Like Center business school has successfully automated its finance management with 1С-Rarus: Finance Management 3 by incorporating all financial flows into a single information system, ractified control over all monetary transactions and made budgeting easier.
The Like Center company is a business school that has been operating since 2015. It has over 170 representative offices in Russia, CIS countries, Europe and Asia. Like Center educational programs include practical courses, workshops and seminars, online conferences, mentoring training, lectures, and webinars.
Prior to implementing 1C-Rarus: Finance Management, the Company used to keep the records of cash management and plan its budget by using electronic spreadsheets. Hundreds of payments were daily exported to Excel for comparison between money income and the educational services. The cash flow budget consolidation for 10 departments had also been done manually. All ‘spend approval requests’ against the planned budget were firstly checked in the spreadsheets, then they would manually create payments and enter them into the Client-Bank database.
It was essential for the Company to automate budgeting processes, ensure control of revenues and expenditures, and simplify financial reporting. In order to automate its financial processes, the Company has chosen 1C-Rarus:Finance Management 3 and 1C-Rarus experts helped the Company implement the software.
- Cost reports from the payment system are imported directly in 1C in accordance with the automatic identification of educational services.
- The consolidated budget is generated automatically through the budgets of the departments.
- Spend approval requests are automatically checked against budget constraints where the authoriser gets notified in order to be able to control which expenses are planned and in the budget and which are not.
- The payment register is approved. Payments have been made and imported to the Client- Bank database automatically.
Sergey Merkulov, CFO of Like Center, comments on the project results:
“At the very beginning of the Project, we managed to achieve effective communication and built positive and healthy relationships with the Project team. They have carefully studied our business processes, and correctly formulated the tasks. Any issue that occurred during the process was resolved at high quality standards. We were always able to find the optimal solution to controversial issues. At the same time, the Project team has always been driven by the Project objectives, without “the rightness” attitude during the process. All queries and tasks have been successfully completed with high quality solutions. I am really delighted with the result!“