BI budgeting, accounting, and reporting system for Renord-Invest Investment Company

Transcription

1 BI budgeting, accounting, and reporting system for Renord-Invest Investment Company

2 Customer profile Investments in new business projects of high investment potential, having a motivated management team ready to create a transparent financing and optimization business process scheme Implementation of unique development projects Renord-Invest Investment Company was founded in 2007 in St. Petersburg. The company s activity revolves around increasing the customer s business value in different sectors and fields and implementing profitable investment projects. The company s interests include: Investments in expanding or actively developing stable businesses Renord-Invest Investment Company provides different services related to assessing investment projects, modeling the finances of current and prospective projects, attracting financing for business development, and providing consultancy and business acquisition and merger support, crisis management, and general consulting. Renord-Invest Investment Company also directly invests in promising ideas via project and debt financing, charter capital, and bridge financing. renord-invest.ru/?lang=en 2

3 BI budgeting, accounting, and reporting system is designed to improve budgeting and investment efficiency of Renord-Invest Investment Company by providing management and staff with reliable, up-to-date administrative information and cutting-edge process automation solutions. In the implementation of this system, Prognoz organized the data and defined the units of measure for all system operations. All accounting principles of company departments were categorized and unified, and end-to-end data exchange was enabled. In general, improving the budgeting process required the automation of routines and the reduction of human impact on calculations. The development and implementation of the BI budgeting, accounting, and reporting system arose from the need for a unified financial management system. For Renord-Invest s successful integration of financial and economic information maintenance, Prognoz identified the following challenges: Dispersion of data sources, or the use of incompatible databases by different departments Differences in methods of data collection and provisioning The operation of task-solving scenarios Differences in methods of data assessment used by company departments and partners The automation and unification of budgeting, accounting, and reporting was designed to support real-time management and achieve the company s strategic targets. 3

4 Scope The Prognoz solution was designed to automate financial, economic, and investment management of Renord-Invest within the company s existing business processes. The system delivered includes the following functional subsystems: Short-term financial planning Contract maintenance Financial condition modeling Plan and budget implementation control Investment management Legal information accounting Information and analytical support of company management Short-term financial planning includes the following functions: Contract register maintenance (business contracts, credit agreements, and promissory note contracts and agreements) Payment management and control (maintaining a register of scheduled payments, arranging payments via payment requests, and payment execution control) Long- and short-term planning and budgeting Contract maintenance is designed to maintain contract terms and conditions and coordinate contracts, schedule contractual payments, and control contractual payment execution. The subsystem supports the following contract types: 4

5 Business contracts (simple, milestone, property, share and stock, agency, framework and commission contracts, and supplementary agreements thereto) Credit agreements Promissory note and loan contracts Financial condition modeling automates the company s financial condition forecasting based on information about the previous period, forecasted budgets, credit agreement and loan conditions, and promissory note traffic. The subsystem enables the following: Modeling and forecasting accounting indicators when coordinating the funding model Plan and budget implementation control enables: Loading actual payment orders from the online banking system, and linking scheduled and actual payments Delivering plan and budget implementation reports in customizable form with calculated planned and actual value deviation, including the use of actual data from other automated systems Investment management supports the following functionality: Maintaining a register of investment projects Forecasting and modeling main indicators of financial, economic, and investment activities (including performance indicators) 5

6 Assessing and analyzing the commercial efficiency of investment projects Monitoring the condition and controlling the implementation of investment projects Developing activity progress charts and controlling implementation of investment projects Legal information accounting unifies and organizes all legal documents and company data. The subsystem enables the maintenance of the following registers: List of contractors and relevant information Settlement accounts to shape cheduled and actual payments Fixed assets, with their location, value, and use in different contracts Powers of attorney and validity thereof Information and analytical provision of company management automates management access to analytical information represented as interactive indicative and control dashboards with Web access. 6

7 Key features The BI system is designed for investment projects. It is a made-to-order solution developed with regard to the specific business processes of Renord-Invest. The system focuses on flexible management accounts rather than statutory accounts. Information is reflected in all business processes of the company, thus regulating holding relations. The system enables end-to-end data exchange, scenario-based planning with understanding of data sources, a userfriendly interface, and data visualization. Results of the implementation of the system The solution tripled the efficiency of the planning and economic department and reduced the workload by 30%. Further, it enabled the company to plan activity for one year instead of one month, as prior to system implementation. The system made report delivery time four times shorter and increased calculation accuracy. The system reduced the time to search for vital information by a factor of 10. The system provided reliable, up-to-date data on any business process. 7

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