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Finance IT consulting

Questions in maintaining of accurate accounting, tax and management accounting with detailed analytics are relevant for many companies. for this may be several reasons. The most obvious of them is the provision and delivery of financial and tax reporting. This task is usually done very good by accounting and ERP systems after a certain adjustment to the peculiarities of a particular company record keeping. However, in this area is often not so simple as it might seem at first glance. For example, modern accounting and tax legislation, more and more requires splitting of a single transaction into parts according to certain norms which may be established as the law and be based on different techniques. In such a case, earlier one or two journal entries are transformed into three to five entries for different accounts and different analysts which accompanies them. This substantially complicates the procedure for periodic reconciliation and harmonization of accounting, it requires a methodical study of all the rules of accounting, billing and formed mandatory and optional analysts for accounting entries.

The complexity of the problem increases with the advent of other consumers accounting and tax data in addition to the mandatory reporting of recipients in the face of government authorities. It is advisable to allocate a minimum of the following most common groups of recipients, inherent to many modern businesses:
  • shareholders or other co-owners of a business;
  • persons engaged in the operational management of the business;
  • parent companies engaged in the consolidation of accounting data by subsidiaries and providing consolidated reporting on the their location;
  • units, solving the budgeting tasks;
For each of these groups of recipients is characterized by different requirements for the degree of detail, the principles of classification of operations into certain categories, currencies of the accounting, the moment of recognition of the operations. This creates the need to develop and implement an integrated system of data collection and data conversion to meet the needs of each user reporting.
In modern practice, most commonly found the following approaches to solve such problems:
  • artificial excessive detailing of transactions or analytics in the national accounting standard;
  • maintaining parallel accounting using methods of transformation
    • transformation "on the fly" for each accounting transaction separately;
    • accrual transformation or reclassification at the end of the reporting periods;
  • maintaining parallel accounting using methods of independent double counting;
  • combination of transformation and double accounting methods for matching and not matching stages of particular operation recognition in the accounting;
The major differences are:
  • sum differences (*): different amounts of the same operation for the purposes of accounting, different limits for recognition of operation;
  • time differences (*): different times of operations recognition in different accounting;
  • currency differences (*): different currency exchange rate for the purposes of accounting, record keeping and reporting provision in different currencies;
(*) not to be confused with similar terms in accounting.

We are ready to offer our services to help solving such problems in your company or group of companies. It is important to note that we are not a substitute for your accounting units! Together with your experts we form a uniform accounting policies to suit your needs and your situation, as well as taking into account the potential of your accounting information systems. Depending on the system used, we are ready to carry out work on their development and tailor the under developed and harmonized accounting policies, as well as to perform work on the implementation of the rules of the automated monitoring of compliance with certain provisions of the accounting policies based on your accounting systems or separate data warehouses, where information will come from primary accounting.