GEOTECH Holding shortens timeline for preparing management reporting through 1C:Consolidation
GEOTECH Holding, the largest Russian seismic exploration company, has successfully implemented the 1C: Consolidation system. As a result, the collection of data on the performance of the holding's business units has been significantly simplified. The timeframes for the preparation of consolidated financial statements has shrunk from a week to two days.
The Holding comprises 20 key business units, located in the main oil-producing regions of Russia and Kazakhstan. For effective management, the Holding’s top management and senior management at the financial and economic divisions of the company need current and accurate information about the performance of each business unit.
The cornerstone of the corporate information system is the 1C: Manufacturing Enterprise Management solution; for local management accounting tasks, a range of additional software is used. Before the introduction of suite, data required for the preparation of financial and management reporting had been collected manually from different systems and the consolidated accounts were summarized in spreadsheets, which was painstaking and time consuming. The reports forms were unstandardized. The large number of source tables complicated data processing and analysis.
Therefore, there was a need for a solution that would allow the company to organize quick collection of data from different subsidiaries, to standardize the management reporting package, and to unify and accelerate its generating. Implementation has been performed by the Rise group of companies, which specializes in finance and accounting automation. The project was implemented on the basis of the 1C: Consolidation 8 solution. Currently, the system has more than 100 users in 20 business units of the company.
According to GEOTECH Holding CFO Ms. Ilona Petrova: "The most important result is the ability to quickly detail management accounting up to primary accounting data and generate consolidated management financial statements within a rather short time. The system allows us to minimize manual labor in generating reports and to free the time resources of the financial and economic service for additional analysis of the performance effectiveness in order to increase the company's value.
" Following the results of the project presentation at the 1C workshop in March 2014, the project of management reporting automation by GEOTECH Holding was recognized as the best and posted on the website of 1C in the section "The Best Implementation of 1C: Consolidation 8".
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