Title:Technical Assistance Center
Budget:416,000 EUR
Country:Russian Federation
Dates: October, 1996 - March, 1999
Partner: None
Funding:DFID

Corporate Solutions was awarded two contracts by the British Know How Fund Technical Assistance Centre to assist two companies in Russia with restructuring and the implementation of effective financial management practices. These included Eurofoil in Ryazan and Polygraphoformlenie in St-Petersburg.
Corporate Solutions conducted a review of Polygraphoformlenie's commercial and production management practices and developed a cost reduction programme. Over a period of six months, our consultants worked with the company's management to design and implement an order based costing and a management reporting system.
Productivity was significantly increased and a transparent management information system was implemented providing reliable information about the cost of orders as a basis for pricing. A standard set of management reports was introduced that provided managers with timely information on the overall performance of the company.
In 1996, Corporate Solutions was selected 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 costs.