Title:Development of Financial Systems of Copper Processing Facilities
Budget:140,000 EUR
Country:Russian Federation
Dates: October, 1996 - September, 1997
Partner: None
Funding:British Know How Fund

Electrosovetmet started as a research institute, specialising in the processing of various metals including copper. In 1994 the company was declared bankrupt and was bought by a group of young Russian and foreign entrepreneurs with equity investment from a British investment fund.
The new owners refocused the company's activities, under the trading name Eurofoil, to produce a new range of products for export to Western Europe. In parallel, the management negotiated a grant from the British Know How Fund to procure British consulting resources to strengthen its commercial management practices and systems. In 1996 Corporate Solutions was selected, from amongst a number of consulting firms, to assist Eurofoil with strengthening its financial management and accounting practices.
Our team, including a specialist in material processing, conducted a thorough analysis of the production methods in the factory and the existing data recording systems. We then assisted the management with defining its management information needs, and designed a process costing system to generate information about the key aspects of the production. This was followed by the design of a new Chart of Accounts, to support financial and management reporting.
One of our Russian accountants also assisted the company with defining and implementing measures for reducing its tax burden.