Sheremetyevo International Airport (SIA) has rolled out a new automated system for consolidated reporting using the SAP Financial Consolidation (FC) solution. The project was implemented jointly with experts from SAP Services CIS.
The SAP FC module makes it possible to automate two processes: preparing consolidated financial statements in accordance with IFRS requirements and generating consolidated management statements in accordance with RAS and IFRS requirements. The transition to the new solution will help reduce the time required for preparation, audit and release of reports, as well as improve quality by reducing the number of manual operations and introducing automatic monitoring.
Thanks to the use of the SAP FC module by SIA, all the main processes related to financial consolidation now are automated, from initial data accumulation from subsidiaries to calculation of business performance indicators and collection of reports.
The SAP solution supports consolidation of planned, actual and forecast data categories for each reporting period. Airport specialists use consolidation tools with a built-in control system using more than 500 indicators in their work, which allows them to develop reliable reporting for internal and external use. A user-friendly graphical interface provides users with ample opportunities for independent work.
This full-featured solution, which is based on expertise and best practices in the field of finances and IT, will shorten the time required for the preparation of reports by SVO JSC and increase its auditability, which is an essential factor for auditors, creditors and investors.