United Chemical Company LLP (hereinafter referred to as UCC) is a subsidiary of Samruk-Kazyna National Welfare Fund JSC, established in 2009 to develop the chemical industry. Currently, UCC implements a number of innovative projects.
The structure of the UCC group includes more than eight enterprises, the landscape of the accounting systems of which is represented by information systems based on the 1C:Enterprise platform (different versions).
Business Challenge
Consolidated financial accounting was carried out using the MS Excel software product; financial statements were generated manually, as a result of which significant time was required for preparing consolidated financial statements for a group of companies.
Solution description
1С:Corporate Performance Management 8 for Kazakhstan solution was chosen as a tool for consolidating accounting data and reporting transfer. The 1C-Rating Company proved to be a reliable partner in the development of complex corporate systems with maximum coverage of workplaces and was chosen as an implementation performer.
Project goals and tasks were to:
- Increasing the data transparency of subsidiaries included in the perimeter of the project
- Increasing efficiency of access to relevant data
- Reducing manual data input by preparation of reports and reporting preparation time
Project results
The project perimeter included eight companies in the United Chemical Company group. 30 workplaces were automated.
Functional coverage of the project
- Formation of packages of separate financial statements of subsidiaries
- Intracompany transactions elimination and reconciliation
- Formation of consolidated adjustments
- Reporting consolidation
- Transfer of consolidated financial reporting data to the consolidation system of Sovereign Wealth Fund Samruk-Kazyna
The information system was put into commercial operation in March 2019.
