OREANDA-NEWS. On December 15, 2008 Specialists of the PricewaterhouseCoopers consulting unit and SCM Department of Financial and Managerial Accounting have completed the project for SCM Group aimed at optimization of the consolidated financial performance system, reported the press-centre of SCM. 

In the framework of the project, specialists from PricewaterhouseCoopers and SCM updated the accounting procedures and reporting principles as well as introduced the accounting data collection system for the Group’s enterprises and the consolidated financial performance system at the headquarters.

The implemented solution makes it possible to prepare the consolidated financial statements in line with IFRS on a quarterly basis; it is also transparent and auditable.

Using this new system of data collection the Group’s enterprises independently control the data quality without shifting this task to the headquarters.

Accounting data for 2007 were automatically collected by the implemented Financial Consolidation Hub system from Oracle. The solution makes it possible to automatically prepare multilevel consolidated financial accounts, which minimizes the Company’s labour costs.  Kvazar-Micro Company was engaged as a solution provider. 

SCM CFO Roman Vodolazkyy said, "This project helped us move to a qualitatively new level of preparation of financial statements. We managed to significantly improve efficiency of preparation of financial statements starting from higher financial responsibility of the Group’s enterprises and to less time consuming and less labour intensive statement preparation process at the headquarters. In our view this project is one of the most successful in our practice".

"The crisis enables us to significantly improve competitive positions of the companies, which will move to a new efficiency level.   Today we put it as a priority for the consulting projects of our company", said the Managing Partner of PricewaterhouseCoopers in Ukraine Boris Krasnyansky.