BIT has completed implementation of BIT.FINANCE software solution for The St. Petersburg International Economic Forum which now gained optimized processes of treasury management, budgeting, transparent financial accounting, improve plan and contract limits performance.
The St. Petersburg International Economic Forum (SPIEF) was established in 1997 and now is a leading global business event, gathering government and business leaders from around the world.
SPIEF regularly organizes economic and business events which require great efforts to coordinate, plan, allocate funds and be flexible in making urgent decisions.
As the number of events increased it became impossible to manage cash flow with only spreadsheets. It caused multiple errors, loss of time and data to manually input data especially when the volume of information increased 10 times during the arrangement of a regular session. SPIELF decided to improve the situation with information technologies and gather all data in a universal information system.
The implementation of the project was trusted to BIT (1cbit.com) with its finance management automation center. After expert analysis of business processes and most complicated operations BIT specialists began the implementation of BIT.FINANCE software solution which meets needs and requirements of SPIEF.
When implementation project was completed SPIELF gained the following results:
- Transparent financial accounting. It used to be very difficult to consolidate diverse financial data. The annual audit was effort and time-consuming process. Now with the new system it is easy to keep track of cash flow and bookkeeping operations, which considerably facilitates processing of financial statements and increases data reliability.
- No risk of data loss. Data for every projects is collected in separate folders which all are stored in a single information system.
- Reliable tool for monitoring of expenditure plan. With the payment schedule available in the system SPIELF prevents cash gaps, track the dynamics of current payments and avoid increasing costs.
- Now SPIELF keeps track of contracts. It allows tight control of payment schedule for every contract.
- Data exchange between the already existing system and BIT.FINANCE software program enables prompt access to the counterparty directory, which eliminates double input of data and streamline routine processes.
Sergei Zhuravlev, economist at The St. Petersburg International Economic Forum comments the results of implementation: BIT.FINANCE solution has really facilitate our life. We spend less time for processing financial statements, which are now reliable and accurate. Now errors are rare and easy to correct. Now we are confident in the reliability of data for making sure decisions.