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Implementation of Management Accounting

Automation of management accounting – transparency and order in a company

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Today, when the business environment is not that friendly, only owing the information will allow to avoid the loss of assets. For operational and strategic administration of the enterprise’s activities, the company’s management needs to have comprehensive idea of the business situation in the enterprise. A company’s future may depend on how promptly and accurately the information is presented.


The solution to this problem may be the implementation of management accounting system – operational system, that allows to collect, store, analyze, control and interpret various internal company’s data. All these processes are performed with the help of different accounting and report formation instruments.

management accounting

Automation of management accounting allows to increase the effectiveness of company management due to the realization of such tasks as:

  • Prompt collection of information important for the further operations of the company (inventory management, determination of price policy, cost management, analysis of profit sources etc.);
  • Comprehensive analysis of this information (on the subject of the possibilities of growth and efficiency increase, optimization options etc.);
  • Planning of the further company’s activities (formation of plans and forecasts, both long-term and short-term).

It is important to also note the differences in the way management accounting and its aims are considered in the West and in Russia.

In western policy, management accounting means working with indicators, the results of the enterprise’s activities in whole so as to optimize the company’s strategy.

In Russia, the key management accounting data (costs, profit etc.) are the elements of accounting system, that’s why the very notion of this type of accounting is also considered in this financial perspective.

The secrets of successful implementation and application of management accounting systems

  • At the implementation stage
    • Determine the necessary list of functions and aims of the management accounting system, and also the scale and the perspectives of its further usage.
    • Conduct the detailed analysis of the company’s activities, and then form and describe the methodology and the structure of management accounting.
    • Don’t limit yourself in engaging experts in the sphere of implementation of management accounting – elaborated methodological basis is a guarantee of the system’s viability.
    • Accurately regulate the list of reports, that the management will need to make decisions in different spheres. Identify people, who will act as “consumers” of the information, collected within the management accounting framework, and adapt the reports according to their needs.
    • Develop minimalistic analytical panels with key indicators for the top-management.
  • At the exploitation stage
    • Depending on the aims and tasks, identify the current and the perspective requirements to your management accounting system. Timely identification of the needs will give you time margin for the realization of new mechanisms.
    • Due to the periodic change of the needs, perform regular (quarterly) testing of your accounting system to confirm, that it corresponds to the current requirements and provides the company’s management will all the necessary analytical information.
    • Provide user training on how to work with the system immediately after its implementation.

Two useful pieces of advice from the experts in implementation of management accounting

#1

While choosing the product, it is important to determine what element of management accounting is the first priority for the company’s management, what is it, that the system’s policy must be oriented towards. After that it will be easier for you to choose the most optimal system for your company. Engage a specialist with great competence in organization and implementation of management accounting automation systems.

#2

Do not try to save money on acquiring and implementing a system of such a level: choose a system, that will correspond to the maximum list of all the tasks available for your company – it will allow to avoid further modifications and even implementation of a new system in a couple of years.

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Our clients

All clients

AliExpress

The global marketplace for the sale of goods from China. Ranked in the Top 50 most visited sites in the world. The audience in Russia — about 22 million people a month.

Linxtelecom

The main specialization of the Company is data storage and processing, telecommunication services and cloud solutions

Shopping Live

German teleshopping company. The teleshop has more than 100 000 goods in its assortment and broadcasts a shopping program 24/7

Heineken

HEINEKEN Russia — is the Russian branch of Heineken N.V. international holding — the leading international brewery company with branch offices in 71 countries.

Innothera

A French pharmaceutical company, engaged in modern developments in the sphere of treatment of the majority of the widespread diseases.

Keysight Technologies

A major supplier of radio equipment, oscillographs, equipment for general use, solutions for engineering and modelling.

I-T-R (TIRE PROS)

Japanese general trading company. A chain of stores, numbering more than 500 tire centers throughout the world. This chain is an official partner of the world’s largest tire manufacturers.

TP-LINK

A global provider of SOHO&SMB networking products and the World’s No.1 provider of WLAN and Broadband CPE devices, with products available in over 120 countries.

Containex-Monolit

Containex-Monolit has been manufacturing containers for more than 30 years. The company has become one of the largest producers in Europe and Russia.

Testimonials

"It was necessary to implement the unified accounting information system, which would meet all our requirements. First BIT was chosen to achieve this goal, because they offered the best project conditions. BIT.FINANCE was offered as new information system, because it provides the best performance for all our relevant tasks".
Nam Cheol Hee,
finance director, LLC "Orion International Euro"
"During 2 years of coopertation, First BIT Company has proved to be a reliable partner and a professional team. We thank First BIT Company for its efficiency and high-quality fulfillment of tasks".
Uchikura Masakazu,
CEO of Kyocera Document Solution Russia
"We got aquainted with the system and we have understood, that this is exactly what we need, QlikView allows to get information from any accounting systems, it can combine and differentiate data, represent it in diagrams, graphs and ready-made reports, which is very convenient".
Mehmet Bodur,
Product Director, Tommy Hilfiger Europe B.V.

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