strategic decisions, which allows to consider a great number of options and assumption and take into account financial risks in order to prevent loss of invested funds.
When choosing methods of financial modeling, IDelync closely cooperates with the client taking into account the peculiarities of his business and the those of the sector in general. Complex multiscenario models for investment analysis created by IDelync stand out for the highest possible level of detail of the structure of earnings and expenses based on in-depth study of modeled business processes and a detailed financial analysis.
The following factors are taken into account when a financial model is developed:
- macroeconomic;
- financial structure;
- operating profit and expenses;
- utilization of loans and debt service;
- taxation and bookkeeping.
These factors are usually regarded as a “scope of assumptions” within which each direction of a financial model has been studied and the source of initial data or its calculations have been indicated.
Based on the initial data, a number of calculations is performed and relevant conclusions are drawn. The final result, as a rule, includes forward looking statements and key indicators of future activities.
- Due Diligence
Due Diligence – describes a procedure of working out an objective view of an investment object, a comprehensive check-up of its commercial attractiveness and its compliance with requirements of the legislation. The main purpose of the Due Diligence procedure is risk and benefit assessment of a business proposed for acquisition.
IDelync offers services of Due Diligence as a part of assessments in the following fields:
Financial Due Diligence – analysis of an enterprise’s financial activities focusing on the company’s ability to make profit.This assessment is often performed simultaneously with the company’s audit, in the course of which the correctness of bookkeeping is established, alongside with the credibility of statements and other documents as well as their compliance with statutory acts.
Tax Due Diligence – tax analysis of the enterprise performed for the purpose of assessment of burden of taxation upon the company and identification of possibility to optimize the tax burden.
- Treasury accounting solution “ID.Treasury”
The “ID.Treasury” solution is intended for automation of the process of management of a company’s monetary funds (treasury). The solution can be used both as an independent system or as a built-in module of the systems of financial accounting on the basis of 1C: Enterprise 8.
The main objectives of the treasury functions automation are:
-
To decrease the labour-output ratio and reduction of the accounting information processing time;
-
To increase reliability of information;
-
To enable integration with different information data sources;
-
To ensure prompt preparation of management reporting;
-
To ensure efficiency and immediacy of control.
The main functional capabilities of the management information system of the "ID.Treasury":1. Preparation and control of implementation of the financial plan;
2. Functionality to create the payment schedule;
3. Drawing up, analysis and approval of the register of payments;
4. Comparative analysis of the financial plan and the register of payments.The solution includes the following works:
-
Long-term planning of payments – one year, month, week finance plans
Considering the fact that the process of the finance plans preparation involves many services of the company(Centre of Financial Responsibility), the solution allows to prepare finance plan templates in Excel and download them to the treasury module upon the filling of the budget by the supervisors.
-
Short-term payments planning – payment schedule, requests for funds application
The payment schedule is created in the system by the Treasurer and is an optimal tool for distribution and payments control on the daily basis taking into account the payment schedule and availability of funds. The Treasurer takes the decision regarding the payments for the next several days on the basis of the Payment schedule, indicating which requests for payment will be finalized on which day and from which settlement account. At the same time, this document is the ground for drawing up the Payment Register document. The document has the functional for fast and convenient correction of payments. Moreover, it features the tools necessary for online processing of the document: group processing (for fast changes in properties of several payments at the same time), operating corrections (changes in the reflection of company’s financial situation in the overall balance) and snapshots (records of the financial condition of the company at a particular moment with further reconstruction of the whole picture for analysis of correctness of work of the financial service in general).
-
Storage of the versions of the payment schedule, facilities for their comparison for choosing the best option
The snapshots of the financial condition are intended for saving the interim results of settlement accounts taking into account the payments. The Treasurer, recording the versions, demonstrates the results achieved at the moment of the snapshot. Later, these can be used for analysis of the payments planning process. The reports also allow to choose the snapshots (below referred to as versions) and show the condition of the payments at the moment of the version creation.
-
Approval of payments
The approval process takes place upon agreement of all payments. Then the approved payment register is created. The main schedule and registers may have specifying schedules and registers.
The Payment Register is the document to be approved and acts as the final point of payment planning. Upon approval of the document, it is impossible amend the requests for expenditure included into this payment register and payment schedule, on the basis of which the payment register was created.
The payment register contains payments which will be performed on the date of the payment.
-
- Budgeting solution for any sector “ID.Budgeting”
The “ID.Budgeting” solution is meant for automation of the budgeting process of companies from all sectors. The mechanisms of the solution allow to cover the functions of financial planning and control and provide the financial service of the company (holding) with efficient budgeting tools.
Automation of the budgeting process with the use of the ID.Budgeting MIS ensures performance of the following tasks:
1. Drawing up the master budget of the company consisting of the income and expense budget, cash flow budget, payment schedule (operating plan of execution of the cash flow budget), pro forma balance sheet and other budgets. The drawing up of budgets may be performed in accordance with different scenarios on the basis of the target or actual data for the prior periods.
2. Planning of the monetary funding and controlling the financal condition of the enterprise for any period with a breakdown into turnover of individual items using the necessary analytical breakdowns.
3. Controlling the correspondence of the actual data with the set target indicators.
4. Controlling the correspondence of the current schedule of application of resources with the working schedule for the period and analysis of fulfillment of the budget requests.
5. Drawing up consolidated accounts based on the result of monitoring and multivariate analysis of deviations of the actual data from the target indicators.Additional features of the “ID.Budgeting” MIS:
Integration of the data from the financial accounting information system with the MIS – the actual data of the budgetary accounting is integrated from the financial accounting information systems, which allows to avoid repeated information input.
The automated business process of “Change Management” provides feedback between the budget and the supporting primary accounting documents.
The control of execution of the budget can be performed virtually at any point of the business process of the enterprise. Five main points can be singed out, in which the execution of the budget can be checked and immediate actions aimed at prevention of deviations of the actual indicators from the target ones can be taken.
Reporting. Multipurpose settings of the reports allow to prepare any reports with arbitrary analytical breakdowns and with different level of itemization. Moreover, the use of the required analytical breakdowns allows to assess the efficiency of different business lines. The plan-fact analysis can be built for each separate budget or a random list of items. This kind of report can be prepared on the basis of separate analytic objects: Centre of financial responsibility, contractor, etc, which allows to itemize the deviations.
Additional distribution procedures. It is not always possible to determine all the required analytics at the moment of posting of the actual dynamics of an item. Distribution into the preset algorithms is provided for this kind of cases. Distributed data is recorded under a different scenario, which allows to compare the data before and after the distribution.
- “ID.IFRS" - solution for management accounting
“ID.IFRS” information solution is intended for automation of management accounting of companies (holdings) from any areas of business and consolidation in accordance with the IFRS financial standards. The solution is implemented on the basis of 1C: Enterprise, which will allow to use all the advantages of this platform: accessibility, scalability, ergonomy.
The essential condition for the companies trying to attract foreign investment is preparation of IFRS reports. It is extremely important not just to obtain the reports, but rather make these reports an effective tool for analysis and support in taking management decisions.
Building the IFRS accounting model in the Company contains several stages:
-
Developing the accounting policy of the Company. The accounting policy regulates all aspects of the technology of preparation of financial statements: the main components of the reports, choice of the reporting currency, description of the transformation technology from fully functional currencies (if they are used) into the reporting currency, requirements to preparation of forms of group reporting for the Group members, etc.
-
Developing the Regulations on gathering and processing of information. This document assigns distribution of duties and the corporate regulations on gathering and processing of information during preparation and drawing up of statements.
-
Choosing, setting up and implementing the tools for preparation of financial statements. At this stage, the Company has to establish which tools it will be using for preparation of the financial statements on time and with the required level of detail.
IDelync experts, using their own experience in preparation of financial statements as the basis, as well as their excellent knowledge of our clients’ requirements to these statements, have developed an automated solution for maintaining IFRS accounting and preparation of statements.
In contrast with the most widely spread model of maintaining the accounting in Excel, this solution gives the opportunity to immediately receive “decoded” information on the items of the statements and “submerge” to each transaction or posting (which is quite often required for analysis of the situation).
Thus, significant saving is achieved by means of completeness and substantiveness, timeliness and consistency of the automatically generated IFRS reports. This means that the specialist of financial service will be able to make analysis more effectively and take timely decisions.
On the whole the solution allows to:
-
Automate processing of a greater amount of operations of the same type at the moment of transformation of RAS data into IFRS accounting (entry mapping), which allows to minimize the labour intensiveness of the IFRS accounting maintenance;
-
Itemize the reporting data before the primary discount transaction, which makes the process of checking the IFRS accounting data and collation of the RAS and IFRS data much easier;
-
Maximally decrease the influence of the human factor onto the final result of transformation of accounting data due to automation and control of preparation of statements;
-
Obtain the required analytical breakdown of the finalized statements.
The process of preparation of the consolidated financial statements in accordance with the requirements of the international standards by means of the “IFRS management accounting” solution includes the following stages:
-
Gathering the data of prime records in accordance with the requirements of the Russian legislation and its transformation into IFRS prime records;
-
Necessary alterations and missing primary information are added into the IFRS prime records obtained in the manner described above;
-
The accounting data is consolidated and in the end, the consolidated statements are prepared.
The advantages of this Solution:
-
The solution is implemented on the basis of 1C:Enterprise, which enables use of all the advantages of this platform: accessibility, scalability, open code.
-
Functionality to use different information systems (1C, “Info-Buhgalter”, “Turbo-Buhgalter”, “Parus”) as information systems which are primary information sources.
-
The functional of the system allows to set up accounting in compliance with the IFRS principles regarding “Property, Plant and Equipment”, intangible assets, inventories, which significantly simplifies the procedure of making adjustments (depreciation calculation, asset revaluation, accrual of reserves) with respect to these accounting entities.
-
The flexible system of set up of templates of financial statements and data unload into Excel accounting. There is a dedicated directory of elements of financial statements, in which the statements structure and the information source for each item of the statement are specified. On the basis of the specified structure, an Excel report template is generated automatically and it is further automatically filled in with the Solution data.
-
Roll-out of the values of the reports into consolidation tables is provided for by the mechanism of the Solution, which allows to obtain different management reports on the basis of the consolidation tables.
-
Functionality to single out the intracompany balance and prepare consolidated group statements.
The final solution and the terms of IFRS accounting automation are exclusively individual for each company. IDelync pays special attention to organization of works for preparation of the Company for the implementation, staff recruitment and training. In the course of implementation, operating and management processes in the company, document flow and financial accounting are analyzed, as well as the existing and operating information systems and technologies. The management system, put into the basis of the organization of the project works, intended for development process and implementation of complex systems and Rational Unified Process software, allows to integrate different software into a unified integrated MIS and obtain IFRS statements of adequate quality.
Significant practical experience of IDelync experts in synergy with the theoretical knowledge, allow to find adequate alternative solutions for creating an IFRS accounting system for any one occasion.
Download ID.IFRS presentation >
-
- Machine Building
- Assessment of investment projects, Yurginskiy Machine-building plant, Yurga City, Russia
Yurginskiy Machine-building plant (Machzavod (Machineplant), YURMACH or YuMZ) is one of the largest plants behind the Urals and consists of three plants: metallurgical works, load lifting machinery plant and mining equipment plant. YURMACH is one of the leading manufacturers of truck-mounted cranes and special-purpose machinery in Russia. The objective of the project was to assess the company’s business projects from the point of view of their investment potential and attracting finances. In the course of realization of the project, analysis was conducted and a business plan was developed for manufacture of railway cars, mold castings,moreover, profitability of self-propelled cranes was assessed.
- Restructuring of management processes, arranging and automation of management accounting, Zaporozhtransformator Public Corporation, Zaporozhye, Ukraine
Zaporozhtransformator (ZTR) Public Corporation, being one of the largest transformer equipment manufacturers in the world, supplies its products to 83 countries of the world and boasts a powerful scientific and technological potential and production facilities. ZTR has accumulated an impressive experience which allows to manufacture both line and special oil transformers and electrical reactors within the power range between 0.1 and 1250 MVA and voltage of up to 1150 kilovolt, in compliance with the requirements of all national and international standards and individual needs of a client.
In the course of realization of the project, a detailed examination of accounting and management processes of the enterprise was performed, including production control. Restructuring and automation of accounting and management function of the enterprise was offered on the basis of the analysis. Works were carried out in tree directions at the same time: planning and budgeting, accounting and management accounting. A new budget model of the enterprise was developed. The accounting solution was integrated with the distributed data warehouse system. A key data display panel for operating control of the activities of the enterprise was implemented.
Apart from the above, the IT department was assisted in organization of tenders of the IT department in cooperation with outside contractors, in particular a supplier was selected for design and installation of a SCS at an area of more than 40 hectares.
Assistance was also provided in selection of a new alternative platform for manufacturing automation.
Additional information:
Work places automated: more than 20
Information platforms 1C 7.7, Delphi, MS SQL Server, Oracle
Technologies Microsoft OLAP, CASE tools BPWin, ERWin.
- Assessment of investment projects, Yurginskiy Machine-building plant, Yurga City, Russia
- Food Industry
- Re-engineering of business processes of procurement and equipment delivery for Tetra Pak Moscow, Russia
Tetra Pak was founded in 1951 and offers modern, high-tech solutions in the field of processing and packaging, food delivery.
The objective of this project was to increase the efficiency of the business process of purchasing and delivery of equipment for the technological solutions offered to the company’s clients. The work included development of supply policy, business process optimization and development of an information system for automation of the business process. In the course of the project, a visual model and description of the business process were developed as well as the key indicators of process efficiency and specifications of the information system were prepared. The project results were further used in development and implementation of a supply management system. This project included development of a system architecture reflecting all business requirements, development of the system and its integration with Scala corporate information system, implementation of control procedures for the supply system and the management accounting pack.
- Transformation of financial statements prepared in accordance with the requirements of the Russian Accounting Standards into financial statements in accordance with the Generally Accepted Accounting Procedures of the USA, Ehrmann Ltd, Moscow, Russia
Ehrmann is a dairy manufacture company producing more than 200 stock items of dairy products for the markets of Russia and Ukraine, Belarus, Kazakhstan, and other countries of the former Soviet Union.
Within the framework of the project and with the view of achieving the set goal, the following works were carried out:
-
Analysis of applied principles of accounting policy and principles of accounting under the US GAAP (further referred to as GAAP) for the purpose of identification of discrepancies in the field of correction;
-
Gathering of information for performing the transformation;
-
Analysis and improvement of the offered transformational model for preparation of accounts in the set formats;
-
Preparation and performance of calculations in the worksheets of the transformational model;
-
Preparation of adjustment postings, drawing up of a consolidated list of adjustments;
-
Maintaining the register of fixed assets and depreciation calculation in accordance with the GAAP accounting policy;
-
Assessment of risk of profit tax charge pursuant to the GAAP (FIN 48);
-
Cooperation with and assistance to the enterprise’s personnel during external audit of statements prepared under GAAP;
-
Training of the Enterprise’s personnel in transformation of financial statements prepared in accordance with the Russian Accounting Standards into financial statements under GAAP.
-
- Re-engineering of business processes of procurement and equipment delivery for Tetra Pak Moscow, Russia
- Oil Production
- Arranging and automation of management, business and tax accounting, Group statements under IFRS, Imperial Energy Corporation Group of Companies, Russia
Imperial Energy Corporation – an independent diversified company with activities in geological prospecting and oil and gas extraction in the territory of Russia and the CIS countries. In its fields Imperial Energy conducted works on evaluation of prospective resources, and started oil extraction while continuing to increase production performance and create its own oil line pipe infrastructure.
In the end of 2006 the financial service of Imperial Energy Corporation confronted with problems in financial planning and management, budgeting, preparation of management and IFRS-compliant statements. In this respect a decision was made to take steps with the view of selection and implementation of a unified management system of the Company. IDelync was invited as a packaged contactor to fulfill tasks on both arranging business and management accounting, improvement of practice of financial management and control, and tasks on preparation of the Group for automation and selection of a management information system (MIS), automation of business, tax and management accounting as well as IFRS-compliant accounting. As the result of conducted work, the choice was made in favour of 1C: Enterprise 8, a methodology of accounting, budgeting and treasury was developed, arranging and automation of accounting at all legal entities of Imperial Energy Company in Russia was performed.
The project was started in the third quarter of 2007. The developed methods of accounting, budgeting, treasury were successfully automated and implemented for all companies in the Group. Business and tax accounting were in active use starting from the beginning of 2008, management accounting – in the end of the first quarter of 2008. The experience was passed onto the employees of the Group both in the sphere of financial control and management, business and tax accounting, and in the sphere of support and improvement of the MIS.
In the course of realization of the project, some complex issues were resolved on automated control of correspondence of business and budgetary accounting, capital phasing in budgetary accounting, organization and automation of inventory control of the central and remote warehouses. Due to this, reduction of working hours spent on preparation of analysis of budget performance was achieved, of quality of management control and accounting was achieved. In addition to this, during the works a transfer was performed from one version of technological platform (8.0) to an improved 8.1 version without an increase of the total duration of the project.
As the result, the Unified informational solution was achieved in which business and management accounts are prepared, all the necessary information is stored for financial analysis of the Company’s activities and preparation of financial statements in compliance with the international standards.
Additional information:
Work places automated: over 30
Information platforms: 1C 8.1, MS SQL Server. - Transformation of financial statements, INTEGRA (Group of oil field services companies), Russia
At the moment Integra Group takes one of the leading positions in Russia in the sphere of onshore oil field services and provides services in the sphere of drilling, major workover and production maintenance of wells, integrated project management, technological services, geophysical study and works. It also manufactures drilling rigs, drilling tools and cementing equipment.
The project was aimed at providing help to Integra company in preparation of statements of affiliated companies with the view of including them in the issue prospectus during the preparation for going public on London Stock Exchange via IPO.
The project included:
- Preparation of statements under IFRS for one of the geological surveying companies acquired by Integra in the middle of 2006. The financial statements were prepared for the period of 3 years ending 31 December, 2004 and 2005 as well as 9 months ending 30 September, 2006 with the view of inclusion of these statements into the issue prospectus of shares of Integra. The preparation of these statements required good knowledge of IFRS, as it had been the first IFRS-compliant financial statement. It also required a substantial prior experience in preparation of financial statements as these statements were checked by PricewaterhouseCoopers.
-
Preparation of financial information about the Group of oilfield services companies located in Russia, Kazakhstan and Uzbekistan acquired by Integra in the middle of 2006. The works included preparation of consolidated financial information on the Group covering the years of 2005 and 9months of 2006 with the view of including them in the issue prospectus of Integra.
- Control on behalf of Interga of audit of financial statements prepared under USA GAAP, of a group of geological surveying companies in Russia and Kazakhstan acquired by Interga in the fourth quarter of 2006.The Audit was performed by BDO Unicon. The works included management and support of the process of preparation of financial statements of the Group under USA GAAP, ensuring correct use of account policy of Integra with regard to the financial statements under USA GAAP as well as ensuring fulfillment of its obligations by the auditing company in due time.
- Development of a Group control system and an information control system, Cental Asia Gold, Russia
The main objective of the project is increasing efficiency of financial management of the Group and provision of the shareholders and the management of the group with efficient tools of effective control, analysis and management of all spheres of activities of the Group companies.
Realization of project is performed stepwise in the following sequence:
1. arranging and automation of business and tax accounting of the Russian enterprises of the Group under Russian Accounting Standards;
2. arranging and automation of business and tax accounting of the Russian enterprises of the Group under IFRS;
3. arranging and automation of budgeting and budget execution control.Within the framework of the project, RAS model-methods, budgeting and IFRS statements were developed, further to this, assistance was provided in setting and controlling fulfillment of the budget for the selected period in accordance with the developed methods. On the basis of 1C Enterprise products, management accounting of the Group was automated, including preparation of financial statements under IFRS. The unified management system was integrated with accounting information databases, which allowed to optimize the processes of input, control of information and prompt receipt of information.
- Arranging and automation of management, business and tax accounting, Group statements under IFRS, Imperial Energy Corporation Group of Companies, Russia
- Mining Enterprises
- Assistance in the process of re-engineering of business processes, RussDragMet, Moscow, Russia
The objective of this project is to improve the results and to increase work efficiency of the department of material and technical supply of the gold mining company.
The project included:
-
Analysis of existing business processes of supply in the Group companies;
-
Comparative analysis and advice on improvement of the system;
-
Development of a supply policy;
-
Development of a supply organizational scheme, job powers and responsibilities, reporting schemes;
-
Formalization of information and documentation flow, of formats and reports contents;
-
Specification of the information system supporting business-processes of supply.
On completion of the project, a detailed practical implementation plan was submitted. Branan Company is currently supporting the process of realization of the Implementation Plan.
-
- Assistance in the process of re-engineering of business processes, RussDragMet, Moscow, Russia
- Air transport
- Optimization of business-processes, Ukraine International Airlines, Kiev, Ukraine
Within the framework of the project, advice was given to the management of Ukraine International Airlines Ltd. on issues of increasing productivity of the financial management and taxation department, moreover, a number of recommendations was developed on implementation of management information systems. The consultants performed analysis of business-processes, system requirements and selection of software for the management information system, analysis of the financial service, of the process of bookkeeping and preparation of financial statements.
The work on the project was divided into several stages:
-
Analysis of the current situation in the financial management and taxation department (assessment of workload of the staff, identification of duplications of specific kinds of work and identification of inefficiencies in the department’s activities, studying the current situation in interaction between colleagues from the department, description of the information flow and its intensity as well as problems in information systems);
-
Development of recommendations for increasing the efficiency and work quality;
-
Analysis of system requirements;
-
Preparation of the plan of development of management information systems;
-
Selection of software for development and implementation of management information systems.
-
- Optimization of business-processes, Ukraine International Airlines, Kiev, Ukraine
- Housing and communal Services
- Development and implementation of the tariff calculation and analysis system Surgut Public Utility Company, "Urban Heating Systems" and Surgut Public Utility Company "Gorvodokanal"
The objective of the Project was to streamline tariff setting policies and procedures for Surgut district heating public utility, develop and implement a MIS for tariff calculation, budgeting and control.
IDelync prepared a methodology model for tariff calculation on the basis of statutory approach, developed for Russian public heating companies, and developed MIS configuration with the following main features:
-
financial planning and budgeting;
-
company business performance control and analysis integrated with accounting information system;
-
reporting to Surgut municipality on FOPIP key performance indicators and Service Agreement implementation.
-
- Assistance in preparation of IFRS financial statements and international audit, Surgut Public Utility Company "Urban Heating Systems" and Surgut Public Utility Company "Gorvodokanal"
IDelync experts are currently assisting in preparation of IFRS financial statements and carry out international audit for Surgut Public Utility Company "Urban Heating Systems" and Surgut Public Utility Company "Gorvodokanal", which participate in the EBRD investment project for development of public services of the city. IDelync experts’ tasks include assistance in preparation of interim IFRS statements and advice on improvement of financial management procedures and implementation of guidelines set forth in the auditor’s report, training of the personnel in preparation of IFRS financial statements.
- Corporate development plan, Municipal Unitary Enterprise "Interterritory public utility company for heat, water supply and waste water collection ¹1" of Surgut Area Municipality Surgutsky Rayon
IDelync in association with COWI assisted Surgut Rayon municipality to develop a viable corporate development plan to improve institutional capacity and financial and operational performance of the Project company engaged in water, wastewater and heating services in the neighboring areas of Surgut city.
Among other things, IDelync was responsible for:
-
financial analysis and assistance in financial planning;
-
developing key performance indicators in financial management and investment planning;
-
development of financial management procedures to meet EBRD’s requirements to a Project company;
-
development of action plan to introduce financial management techniques.
In addition, IDelync is currently supporting the Project company in IFRS reporting to EBRD on a regular basis and carries out international audit of the financial statements.
-
- Implementation and support in monitoring of implementation of Financial and Operational Performance Improvement program for municipal water and heating utilities, Administration of Surgut city
The main objective of the project was to support implementation of FOPIP and immediate action plan, developed by SEURECA-BCEOM and city Administration as well as to ensure appropriate monitoring of utilities’ compliance with the terms and conditions of the Loan, Project agreements with EBRD and Service agreement.
The work was focused on the following areas:
1. Financial management optimization, in particular development of methodologies, work descriptions and implementation of the following processes:
-
Debitor and creditor management;
-
Business-planning including long-term financial modeling;
-
Budgeting.
2. Development of FOPIP implementation monitoring procedures and in particular:
-
Development of monitoring and control procedures using key performance indicators;
-
Support utilities in preparation of quarterly reports on FOPIP implementation process;
-
Development of requirements to management information system.
3. General support of FOPIP implementation process and in particular:
-
Development of recommendations to improve management system for the utilities;
-
Support utilities to carry out stocktake of the fixed assets and review of expediency for their revaluation;
-
Development of recommendations to improve client relations management system.
-
- EU’s Municipal Investment Support Project, various municipalities and utilities in Russia
The Municipal Investment Support Project (MISP) aimed to improve municipal services in water, waste water, waste management and district heating by building capacity of municipalities to design and implement investment and financing strategies for upgrading their municipal utilities, and supporting the identification and preparation of bankable investment projects. In association with Branan IDelync’s consultants provided financial management, accounting and MIS expertise to the programme.
In particular, IDelync introduced procedures for financial accounting and budgeting, cash flow and payments operations, financial reporting meeting requirements set out in loan agreements in four locations - Arkhangelsk, Novgorod, Surgut and Yaroslavl. We also provided IFRS accounting and IT support and training to PIUs and project companies, and supported creditworthiness assessments in Novgorod and Ukhta.
Also IDelync’s consultants prepared and carried out a capacity building program for PIUs as follows:
-
International Financial Reporting Standards (IFRS);
-
Management accounting;
-
International audit;
-
Planning and budgeting$
-
Investment strategy, investment planning and assessment of investment projects$
-
Management information systems (MIS);
-
Project implementation support systems;
-
EBRD procurement rules.
In the framework of MISP for PIUs in Yaroslavl, Surgut and Arkhangelsk IDelync’s consultants carried out the following:
-
Development of project implementation and cost control system to manage sub-projects in upgrading municipal infrastructure;
-
Development of IFRS reporting system;
-
Project progress reporting system;
-
Streamlining of document flow system and team collaboration system;
-
Training of PIU personnel.
-
- Preparation of IFRS-compliant statements and consolidation of financial statements, Tsentrgaz Public Corporation, Russia
The main objective of the project was to prepare statements of Tsentrgaz Public Corporation and consolidated statements of Tsentrgaz Public Corporation under IFRS for their submission to the Company’s shareholders, as well as training for the company’s personnel in the principles of preparation of IFRS-compliant financial statements. The preparation of the statements was performed through transformation of accounting data and financial statements of the Company in accordance with the Russian standards.
- Development and implementation of the tariff calculation and analysis system Surgut Public Utility Company, "Urban Heating Systems" and Surgut Public Utility Company "Gorvodokanal"
- Media
- Development of corporate strategy and management accounting system, Rambler Internet Holding Public Corporation, Moscow, Russia
The project included development and implementation of a new organizational structure, development of a business plan and liquidity forecast, restructuring of the key management processes and day-to-day business processes, development of templates of IFRS-compliant statements, selection and implementation of a management information system (MIS).
The MIS capacity allowed to fully automate the process of selling of Internet content of the media holding, organize the accounting and control of the company’s activities in accordance with the RAS and IFRS. Application of Data Warehouse and OLAP- cubes technologies allowed to develop and implement the system of corporate analytical accounting in the holding, provide access for the key users to a number of pre-set Key Performance Metrics of the holding’s activities.
In the course of the project, IDelync also performed integration of the MIS with varied operative accounting information systems, conducted designing of hardware and software IT infrastructure, assisted in implementation, configuration and administration of netware, hardware and software.
The MIS is used in all companies of the holding being an instrument of the financial control service of the media holding.
- Organization and financial restructuring and automation of the media holding, Rambler Internet Holding Public Corporation, Moscow, Russia,
The main objective of this project was to assist the management in financial restructuring and development of the companies of the media holding. The works included restructuring of the key management processes and operative business processes, development of IFRS-compliant templates, selection and implementation of a management information system (MIS) allowing to maintain the company’s accounting in compliance with RAS and IFRS, integration of the MIS with varied information systems of operative accounting in the Company. The MIS is used in all companies of the holding being an instrument of the control service of the Media holding.
IDelync team has been working with Rambler Internet Holding since 2001 up to the present moment. IDelync team has been working with Rambler Media Group (RMG) since its establishment in 2004. The works were commenced from the project on implementation of IFRS-compliant accounting, automation of billing of advertising internet services, automation of IFRS-compliant accounting and reporting.
The successful implementation of the solution on the basis of 1C:Enterprise 7.7, the Management Information System (MIS) not only allowed to substantially simplify operative management accounting of 12 actively operating at that moment companies but also to perform billing of actually provided services based on banner data. The MIS was fully integrated with the existing accounting systems on the basis of 1C:Enterprise 7.7, banner system. This, in its turn, played an important part in the process of making an IPO, thus the MIS is still accounting and confirming realization. The MIS is used in all companies of the holding being the instrument of the control service of the Media holding.
In 2002 a solution for analytical management accounting was implemented on the basis of Data Warehouse and OLAP-cubes technologies. This solution was further developed as to implementation of the Internet holding’s Key Performance Metrics, which were implemented in 2006.
In the course of implementation of the IT projects, IDelync also performed designing of hardware and software IT infrastructure, assisted in development, configuration and administration of netware, hardware and software.
In the end of 2006, RMG was acquired by Prof-Media. The new owner put forward an extended list of requirements to maintenance and automation of business accounting as the basis for management accounting. A decision was made to switch to 1C: Enterprise 8.1 as to automation of business and tax accounting at RMG. IDelync was invited in the middle of the third quarter of 2008 with the view of formalization of accounting in the framework of the new extended requirements and automation. From the beginning of 2008 the key companies of RMG have been using 1C:Enterprise 8.1 for maintenance of business and tax accounting records. Complex issues of non-standard chart of accounts with multiple analyses, regulated updating of non-routine decision, integration of the solution with other systems were solved.
Simultaneously with the IT projects, starting from 2004, the group of IDelync financial advisers provided services to RMG in restructuring of the financial structure, structure, processes and management practices, internal audit, as well as business planning and liquidity forecast; arranging of accounting under IFRS and reporting were performed.
- Implementation of a system of business and management accounting, arranging of management accounting, NetCity, chain of Internet cafe’s, Moscow, Russia
The objective of this project was to increase efficiency of management processes, ensuring company’s “transparency” for investors.
The works included selection and implementation of an MIS, functional area of which allows to maintain accounting of the company’s activities in accordance with RAS and IAS. In the course of works, the imperfect accounting system was replaced by 1C:Accounting 7.7. Integration of 1C:Accounting was performed with the software of inventory control and billing, Internet XArt. A management information system on the basis of 1C:Enterprise 7.7 was implemented.
In the course of the project, a methodology and instruments of management accounting and analysis of activity and efficiency were developed in the following directions:
-
Selling;
-
Marketing and Pricing;
-
Sales promotions;
-
Procurement;
-
Business directions;
-
Business subunits.
-
- Development of corporate strategy and management accounting system, Rambler Internet Holding Public Corporation, Moscow, Russia
- Public Catering
- Optimization of management system, Shokoladnitsa, chain of coffee shops and restaurants, Moscow, Russia
The objective of this Project was to provide the management of the chain with easy-to-use and efficient instruments for resolving tasks of maintaining management accounting in accordance with the international standards, preparating management statements, solving analytical tasks. The works performed included optimization of the group structure, development of a unified accounting policy and management chart of accounts for the Group and implementation of a management information solution unified and integrated with accounting databases.
The system of management accounting and reporting:
-
Accounting in controlled companies on the basis of international accounting standards, separately for each company and project and consolidated;
-
Automated reclassification of entries of Russian accounting system into IFRS entries;
-
Documentation flow in relation to transactions outside the Russian accounting system;
-
Automated preparation of payables and receivables sorted in accordance with the time of incurrence within one company and in all companies;
-
Automated preparation of CF, BS, P&L;
-
Setup of optional management accounting;
-
Automated import of results from the systems of operative accounting at set frequency or upon request.
System of analytical accounting:
-
Preparation of operative management reports on a regulated basis;
-
Preparation of analytical reports with optional information detailing in the following spheres: deliveries, inventory status, sales, settlements with debtors and creditors, finances.
-
- Optimization of management system, Shokoladnitsa, chain of coffee shops and restaurants, Moscow, Russia
- Other Services
- Implementation of OfficeIPoint system, Enterprise Portal class, Targo Company, Customs Brokerage, Moscow, Russia
The main objective of the project is to optimize business processes of the company and develop a well-coordinated cooperation mechanism in a unified information field of the company.
Objective fulfillment was ensured by implementation of OfficeIPoint system, Enterprise Portal class.
The project included:
-
Organization of efficient storage, distribution, access and search for, information in all corporate and clients’ documents;
-
Automation of tracking of currency of commercial agreements and fulfillment of obligations under these agreements;
-
Organization of control of compliance with the company’s regulations and business processes;
-
Development of a Web-service for immediate information distribution to Partners and Contractors on the status of their agreements, progress and completion of works, schedule of payments and the state of accounts receivable.
-
- Implementation of OfficeIPoint system, Enterprise Portal class, Targo Company, Customs Brokerage, Moscow, Russia