Development of Financial Accounting Procedures for Socar Georgia Gas Distribution

Customer: SOCAR Georgia Gas Distribution JSC
Industries: Energy / Gas Distribution
Countries: Georgia
Services:  Transformation, Management and KPI System Design & Implementation, Business Process and Operations Optimization

Objective of the Project: Address ongoing financial and accounting challenges at Socar Georgia Gas Distribution (SGGD). The assignment included structuring financial management and accounting practices, developing financial management and accounting policies and procedures, covering areas such as cash disbursement processing, cost allocation guidelines, accounting for fixed assets, inventory accounting, budgeting, forecasting, and reporting policies/procedures. As a result, all required procedures were developed and approved by SGGD and their auditor company to ensure compliance with tax, managerial, and regulatory reporting requirements.

Through the consultancy we:

• Conducted analysis of existing financial and accounting practices
• Developed financial management and accounting policies and procedures
• Structured cash disbursement, cost allocation, fixed asset accounting, inventory accounting, budgeting, forecasting, and reporting processes
• Collaborated with SGGD and auditors to ensure compliance with local regulations and reporting standards
• Delivered final procedures approved by management and auditors
   
   

Result: All necessary financial accounting procedures were successfully developed, approved, and implemented, ensuring SGGD’s compliance with tax, managerial, and regulatory reporting requirements, as well as enhancing overall financial management efficiency.

Project Timeline: May 14, 2014 – November 25, 2014