ThyssenKrupp Elevator

One of the world's leading elevator companies, with over 46,000 employees at 900 locations, is ThyssenKrupp AG. Its Russian operating company is a client of First BIT.

The company’s product range comprises elevators (passenger and freight), escalators & moving walkways, chair & platform lifts and passenger boarding bridges.

With a large installed base, high quality ongoing service for their product range is essential.

ThyssenKrupp Elevator in Russia provides monthly IFRS-compliant financial reports to its parent company in Germany. Before the BIT.FINANCE:Corporate Finance Management software package was installed, spreadsheets had to be used for financial reporting. This was extremely time-consuming and there was inevitably human error that quite frequently caused a loss of data. As the company’s sales and complexity increased, accurate financial reports became impossible to produce and automation was a necessity.

ThyssenKrupp Elevator rapidly overcame these problems after First BIT installed BIT.FINANCE:Corporate Finance Management. The management can now supply and analyse accurate, up-to-date reports. As a result, the company benefits from:

  • timely, reliable financial reporting that is IFRS-compliant
  • independent accounting of fixed and intangible assets that is compliant with both Russian and IFRS statutory requirements
  • being able to use a range of discrete, powerful accounting applications that do not rely upon standard accounting algorithms
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