Rostelecom, with the assistance of GMCS, has implemented automation of combined financial statements preparation based on Microsoft Axapta.

The main tasks set before GMSC consultants included integration of combined financial statements preparation process, creation of a single database of combined financial statements as well as implementation of a unified schedule and checking procedures for preparation of combined financial statements.

As a result, in the course of four months it was created and introduced a subsystem of combined financial statements based on Microsoft Axapta fully integrated Financials.

Concurrently, one more project based on Microsoft Axapta was implemented: automation of accounting for property, plant and equipment under IFRS as well as analytical accounting for financial investments. During the project GMSC maximized the use of the standard functionality of Microsoft Axapta with slight modifications.

The implemented projects followed integrated automation of financial accounting in Rostelecom’s branches GMCS had completed in 2004.

Andrei Baklykov, Rostelecom’s Chief Information Officer, commented: “Flexible functionality of introduced subsystems allows to settle a number of problems including combined database optimization. The implemented subsystem of combined financial statements has the following significant features: data de-escalation; accounts and financial analytics mapping; data duplication control; strong and flexible user authorization; data batch-mode processing.”

According to Chief Accountant of Rostelecom Alexander Lutsky, “Implementation of an automated system simplified setting up and analysis of financial information and also enabled the Company to accelerate preparation of combined financial statements while improving the quality.”

At the moment, at Rostelecom the work is underway on implementation of automated tax accounting subsystem as well as IFRS accounting subsystem.