Innothera submits international financial reports in the Bit.Finance application

Innothera submits international accounting reports with the help of Bit.Finance

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

First Bit's International Department has successfully completed the project of accounting automation according to PCG and internal analytical standards of a French pharmaceutical company.

The client

One of the special features of INNOTHERA, lies in its multiple competency: pharmaceutical products, medical textiles and hygiene and protection. the INNOTHERA Group's production is 100 % French, with exports amounting to more than 65 % of total sales, and covering more than 100 countries.

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 employees, 700 of them work in the French head office.

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 started to request the branch office’s reports according to the French rules (for example, all the companies must maintain PCG reporting standards).

“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 would allow us not only to automate new accounting processes, but to transport data into Innothera’s corporate ERP-system. The application “BIT.FINANCE Management accounting” has successfully managed to fulfill these tasks, and, moreover, has been integrated with the already existing 1C system”

Anna Belousova,

Account General, Innothera

The Project Goals

Innothera was faced with two main aims:

To implement a system, that can automate reporting according to the corporate analytical standards and PCG chart of accounting;
To set up integration of the implemented solution with SAP corporate system.

Choosing Software

Having analyzed what the market has to offer in the business software, Innothera chose “BIT.FINANCE Management accounting” application for its future project.

The factors that led to choosing this solution were its 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 team of well qualified 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 main stages:

Stage 1
Stage 1 was a pre-project survey that allowed us 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.

Stage 2
The system’s adjustment and testing.

Stage 3
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.

Stage 4
Putting the system into operation.

The Results

As a result of the project, the “BIT.FINANCE Management accounting” system, that allows to simultaneously perform several types of reporting, 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”.

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 are now performed more promptly;
There have been acquired convenient tools for analysis, management accounting and report formation according to the 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”.

Vladislav Uvarov,

CEO, Innothera in Russia