Our team of local and German professionals provides tailored controlling solutions, which both meet requirements of the Ukrainian legislation and fulfill controlling standards of Western Europe.
Our definition: Controlling
In Ukraine controlling is very often associated with control, whereas, in fact, these are quite different terms. Control is aimed at checking the usage of resources, while controlling targets at effective planning and usage of available resources.
The necessary information is usually more detailed and specific than that the financial reporting may deliver. Only through well-functioning controlling solutions a company can effectively monitor and steer organisational processes, give recommendations regarding enhancing the efficiency of resources usage and, consequently, increase the profitability of business in whole, in order to support and inform management.
Local complications: Low data quality
Due to the statutory chart of accounts and rather formal requirements to financial statements, Ukrainian financial reporting does not provide sufficient information about the real financial situation of the company. The problem is that even the accountants themselves very often do not understandthe importance of adequate financial reports for investors and top-managers.
Moreover, there exist some strange, from a western European point of view, accounting procedures which take a lot of time to get used to and often lead to misunderstandings regarding controlling/reporting. An issued invoice, for instance, is not a primary document for accounting – an invoice is only an „invitation for payment“. And only a waybill, or in case of services rendered a respective protocol (a so called “act”) signed by both parties, is an accepted primary document which can serve as grounds for recognizing the sales proceeds. An accountant cannot book the operation in the registers by the time the original of the documents is received. It is clear that such procedure leads to considerable delays in reflecting operations in accounting and has a negative impact on financial data validity.
Many Ukrainian employees do not very often have economic mind-set not blinkered with formalities, which underlines the necessity of a prompt and detailed controlling and reports data check for understanding a real situation at an enterprise.
Our solution: Tailored proactive controlling solutions through local Know How
We create and implement an optimized control environment into your accounting – ranging from simple management reporting solutions to complex planning, budgeting and cost accounting systems.
Furthermore, thanks to our local Know How we offer a compilation of comprehensive management reports which we adapt to suit corporate standards and accounting policy of a foreign investor in order to guarantee an informative reporting according to standards in Western Europe and prepare data for consolidation with other companies.