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Re-design of management accounting and budgeting processes at a regional company
Leading regional Group in Ukraine with a diversified business
Although the Group used established policies, budgeting and management accounting procedures, a number of adverse external and internal events caused resource allocation problems and pointed to possible corporate financial planning downsides.
Redesign of budgeting and management accounting system
Detailed investigation of the problem revealed serious shortcomings in budgeting and management accounting system, which led to the inability to provide the Group with reliable management financial information. The situation was aggravated by a high degree of business diversification, resulting in difficulties in developing and implementing of unified principles of planning and accounting.
The project team conducted several rounds of consultations with management and key financial personnel of the Group’s enterprises, the result of which was development and adoption of updated policies and procedures to improve reliability of financial data.
• Increased efficiency in allocation of resources within the Group;
• Increased shareholder confidence in the accounting data.