As a result of this the number of routine operations of the financial department has been decreased, the actual data for the IFRS accounts is gathered faster, the workload on the accounting clerks has been substantially reduced, the fiscal accounting documents generation speed has been increased substantially, as well as the data accuracy.

TIRE PROS — a brand name owned by ITOCHU Corporation one of the leading Jananese sogo shosha (general trading companies). A chain of stores, numbering more than 500 tire centers throughout the world at the moment, has been developed under this brand name. This chain of stores is an official partner of the world’s largest tire manufacturers: Bridgestone, Yokohama, Continental, Goodyear, Michelin, Pirelli, Cooper.

The earlier used accounting system didn’t meet all the company’s requirements. The employees had often met the following difficulties:

• IFRS reports had been made using spreadsheets;
• accounting data had not been entered in real time;
• 5–10 days had been spent on accounting reports generation.
  
  

The company needed an information system that would allow for a high-quality fiscal and management accounting, reduce the report generation time, increase the reliability of the accounting information.

First Bit became a partner for the design and implementation of the new information system. 1C:Accounting 8 CORP was chosen as a base platform, as well as the First Bit’s industry branch solution BIT.FINANCE Management Accounting.

First Bit employees designed a unified information system that automated the tax, financial and management accounting processes, abiding by the fiscal and the internal standards. 

As a result of this:

• the ability to run multiple scenarios of the rolling budget planning has been made available;
• all the actual data for the IFRS accounts is gathered in real time;
• there is no need to wait for the accounting month’s closure any more, in order to receive preliminary financial results;
• the fiscal reports are generated much faster now;
• the information accuracy and validity increased.
  
  

50 work places were automated during the project. End-user training has been carried out during the implementation process, detailed instructions written.