OREANDA-NEWS. April 27, 2012. SITRONICS IT, one of the largest system integrators and leading suppliers of  IT products, solutions and services in CIS and Eastern Europe, declares about completion of project for automation of budget management, collection and consolidation of financial reporting processes in Moscow school of management SKOLKOVO, reported the press-centre of SITRONICS IT.

Practicing innovative approach not only to training process but also to issues of management of operating activities of business school SKOLKOVO it was decided to create single system of strategic planning, forecasting, consolidation of financial and managerial reporting. Executor of the project became company SITRONICS IT (Russia). Complex of business applications Oracle Hyperion Planning and Oracle Hyperion Financial Managеment was selected as platform for realization of the system.

Project in business school SKOLKOVO became for SITRONICS IT (Russia) the first experience of implementation of Оracle Hyperion in the field of education. The system created by SITRONICS IT project team had to cover all enterprises and organizations that are part of group of companies SKOLKOVO business school and provide possibility of budget management, preparation of audited  and management reporting in MMRP (Monthly management reporting package) format. Besides under the project it was necessary to develop flexible solution for budgeting of expenses on personnel.

Design works for creation of budgeting and financial consolidation system in SKOLKOVO business school were divided into two main stages. During the first stage SITRONICS IT specialists realized implementation of automated system for collection and consolidation of financial reporting taking into consideration individual approach to data collection on 7 enterprises of group of companies SKOLKOVO business school. Special gateway for data import from 1C-Enterprise into Oracle was developed for four enterprises. For the rest of organizations templates for upload of initial data were created. They allow to import information from Microsoft Exсel tables.

Taking into consideration specific character of educational field we developed for SKOLKOVO business school custom mechanism for elimination of intercompany transactions with breakdown into segments "School" and "Campus", in view of allocation of indirect expenses for training programs, research centers, accommodation, food, parking, etc. Besides under the first stage of the project audited and management reporting was successfully formed.

Main tasks of the second stage became development of methodology of budget management and automation of budgeting system of SKOLKOVO business school, including automatic generation of   personnel budget in breakdown of employees. SITRONICS IT team developed and implemented complex budgeting model that allows to provide quarterly adjustment of budget on all companies of SKOLKOVO business school. Created system provides division of expenses for products, matrix agreement, loading of actual from 1С, as well as possibility of monthly forecasting of financial indicators.

"We give thanks to SITRONICS team for conducted work: now we can quarterly conduct complete budget adjustment on all Group of companies “Skolkovo” without significant time and resource expenses, – comments Viktor Malakhov, IT director of SKOLKOVO business school – We obtained indeed flexible and convenient tool for automation of processes for budget management, collection and consolidation of financial reporting, created on the basis of Oracle Hyperion solutions. SKOLKOVO business school in large measure is innovator in educational field of our country and quality of internal process management as well as possibility to forecast financial result is very important for us. Both in education and in management we try to comply with the world standards, use the best practices and advanced technologies that successfully proved themselves at the world market".

Results of project work in SKOLKOVO business school were evaluated by Pavel Miroshnichenko, project manager of SITRONICS IT (Russia): "Presently project in SKOLKOVO business school is successfully completed and put to stage of support and maintenance of the system. We performed all tasks put to us in part of development of budget management method, collecting budget on all the company, personnel budgeting, tasks of generation of consolidated financial and management reporting. I believe that project team engaged in the course of implementation obtained excellent experience and managed to significantly strengthen practice Oracle Hyperion in SITRONICS IT.