How to reduce the time for the construction company reporting on counterparties from two months to one day
- Customer
- KATANA Networks
- IT Provider
- "FinGrad - Financial Management"
- Year of project completion
- 2022
- Project timeline
- November, 2021 - March, 2022
- Project scope
- 120 man-hours
- Goals
-
The objectives of the project - to minimize manual data entry, combine them into one system, to introduce reporting, relevant to the date of reporting, set up analytics on inventories, receivables / payables.
The uniqueness of the project
The uniqueness of the project is that now we can see complete financial statements. Initially, we (katana networks) did not have reliable information on receivables/payables, it was impossible to control cash flow and real inventory.Now all historical data has been transferred to FinGrad. We have a complete and up to date picture of cash flow, receivables / payables. You can see the financial results for each project and line of business.
Also during the transfer of data from Excel files to FinGrad there was found the need to implement a unified reference books to automate and organize accounting materials.
Automation solved two problems at once:
- processing a large amount of information in a unified system
- making right management decisions based on reliable data.
- Used software
- FinGrad - automation system of management accounting
- Difficulty of implementation
- Before FinGrad we had no management swelling, so everything was created from scratch: DDS, OP&A, Balance Sheet, etc.
- Project Description
-
FinGrad consultants set up more than 10 data entry forms, transferred cash and bank statements to FinGrad. We set up currency conversion - Uzbek sum and dollars. We also built accounts receipts. Reconciliation with cash desk now shows what the money is spent on in real time.
After DCS we introduced reports to control various business processes:
1. The international delivery form collects information on purchase prices, customs and shipping costs. After a triggered delivery is closed, all shipping costs are allocated to the cost of materials.
2. In the customer allocation form, expenses in the selling price on accounts 62-90 are included. The system automatically generates 10-62 postings with the calculation and allocation of the average cost price.
3. Form for wages based on the name of the employee and the number of days worked per month will calculate wages, taking into account monthly and shift accrual and accrual in different currencies. Calculation according to the production calendar of Uzbekistan.
4. A large proportion of our money flows are settlements with accountable persons who make purchases and work. Therefore, to control this block we created a form of reconciliation of funds of accountable persons. We added a breakdown by analytics Period, Expense type and Accountable person itself to detail the amounts and compare them with the reconciliation act for the customer.
- Project geography
- Uzbekistan
On November 30, the professional IT community GlobalCIO hosted a large-scaled international conference "Global CIO Insights: Digital Transformation with AI". During the event, leading experts shared their practical experience in launching projects utilizing artificial intelligence (AI) and highlighted approaches that helped elevate their companies to new heights.
Voting for projects participating in the "Project of the Year" contest is open. The voting began on December 1st and will continue until January 15th inclusive. The winners will be announced on February 7th, 2024.
According to the statistics agency, the number of telecommunication and IT companies has increased 1.8 times in the last five years. At the beginning of 2023, there are more than 12 thousand ICT companies operating in the country. More than 100 thousand people are employed in the industry. At the end of 2022, the volume of ICT services grew by 125.5% and amounted to 22.9 trillion soums, of which 4.2 trillion soums were programming services provided by Uzbek companies and specialists. The total revenue of Uzbekistan's IT sector for the first quarter of 2023 reached 2.38 trillion soums - almost four times more than in the same period of 2022. Exports of digital services increased to $57.2 million. According to IT Park, net income amounted to more than 90% of revenue or 2.158 trillion soums.
According to the statistics agency, the number of telecommunication and IT companies has increased 1.8 times in the last five years. At the beginning of 2023, there are more than 12 thousand ICT companies operating in the country. More than 100 thousand people are employed in the industry. At the end of 2022, the volume of ICT services grew by 125.5% and amounted to 22.9 trillion soums, of which 4.2 trillion soums were programming services provided by Uzbek companies and specialists. The total revenue of Uzbekistan's IT sector for the first quarter of 2023 reached 2.38 trillion soums - almost four times more than in the same period of 2022. Exports of digital services increased to $57.2 million. According to IT Park, net income amounted to more than 90% of revenue or 2.158 trillion soums.
The IT strategy of a large number of companies includes the automation (digitization) of not only accounting processes but also production and logistics processes.