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PROJECT SCOPE
Mselect DMCC is one of the largest contractor sourcing companies in Iraq, catering to diverse sectors such as telecommunications, oil and gas, banking, construction, and technology. With an extensive reach across Iraq, UAE, Qatar, the UK, and KSA, Mselect DMCC operates nine companies within its group. Given their scale and diversity, Mselect DMCC required a robust, scalable solution for seamless financial operations, consolidated management reporting, and comprehensive payroll handling.
Our team implemented the Odoo Accounting Solution across Mselect's nine companies. This project included the development of customized modules to address their unique needs in handling payroll for over 3,000 employees and contractors, managing multi-currency transactions, and generating consolidated reports with currency conversion. Additionally, we integrated Odoo with Power BI for enhanced management reporting and streamlined group treasury operations to centralize payments.
KEY FEATURES
PAYROLL MANAGEMENT
1. Payroll and Contractor Management:
o Developed a custom upload module in Odoo to facilitate the efficient upload of salary data for over 2,000 employees and contractors.
o Enabled automatic generation of accounting entries for payroll, minimizing manual effort.
o Set up an automated system to email payslips to employees and contractors, streamlining communication and record-keeping.
MULTI-CURRENCY MANAGEMENT
o Implemented multi-currency handling to accommodate the diverse currencies Mselect DMCC operates with, while reporting all transactions in USD for ease of analysis and consistency in financial statements.
CONSOLIDATED FINANCIAL STATEMENTS
o Developed custom segmentation reporting for the management team, including the ability to consolidate financial statements across all nine companies.
o Addressed complex requirements, such as currency conversion during consolidation and elimination of intra-company transactions to provide accurate consolidated financial statements.
Segmentation and Consolidation Reporting:
o Challenge: Developing consolidated financial statements required handling multi-currency transactions and eliminating intra-company transactions accurately.
o Solution: Customized reporting and consolidation mechanisms in Odoo enabled smooth consolidation with accurate currency conversion and intra-company transaction elimination.
GROUP TREASURY OPERATIONS
o Centralized treasury management through one designated company handling payments for all entities.
o Automated journal entries for inter-company payments, simplifying the reconciliation process.
o Challenge: Managing payments through a central treasury posed complexities in journal entries and reconciliation.
o Solution: Developed an automated journal entry system in Odoo to streamline transactions from the central treasury, enhancing efficiency in group financial management.
APPROVAL MATRIX
o Customized access controls within Odoo, setting up a detailed approval matrix to enforce security and compliance with Mselect DMCC’s internal governance policies.
o Challenge: Ensuring secure and restricted access across multiple companies with varying approval hierarchies.
o Solution: Implemented a tailored approval matrix and access control system in Odoo, aligning with Mselect DMCC’s governance policies.
IFRS COMPLIANT REPORTING
For our real estate clients, we developed customized financial reporting features to align with International Financial Reporting Standards (IFRS), including: