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Turnkey solutions for automation of IFRS and budgeting
26-Oct-2020
NFP has released a series of software and methodological products for automation of budgeting, IFRS and management accounting.
Software-methodical complexes (SMCs) by NFP – software-methodical complexes developed by the methodologists of our company, consisting of presets and analytics for software. At its core, SMCs are a fusion of methodology and technology in the form of a product.
Using SMC allows for a cheaper and faster implementation with less risk:
Software-methodical complexes (SMCs) by NFP – software-methodical complexes developed by the methodologists of our company, consisting of presets and analytics for software. At its core, SMCs are a fusion of methodology and technology in the form of a product.
Using SMC allows for a cheaper and faster implementation with less risk:
- reducing the cost and development time of the methodology development stage by an average of 30%,
- reducing the risks of unsuccessful implementation (using best practices).
Stages of automation
Our solutions
All models are based on the project experience of our specialists in holding companies and large organizations. The products offer cross-platform solutions – BI, RPA, as well as adaptability for various software: 1C, Sage and others.
GMPlan – a solution for budgeting
GMPlan – a budget model pre-configured in the system for fast automation.
What is included in GMPlan:
What is included in GMPlan:
- budget classifier,
- album of form,
- factor analysis technique,
- budgeting regulations.
- adaptability and scalability,
- accumulation of many years of experience,
- adapted for software solutions: 1C:ERP, 1C:CPM,
- reports in BI (in QlikSense).
Kit Accounting – a solution for IFRS and management accounting
Kit Accounting – a solution for IFRS and management accounting, applicable to products based on the 1C:Enterprise 8.
What is included in Kit Accounting:
Advantages:
What is included in Kit Accounting:
- IFRS and management accounting chart of accounts for all key areas of accounting,
- processing by loading into the chart of accounts system from MS Excel,
- setting up correspondence between RAS and IFRS accounts (translation mapping),
- processing for loading a translation into the Mapping System from MS Excel,
- a set of basic parametric settings required to start full-fledged work in the system,
- processing for loading into the Parametric Settings System from MS Excel,
- setting up the main reporting forms in accordance with IFRS and management accounting, including visualization of layouts and algorithms for filling in cells.
Advantages:
- fast loading of the model into the system,
- reducing the time and cost of the project,
- the methodology development stage is reduced to bridging the gap between business requirements and the Kit Accounting model,
- adapted for software solutions: 1C:ERP, 1C:CPM,
- reports in BI (in QlikSense).
Our solutions as a way to increase operational efficiency
As mentioned earlier, SMCs should be technologically advanced and focused on practical application. Consider as an example a model for management accounting and IFRS. Some accounting systems can only offer a synthetic chart of accounts that largely replicates the capabilities of Excel, but some systems offer the ability to build an analytical chart of accounts that cannot be replicated in Excel anymore. SMC for IFRS allows companies to draw up reports faster and more accurately through the use of the analytical chart of accounts technology (building a "data cube").
Given the individuality of each company, it is not possible to use a template an averaged SMC. The project approach should be based on a comparison of the company's processes with what the SMC offers. Gaps are determined based on the comparison (GAP analysis). Based on the identified gaps decisions are made whether to change the set (company features have a competitive or unique advantage) or change the company processes for SMC (best practice). And lastly, an action plan for tuning the company's processes is being worked out.
Given the individuality of each company, it is not possible to use a template an averaged SMC. The project approach should be based on a comparison of the company's processes with what the SMC offers. Gaps are determined based on the comparison (GAP analysis). Based on the identified gaps decisions are made whether to change the set (company features have a competitive or unique advantage) or change the company processes for SMC (best practice). And lastly, an action plan for tuning the company's processes is being worked out.
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