Innothera Submits International Accounting Reports With the Help of BIT.FINANCEFirst BIT's International Department has successfully completed the project of accounting automation according to PCG and internal analytical standards of a French pharmaceutical company.
Innothera is a French pharmaceutical company, engaged in modern developments in the sphere of treatment of the majority of the widespread diseases. Innothera activities are aimed at providing the residents of more than 100 countries of the world with medical products, that substantially increase the quality of life.
The company has two of its own factories, that produce drugs (70% of turnover) and medical textile (30% of turnover). Innothera has more than a thousand of employees, 700 of which are working in the head office, located in France.
The Project’s Background
Before 2015, Innothera only had a representation office, that wasn’t conducting any commercial activities. However, since 2015 the company has opened a branch office in Russia, engaged in procurement and sales of pharmaceutical products.
In this situation the head office has started to request the branch office’s reports according to the French rules (for example, all the companies must maintain accounting reports on the basis of PCG chart of accounts).
“Before the project we had forwarded the reports to the head office in Excel format. After opening the branch office we needed a convenient tool for forming and submitting reports according to PCG and French analytical standards. We wanted to get a unified system, that will allow us not only to automate new accounting processes, but to transport data into Innothera’s corporate ERP-system. “BIT.FINANCE Management accounting” software solution has successfully managed to fulfill these tasks, and, moreover, has been integrated with the already existing “1C: Enterprise” system” – says Anna Belousova, Account General, Innothera.
The Project’s Aims
Innothera was faced with two main aims:
- To implement a system, that will automate accounting according to the corporate analytical standards and PCG chart of accounting;
- To set up integration of the implemented solution with SAP corporate system.
Having analyzed what the market has to offer in the sphere of accounting automation, Innothera chose “BIT.FINANCE Management accounting” software solution as a basis of its future project.
The factors, that led to choosing this solution, were his wide functionality, possibility to maintain accounting records according to the French PCG chart of accounting and the internal analytical standards of the French company.
Apart from that, an important advantage of “BIT.FINANCE Management accounting” is the possibility of integration with the systems already used in the company, namely “1C: Enterprise 8” and SAP ERP.
Choosing a Contractor
Innothera has chosen First BIT's International Department as a project partner. This decision was made based on the Contractor’s acknowledged experience in the sphere of accounting automation in international companies and the high professionality of the team of specialists.
The Stages of the Project
The project of implementing “BIT.FINANCE Management accounting” into Innothera’s IT-system was completed within 5 months and passed 4 man stages:
Stage 1 was a pre-project survey, that allowed to study Innothera’s business-processes, to locate the automation areas, to evaluate risks and the project’s budget. It included establishing mapping between the Russian chart of accounts and PCG chart of accounts.
The system’s adjustment and testing.
Preparation for launching the system: formation of PCG accounting reports and French analytical accounting reports for the last months. Training the Accounting department’s employees on how to work with the new functionality and the regulations regarding working with data.
Putting the system into operation.
As a result of the project, the “BIT.FINANCE Management accounting” system, that allows to simultaneously perform several types of accounting, was implemented into Innothera’s IT-system, Due to this the company now has the opportunity to automatically form accounting reports according to the internal analytical standards and PCG chart of accounts.
Apart from that, “BIT.FINANCE Management accounting” has the possibility to generate a flat file, downloadable into SAP ERP, which allows to automatically transfer accounting data into the corporate ERP-system.
“As a result of the project we have determined a plan for the further automation and expansion of the functionality of the implemented solution in the sphere of budgeting and treasury. There are also plans to create an identical system for forming corporate reports for Innothera’s representation office in Russia with its further integration with SAP ERP” – comments Konstantin Daylidonis, Project Manager, First BIT's International Department.
As a result of the completed project, Innothera has acquired the following business advantages:
- Closing an accounting month and submitting reports has increased are now performed more promptly;
- There have been acquired convenient tools for analysis, management accounting and report formation according to PCG chart of accounts and the internal analytical corporate standards.
“The specialists of First BIT's International Department have demonstrated their high expertise and enthusiasm when working on the project. As a result, we have got a unified informational field, that allows us to consolidate reports according to Russian and international standards, that made our life much easier. We are looking forward to our further fruitful cooperation with First BIT within the realization of other projects related to automation of our business-processes” – says Vladislav Uvarov, General Director, Innothera.
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A French pharmaceutical company, engaged in modern developments in the sphere of treatment of the majority of the widespread diseases.
- Closing an accounting month and submitting reports has increased are now performed more promptly
- There have been acquired convenient tools for analysis, management accounting and report formation according to PCG chart of accounts and the internal analytical corporate standards