OREANDA-NEWS. November 10, 2008. Kvazar-Micro (from 2009 will operate under brand SITRONICS Information Technologies) one of the leading system integrators working in Eastern Europe and CIS countries declares about putting into operation consolidated statements system based on Oracle Financial Consolidation Hub in System Capital Management (SCM), the largest financial industrial group in Ukraine, reported the press-centre of SCM.

In the course of project in SCM Kvazar-Micro specialists designed and implemented system for automation of business processes of collection and cleaning of primary data, preparation of analytic, transactional reporting, as well as consolidated statements for management. Also there is possibility of elimination of intercompany transactions and generation of consolidation amendments. This solution provides operative receipt of data from various entities of the group.

System functionality allows to create transparent annual and periodic reporting by different values and currencies. Implemented solution shall allow SCM to introduce along with annual also quarterly form for reporting provision across the whole group. Realization of implementation was completed in 11 months.

This project also engaged consulting unit of PricewaterhouseCoopers. PricewaterhouseCoopers consultants contributed SCM in development of consolidation methodology, creation of package for collection of data from enterprises, setting task for the system automation and testing.

"In SCM Group the system has already been transferred into commercial operation. Performance results of the Group enterprises for 2007 fiscal year have been already collected and structured by means of the new system. Implemented solution significantly reduces the time required for data collection, increases level of financial responsibility, - pointed out Roman Vodolazkyy, Financial Director of SCM. – I am sure that next year the system will help to prepare consolidated statements across the whole Group in shorter term. Besides, new solution shall allow us to move to quarterly system of financial reporting".

"Today a lot of companies face low efficiency of existing reporting systems and necessity to search new instruments that will provide reliable and timely providing of all key figures. Also there is growing requirements to providing with transparency of financial reporting, real picture of financial condition and performance results of the companies. Simultaneously there is growing requirements to accuracy of planning and responsibility for budget figures.

Today, Kvazar-Micro offers one of solutions to optimize receipt of comprehensive information about the company - consolidated statements system", - says Vladimir Yasinsky, President of SITRONICS Information Technologies (Kvazar-Micro).

Earlier the company fulfilled projects for implementation of consolidated statements system based on Oracle Financial Consolidation Hub in OJSC Mechel, in JSFC Sistema, as well as in Group of Companies Comstar – United Telesystems.