On February 02 Anatoly Chekmenev held a meeting of the Committee on Industry of the Voronezh Region.
The meeting was attended by representatives of the international IT company «First BIT». First Bit offices are opened in 9 countries: Russia, Kazakhstan, Uzbekistan, Belarus, United Arab Emirates, Turkey, Spain, Canada, and Colombia.

The company is engaged in the automation and digitalization of business: from delivering IT equipment to customers to working with data and changing its business model. Software solutions guarantee the client’s business’s sustainability and strengthen it. The First Bit Management System is certified to comply with the international quality standard ISO 9001:2000.

As part of the presentation, the Committee met:

• Advantages of automation of management accounting (keep a record of what happens to understand and manage the situation at any given time;
  • to plan (to set financial targets, to determine the necessary resources for their implementation, to understand the key indicators that need to be achieved for the implementation of the plan);
  • analyze (to look for opportunities to improve efficiency and performance, to look for the reasons of deviations «plan-fact» and manage them);
  • Monitor (achieve planned targets, ensuring that financial targets are met);
  • To take decisions on:
  • Efficient use of assets;
  • Cost optimization
  • Financial risk management;
  • Assessment and utilization of the financial capabilities of the company;
  • ensuring profitability (profitability), efficiency (achieving more results with the same resources), financial sustainability, and others.
• Economic effect of process automation and accounting (based on the results of implemented and implemented programs, the economic impact increased in 20-50%, according to statistics)
• Comparative analysis of complex product and architecture of microservices
• Options for organizing exchange and data collection without changing the current software product architecture.
• Robotization in an industrial enterprise and examples of its implementation.

Also, within the framework of the Committee meeting, the company's vice-president, «Rudgormash» Kalashnikov Vladislav Ivanovich, demonstrated tools of managerial accounting and their real implementation at the enterprise.  Provided examples of digital integration and showed the effect of digital measurement.
According to the Committee participants, the company «Rudgormash» mastered, to a large extent, the digitalization and integration of data from all subdivisions into a single management accounting system. In the online mode the management of the company can see the accurate picture of cash flow not only on arrival and expenditure but also the movement of material and technical resources in warehouses, materials in transit, nomenclature and percentage performance of production, Compliance with contract deadlines and process standards.

This is the financial model of business as a whole, the objectives of which are:

• Substantiation of the company concept - the model clearly demonstrates sources of income and costs, market volume and other indicators of the organization. The model provides a deeper understanding of internal and external business processes.
• Attraction of investments - based on the business plan and financial model, investors assess the company's value and decide on the practicality and size of investments.
• Development of the company’s strategy - the layout shows the company’s weaknesses and strengths, the main economic factors influencing business growth, and focuses on KPI. The analytics allows to optimise and increase the efficiency of activities to respond promptly to market changes.
• Benchmarking - comparing the company’s performance with that of successful competitor organizations to improve its own operations.
• Forecasting - analysis of the profitable and expendable part gives an understanding of how much the business will start to make a profit. That is when the breakeven point will be passed. The plan shows how quickly the enterprise spends money and whether these costs are justified when it is necessary to conduct an investment round.