Whenever the upgrade of a company’s information system is concerned, it is crucial to mind the informational needs of the IFRS and management reporting functions. For any major-scale IT deployment, changing its configuration after the project has been implemented might prove too costly, if ever possible.
FIN.by in this case can serve as an advocate interpreting and protecting the client’s interests during the compilation of the terms of reference with the vendor:
- If the client company prepares non-statutory financial statements using the transformation in MS Excel, our responsibility will be to ensure that the primary transaction system records business operations with a proper amount of detail to match the dimensions of the prospective IFRS or management reports.
- If the client chooses in favor of parallel accounting systems, our competence will be of use while formulating the methodology of the procedures/scripts needed to take account of the ‘tricky’ aspects of IFRS.
Results from ERP deployment support
- Formulation of the key requirements which might impact on the further preparation of the IFRS and management reports, budgeting, etc.
- Assistance in selection of an ERP vendor.Structuring the key requirements, questioning vendors, accompanying the client during the negotiations with vendors.
- Verification of the terms of reference against the communicated key requirements concerning the needs of the IFRS and management reporting functions.
- Testing the ERP deployed. Assessment of compliance of the deployed ERP system to the provisions of ToR regarding the IFRS and management reporting domain.