Smart ERP Projects’ experience of international company financial accounting automation, shared at the third training conference “IFRS and managerial accounting.”
Smart ERP Projects delivered a presentation at the third training conference “IFRS and Managerial Accounting: Year-end Closing, New Standards, Preparation for 2017”, which has already gained a reputation as the main annual industry event.
During the conference, Smart ERP Projects CEO Aleksey Nazarov told the participants about the managerial accounting and IFRS reporting automation experience using 1C: ERP 2 with its Russian/English interface, instead of costly Western analogues.
1С: ERP 2 is a domestic flagship ERP-solution, which doesn’t fall short of key functionality and characteristics in comparison to competitive Western systems. The English user interface makes it the go-to solution for companies that want to smoothly facilitate coordination between the staff in their overseas head offices (i.e. in Europe, the USA and other countries) and regional offices in the CIS.
The system supports both Russian accounting systems and fully realised accounting under IFRS simultaneously. This excludes the need to implement and integrate two different information systems.
Meanwhile, the cost of the software, which is based on the 1C:Enterprise 8 framework, is far lower than that of foreign vendors.
1C: ERP 2 also offers other advantages to those enterprises that are obliged to prepare financial reports according to IFRS:
● All the report forms in the system are created based on IFRS Taxonomy, which is issued by the IFRS Foundation annually.
● It is possible to generate IFRS account postings by operational accounting data as well as by accounts, posted according to Russian accounting standards.
● The system is completely scalable and is suitable for processing large amounts of accounting data.
● Financial reports can be configured individually in user mode using a visual designer without the need to rewrite or change the program code.
With the traditional flexibility of 1C: Enterprise 8 products, 1C: ERP 2 lets you use all the available IFRS accounting maintenance options: you can choose just one or combine several options.
The English user interface, designed by our company for 1C: ERP 2, and system functionality, which supports the input and storage of reference data in different languages, provide groundbreaking opportunities for working with the system and avoid mistakes made transferring data to MS Excel and translating reports into various languages. These opportunities also alleviate the necessity for preparing detailed explanations to reports – instead, English-speaking users can do all their work in the 1C system without experiencing any of the difficulties of the language barrier.
At the conference we also shared the experience of pilot implementations of the Russian ERP solution in the USA, where 1C: ERP 2 has speedily resolved the problem of preparing detailed financial reports based on operational data.
You can find out exactly how 1C: ERP 2 can help your company to keep on top of IFRS accounting and managerial reporting, by sending us a request for a free system demonstration. Also we invite you to learn what exact benefits your company may get after implementing 1C: ERP 2 in our presentation.
We will be happy to tell you more about the advantages of 1C: ERP 2 functional modules, and we can also provide an implementation service in both Russian and English. Get in touch with us by phone +7 (495) 374-61-58 or via the feedback form on our website.