Project's objectives

The main goal of the project was to create a unified information system that would provide managerial and regulated accounting, cash flow management, automation of budgeting, and generating consolidated reports.

A team of IT specialists and methodologists from 1C:Vietnam, a subsidiary of 1C Company in Vietnam, successfully fulfilled the given project.

Situational analysis (before implementing the project)

The enterprises used several stand-alone separate databases without any integration. All budgeting and consolidation were being prepared in Microsoft Excel. Consolidated reporting preparation took a lot of time and did not meet the criteria of reliability and transparency. Adaptation to current business needs was slow.

Solution architecture

The management of the group made a decision to set up a modern information system with ready-to-use functionalities and customizable reporting subsystem.

As a basis for automation, the solution “1C:Finance and Accounting” was chosen since it fully met the accounting needs and reporting generation rules.

“1C:Finance and Accounting” is an accounting and financial automation solution for the Vietnamese market based on the configuration “1C:Accounting IFRS Corp 3.0” with a dedicated built-in Budgeting module.

Features and the uniqueness of the project

Financial and tax accounting according to the Circular on public sectors accounting No. 107/2017/TT-BTC is implemented, including the specific chart of accounts and closing-month algorithms for new settlements and PnL accounts.

All accounting systems are implemented with the support of the end-to-end analytical dimension "Investment projects"

Project results

The implemented system solves the following tasks:

• 1C:Finance and Accounting helped to build a unified information system.
• Master data is synchronized in one database, double input is reduced significantly
  
• The management and investors now receive more than 25 budgeting report forms on cash flow, sponsorship, income, and expenses of the enterprise, including projects dimension, etc. This helps to control the work and make timely decisions to improve business efficiency.
  
• Fast and reliable reporting process (time reduced by 80%).
  

Further system development plans are aimed at the implementation of the HRM subsystem with automated PIT and social insurance calculations and intercompany settlements automation.