For the purpose of operational and strategic management it is often necessary to prepare separate management reports containing more detailed data (broken down by product type, cost structure and financial responsibility centers), in addition to financial statements.
Proper and timely control of a company's activities is achievable only through management reporting within the shortest time possible.
The results of management accounting system implementation are:
- A streamlined process of in-house management reporting within strict time frames even in the context of fast close.
- An automated tool for transformation of local financial statements into management reports: transformation model, which combines all the adjustment entries, the corresponding reports and a set of various performance indicators.
- A possibility to prepare IFRS statements and management reports on the basis of one input data set.
- А possibility to prepare consolidated, combined and stand-alone management reports for the group and each entity of the group on the basis of one file set.
Our approach to management accounting system implementation
FIN.by team implements a completely automated management reporting system, which includes the following set of services:
- Preparation of accounting policies for management accounting, which combine best practices from IFRS accounting policies and the vision of the company's owners and management.
- Development of adjustments calculation methodology and its agreement with the client.
- Consolidation perimeter determination, if necessary.
- Development of transformation model and automated tools for adjustments calculation in MS Excel as well as for management reports and disclosures preparation.
- IFRS and management accounting corporate training for the client’s staff.
- Preparation of guidelines on the system usage.
- Delivery of the developed tools to the client and the process implementation in the company.
- Support of the system after its final delivery to the client.