The creation of effective accounting models

Creation of the accounting methodology – your financial advantage!

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Judicious use of company assets due to a correct choice of accounting methods and risk minimization – is the primary objective of any project in the financial management sphere.

Denis Ivanov, CEO


Aspiration of CEOs to create a transparent enterprise management system, provides a stable business development. Most modern companies cannot do without precise accounting models and automated ERP systems since they are obliged to maintain accounting, management, tax accounting, keep financial records in accordance with Russian and international standards (IFRS or US GAAP), and other types of accounting corresponding to the internal rules of the company.

Any efficient management accounting system consists of three key components:

  • the system of primary documents, which provides accounting system with the necessary data;
  • expenses calculation methods, which include certain allocation and recalculation expenses algorithms;
  • reporting system, which is responsible for providing the information contained in the accounting system.

All these components are connected to each other, because without detailing the data in the primary documents it won’t be possible to apply the correct expenses calculating algorithm, and without specifying the form of the report, it won’t get the user.

Mindcore company specializes in creating efficient accounting models and implementation of information systems in the Russian and international companies. Thanks to many years of project experience and well-coordinated project team, Mindcore specialists provide arrangement of management accounting in three steps:

  1. Analysis of the existing system.
  2. At this stage, takes place the analysis of the company’s activities and the existing system of management accounting, namely, business processes are analyzed and formalized; workflow is analyzes the and workflow diagrams are drawn; the existing expenses calculation methods are studied.

  3. Statement of the requirements to the management accounting system.
  4. This step involves defining the objectives of accounting management and compiling a list of requirements to the accounting system.

  5. Building an efficient accounting management system.
  6. At this point there is a direct formation of the accounting management system, namely:

    • Finalization of primary documents, which includes setting document circulation in such a way that provide an automated accounting management system with all necessary information for the primary settlements.
    • Creation of the expenses calculation methods, which include a description of the cost allocation algorithms, overhead costs allocation method and the formation of the prime cost.
    • The requirements formation for the reporting system – the final stage of accounting management system construction, within which is determined the necessary accounts and the timing of their formation.

Based on the accumulated knowledge and practical experience, Mindcore experts offer you the following services for the implementation of financial management or management accounting and planning model:

  • creation of standard accounting transactions including correspondence of accounts and primary documents forms;
  • the development of financial and management report forms;
  • development of principles for production prime cost calculating;
  • development of procedures required for the financial period fast close;
  • the creation of the budget management system.
  • development and standardization of accounting policies and procedures in accordance with Russian (RAS) and international (IFRS, US GAAP) accounting standards and tax laws of the Russian Federation;
  • creation of a system of transformation and consolidation of the Russian financial reporting statements according to IFRS and US GAAP;
  • creating a chart of accounts and structure analyst, that allows to obtain all the information necessary for making management decisions.

Creating effective accounting models – a constant improvement of the financial and management accounting, an integral component in building a complete and transparent management system.

A few advantages that customers get during the projects implementation:

  • Reduction of the closure period terms and the formation of the final statements (for Russian and international accounting);
  • Reduce the number of accounting and reporting errors;
  • Increasing transparency of financial and management reporting;
  • Reducing the number of routine operations due to better business process automation;
  • Improving the quality of the financial information needed for making management decisions;
  • Significant reduction in the risk of unsuccessful information systems implementation.

Learn about the advantages of working with Mindcore!

  • Mindcore – a small, flexible, dynamic company, able to react quickly and adjust to changes in market requirements.
  • We use an individual approach to each client, we offer various options for solving tasks, depending on the budget, timing, functional requirements and other parameters affecting the scope of the project.
  • Our staff is a team of professionals with deep knowledge of subject, with great practical experience in implementing projects for companies in various industries.
  • We see a huge potential in each client and are make every effort to fully reveal it. We help to choose the right path of development and achieving its goals.
  • We offer not just services, but a complete service.
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