Clients say about us: Due to automation the time required to prepare reporting in accordance with the international standards has reduced considerably while the reliability of data in the IFRS reports does not raise doubts any more. Development of an information system has made it possible to considerably increase the reporting data quality control.
Svetlana Shibaeva Chief Accountant BOT Lease (Eurasia), 2011

VEB-Leasing

VEB-Leasing
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We cherish the words of our clients

2014

VEB-Leasing was founded in 2003 and is a member of Vnesheconombank Group, which directly and through subsidiaries owns 100% of the leasing company’s shares. Core activities are leasing of high-tech equipment, rolling stock, aircraft, marine and river vessels, vehicles and special equipment. Since 2009, the company has been the Russian leasing market leader in terms of new business volume, and market leader in net leasing portfolio since the first half of 2012.

Cooperation between VEB-Leasing and Homnet Leasing began in 2006 with the implementation of the Homnet Leasing 7.7 software solution on the 1C:Enterprise 7.7 platform in the leasing company. In 2009, as part of information system development, VEB-Leasing upgraded to the new Homnet Leasing 8 version for automating management, local and tax accounting. After 1C ended support for 1C:Accounting 8 version 1.6, VEB-Leasing management decided to move to the new Homnet Leasing software version with a Leasing Company Accounting module built on the current version of 1C:Accounting 8 version 2.0.

Within the project, the system was moved to the new Homnet Leasing distributed architecture: one database for local and tax accounting, and the other for management and operational accounting. The two parts of the system, accounting and operational, are interconnected by an integration module for data exchange. The advantages of this approach are reduced load on the operational accounting system, decreased mutual influence of the operational and accounting units, and the module requiring regular updates to new versions of the 1C:Accounting 8 configuration was separated into an individual system.

The upgrade of local and tax accounting to the new solution began in April 2012 and lasted eight months. Under the project, data and opening balances for 2012 were transferred to the new system. This approach made it possible to test the modified functionality on real 2012 data; to correct the regulatory accounting shortcomings, which were caused by its mismatch to the old law system and lack of automation; to prepare reliable reporting for 2012 and to submit it to the tax authorities. As part of the project, the functionality for routine operations has been optimized. This significantly reduces closing times for the month in accounting and creates capacity reserve with allowance for data growth.

As a result of the project, VEB-Leasing has a distributed system that complies with current legislation, meets the companys needs for supporting a large amount of data amount and a capacity reserve for supporting future data growth.

A separate task of the project was generating analytical reports for Russian Accounting Standards data directly from this system. A mechanism was created to generate reports in six analytical sections, whereas a typical Enterprise Accounting system is limited to three analytical levels.

The challenge was the need to fulfill two contradictory requirements. Firstly, to leave the standard Enterprise Accounting functionality unchanged in terms of accounting legislation and reporting allowing quick and easy updating with standard software releases. Secondly, to provide input, storage and retrieval of accounting data in more than three analytical sections according to the required analytics.

This problem was successfully solved, making it possible to improve the efficiency and reliability of accounting, to exclude Excel for data preparation and generate reports by accounting department staff only.

Since May 2013, Homnet Leasing distributing system has been fully operational with 350 users; 50 of them work in the accounting module and 300 in the operational module. This system currently processes more than 50,000 deals. A service agreement was concluded with VEB-leasing — SLA (Service Level Agreement). According to this agreement, the system is maintained by Homnet Leasings support service.

"Due reduced manual accounting operations, the generation time of leasing documents was halved," said the chief accountant of VEB-Leasing Elena Frolova. "As a result, 2012 FY reporting was prepared day-to-day."

"Homnet Leasing team accomplished the project for moving to the updated version professionally and within the agreed period," said Jaroslav Bakulin, IT Director of VEB-Leasing. The updated system has enough capacity reserve and we have confidence in this system and the possibilities for enlarging the portfolio."


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