Nordgold Kazakhstan group of companies collects management reporting with «1C:Enterpise»
Date of publication: 22.07.2014
«1C-Rating» company completed the implementation of the information system for collection of management reporting under the IFRS (International Financial Reporting Standards) at the Kazakhstan enterprises of Nordgold companies group.
Nordgold International gold mining company operates on fast-growing emerging markets. This company consists of actual enterprises and exploration projects in West Africa (Guinea and Burkina Faso) and CIS countries (Russia and Kazakhstan). The structure of Nordgold includes six companies in Kazakhstan, consolidating reports on the base of «Alel» JSC FIC.
In 2011 the company extended the DEF_BCS data collection universal format (Data Entry Form in Business Consolidation Systems), which includes 71 data entry forms. The purpose was the unification of management reporting collection from the accounting systems of local subsidiaries.
The requirements of completed forms operative delivery and depth of information disclosure in reporting were taken into account. Automation project with use of «1C:Consolidation» software product was initiated by the management of Kazakhstan companies group. «1C-Rating» company was outsourced as business partner with successful experience of cooperation on the implementation of the comprehensive information system on the basis of «1C:Manufacturing Enterprise Management for Kazakhstan». Maksim N. Ravba, project manager form the customer company.
During the project following works were performed:
- Training of key employees;
- Development of user guide for the most complicated areas of work with software product;
- Automation of 37 reporting forms collection (from 71 possible). These reporting forms are relevant for all Kazakhstan companies. The accounting specifics of each of the 6 companies was considered and sufficient number of rules was developed for the correct result;
- Regulations of report generation was developed. As result, processing time of data reporting was reduced significantly (by more than 3 times), since all data entry forms are generated and completed «by one click».
- Required software configuration completed and report developed, that made possible the reconciliation of intercompany turnover and confirmation of correctness of turnover’s reflection in the following sections:
- Accounts payable / Accounts receivable
- Revenues / Purchases
- Other operating expenses / Other operating income
- Financial assets / Financing
The special project task was the incremental disclosure of finished products cost in relevant reporting models. «Cost allocation» mechanism was implemented to the external accounting system «1C:ERP for Kazakhstan». This mechanism allows to rapidly acquire precise information about cost structure with detail of the primary elements.
The success of the project is largely comes from the preceded comprehensive automation on the basis of «1C:ERP», results of which are unified accounting processes and the possibility of work in unified information system.
Since 1st of August 2011 the system is in product operation with 8 automated work places. Presently, the system is on the post-project maintenance.
Kuralai B Bayuzakova, financial reporting manager and project manager form the Customer’s company notes the following project results:
«Use of «1C:Consolidation» software product allowed to reduce the reporting preparation time, to relieve reporting managers from manual operations, to improve the quality of data collection».
«NordGold» management company. This company manages the gold mining assets located in Russia, Kazakhstan and West Africa. Currently "Severstal" group of companies is the second largest gold mining company among Russian companies.
The management company manages the following Kazakh enterprises:
- «Alel» FIC JCS
- «Zherek» LLP
- «Semgeo» LLP
- «Ken Kazgan» LLP
- «Kentau Exploration and Mining» LLP
- «Keltik Yeyzhn Gold» LLP
«Severstal-Gold» LLC management company address: 1 bld, 2/3 Clara Zetkin street, Russian Federation, 127299
Addresses of few Kazakhstan companies:
- «Alel» FIC JCS, «Zherek» LLP : 122 Frunze street, Semey city, Kazakhstan, 071400; Tel. (7222)56-49-94
- «Keltik Yeyzhn Gold » LLP : 2B pavillion, 7 floor, 19 Al-Farabi street, Almaty, Kazakhstan, 050000