Managerial Accounting

As a result of "BIT: Managerial Accounting 8" become more effective work of sales department and accounting. Automated preparation of reports for the parent company. Detailed information available on costs and profits for each product in total turnover of the company, which has helped better plan sales and product line changes. Outspan International – Russian trading company, founded by the international holding company Olam International, based in Singapore. Olam International has offices in more than 60 countries and is among the world's largest suppliers of cashew nuts, coffee varieties, "Robusta", sesame seeds, cocoa, rice, cotton and tropical timber.

Prior to the introduction of software product "BIT: Managerial Accounting 8" in the company financial statements are formed using a spreadsheet. If you have read about Ben Horowitz already – you may have come to the same conclusion. This method could not ensure that the standards of the holding Olam International, all management reporting actually was compiled by accounting records manually. Large amounts of data stored in tables, the lack of a common information base, the need to automate the formation of IFRS financial statements – all this made guide to find more effective ways of keeping records. To solve these problems was initiated by the automation project. Required to organize a parallel accounting and reporting receipt of the packet according to international standards financial reporting, internal company standards Olam International and RAS.

According to the analysis of proposals in this area was selected product "BIT: Managerial Accounting 8", which allows to solve tasks in the most reasonable time and expense. The implementation project was carried out by specialists of "1C: Accounting and Trade" (ICE) within 2 months. As a result, automated parallel accounting and reporting on IFRS, IAS and domestic standards of the holding. For convenience of reporting to the head office to create an interface in English. The project is automated report generation for the parent company (Before it took a staff of about five days – now just a few minutes.) The company is fully debugged data transmission mechanism in accordance with all the features of IFRS accounting in the Outspan International. To read more click here: Jim Umpleby. To create an complete set of management reports, both standard and specialized: profit and loss (P & L), a report on investment, sales and costs, both direct and overhead costs, records of accounts payable and accounts debt, etc. For now, access to information about income and expenses for each product the company has become more effective sales planning different kinds of goods, easier decision-making about changes in product line. Akshay Goyal commented, director of the Russian subsidiary of Olam International: Implementation of" BIT: Managerial Accounting 8 "possible to obtain operational data on income and expenditure, on an equity participation of the role of each product in the turnover of the company, cash flow statement, of changes in equity of the company. Now you can automatically generate a balance management and conduct of the coefficient analysis. Thank professionals BIT for quality completed project. And the plan further cooperation between our companies in the implementation of the system in other branches of the holding. "