INTRODUCTION OF QUNYI NATIONAL FINANCE AND TAXATION SHARING CENTER
Qunyi National Finance and Taxation Sharing Center is one of the leading financial tax services organizations in China. The company headquarters is located in the Chow Tai Fook Financial Center in Zhujiang New Town. Qunyi National Finance and Taxation Sharing Center has senior certified public accountants, registered auditors and registered auditors who specialize in various industries. For tax accountants, engineers, etc. Qunyi Finance and Taxation Sharing Center was formed by the merger of Qunyi Accounting Firm, Qunyi Audit Firm, Qunyi Tax Agency, and Qunyi Financial Service Center, named QUNYIFSSC, It serves more than 2,800 corporate customers across the country, including China's Fortune 200 companies listed in the United States, and Qunyi Finance and Taxation has a 96% customer cooperation retention rate.
The Finance and Taxation Sharing Center adopts cutting-edge scientific information technologies such as the Internet + bill digitization + artificial intelligence to open up finance and taxation data channels and truly realize the integration of finance and taxation. Through the slicing of the account work process and industry-leading process management, an automated and intelligent scientific work system is realized, which greatly improves the production efficiency of the enterprise and reduces the cost of the enterprise. Through large-scale operations, we have accumulated a large amount of financial tax data, and based on the use of Qunyi Internet big data, we have developed services including wealth appreciation, competitive intelligence, financial early warning, and physical examination.
With the rapidly development of cloud computing and big data, information technology is widely used in enterprise management and is continuously upgraded. The financial management of enterprises is also undergoing a process of abandoning traditional models and continuously improving and upgrading, in order to integrate the resources of various organizations and departments of the enterprise. To configure and reduce the cost of corporate financial management, companies need to explore a more efficient and valuable financial tax management model. The Finance and Taxation Sharing Center came into being under this background, and the scope of application in some large enterprises has become more and more extensive. For a time, financial sharing has become a hot topic now.
Under the influence of policies such as "Golden Tax Phase III" and "Electronic Invoice", finance and taxation reforms based on the concept of "sharing economy" have prompted more and more companies to adopt the financial sharing service model. At present, new financial sharing services have become the general trend of financial management models and the inevitable way of transformation.
1.The Definition and Concept of Financial Sharing
Financial sharing services refer to the centralized management of financial accounting and fund management in financial management work to realize the process and scale of financial accounting and financial settlement, thereby improving the efficiency of financial management and reducing corporate costs. It is regarded as financial " "Industrialization Revolution". It’s a process of continuous financial standardization, specialization, process, informatization and intelligent. There is an essential difference between the financial sharing center and the simple centralized accounting of finance. The financial sharing center involves the reengineering optimization of various business processes, while the centralized accounting only centralizes the accounting personnel of the subsidiary to handle the accounting business. From the perspective of the development path , Financial centralized accounting has laid a solid foundation for the financial sharing center.
Common financial sharing centers are usually set up in the financial department of the group, which undertakes the financial basic business of most of the subsidiaries and branches of the enterprise or the group. The business scope focuses on the frequent and easily standardized financial accounting processes, including expense reimbursement, procurement to Payment, order to payment, inventory to cost, fixed asset accounting, general ledger to report, accounting file management, and financial processes such as fund settlement, invoice management, tax declaration, etc. On this basis, we gradually change from accounting sharing to fund sharing and tax sharing integration. Financial sharing services have a high degree of business standardization and a standardized operation and management system. It is hoped that finance can engage in higher-value work, enable finance to master data analysis capabilities, and bring higher value to enterprises.
2. Why Do Companies Need To Build A Financial Sharing Service Center?
When the scale of the enterprise develops to a certain extent, the old financial management model will inevitably encounter various problems, affecting the overall operation of the enterprise, causing problems such as high costs and difficulty in standardizing the model, and affecting corporate decision-making. Specifically, it is usually reflected in the following aspects:
(1) The data is inconsistent. Part of the business lacks data support, so it is necessary to centralize common and repetitive processes to the shared service center, and adopt unified and standard accounting and reporting processes to ensure timely, accurate, and complete financial information, and ensure the consistency of financial and business data. The financial sharing center has such advantages to realize the integration of business data and financial data.
(2) Poor data connectivity. The degree of data sharing between departments is poor, and the financial accounting capabilities (efficiency, accounting quality) cannot keep up with the development speed of the enterprise, and cannot provide support for enterprise decision-making. Therefore, it is necessary to realize the data sharing of various departments through financial sharing, and adopt shared technology and related facilities. Improve the efficiency of financial work, reflect the value of finance to the company's decision-making, and promote financial transformation.
(3) Utilization rate of data value. Most accountants do tedious and repetitive work, and there are few financial personnel supporting strategy and decision-making. Therefore, it is necessary to concentrate accounting personnel and financial operations to achieve effective adjustment of personnel and structure, effective allocation of resources and resource sharing , Eliminate duplication of functions, optimize the financial management model, and effectively control various risks in the company's business process.
The above is the driving force behind the establishment of financial sharing systems for most companies, and they have made certain progress in accounting standardization, efficiency improvement, financial transformation and the value brought by data sharing.
3. What Are The Vuales of An Enterprise's Ideal Financial Sharing Center?
Under the background of competition in the new era and the new economy, some companies are experiencing difficulties in terms of insufficient innovation, declining profits, and excessive management costs. Therefore, the construction of The Financial Sharing Center needs to be strategic, forward-looking and efficient, and make improvements in resource sharing, decision support, major risk prevention, strengthening strategy, building execution, improving strategy, investment and operational efficiency and goals, etc. And promotion.
(1) The Financial Sharing Center can realize resource sharing and provide decision support. In the process of economic structural reform, enterprises should sort out and optimize overall resources, adjust business structure, reduce corporate cost consumption, and enhance corporate profitability to achieve sustained revenue growth.
(2) The financial sharing system must seize the capital chain, centrally operate the shared capital platform, and use new financing channels to improve the efficiency of capital operations. In terms of actual operation, it aims at the main economic fields and key areas of enterprises, and provides "bullets" for structural adjustment, transformation and upgrading.
(3) Financial sharing can realize the control of subsidiaries and prevent major risks. Including the effective management and control of subsidiary project operations on the shared platform, the degree of achievement of performance goals, the quality of revenue, the authenticity of costs, and whether there is potential financial fraud, etc. to conduct multi-dimensional control.
(4) Financial sharing helps strengthen the overall strategy of the company. In the process of a company's transition from high-speed growth to high-quality growth, an important factor that helps companies stand out is strategy and the ability to systematically build strategies under the guidance of strategy. Therefore, the financial sharing system must be able to help strengthen strategy, build execution and decision-making capabilities.
4. What Is Included In The Ideal Financial Sharing Center of An Enterprise?
Common financial sharing platforms mainly include financial processes such as expense reimbursement, purchase to payment, order to payment, inventory to cost, and general ledger to report. Financial sharing focuses on improving efficiency, data accuracy, timeliness and effectiveness, etc. In addition to the above common financial sharing process, the following functions are also required:
(1) Process improvement of financial sharing
The goal of process improvement is to make short-term process improvement consistent with short-term performance goals, long-term investment goals, and strategic goals. Process is the basis of financial sharing. Existing processes, especially those related to finance, need to be analyzed, evaluated and improved, including investment, project management, sales business, procurement business, inventory management, asset management, quality management and cost control. . If financial sharing can focus on improving the processes related to investment goals and performance goals, then financial sharing will achieve the greatest effect.
(2) Budget control of financial sharing
Budget management is an important guarantee for companies to seize development opportunities. Based on revenue, cost data and overall control of market opportunities, finance needs to set up a reasonable and flexible budget management model to build a dynamic operation and capital budget platform, and at the same time carry out effective budget early warning and invalid and false expense evaluation.
(3) Performance control of financial sharing
If it is impossible to monitor the progress of every investment goal and performance goal, it is difficult to improve the management of investment projects. The performance target platform can help decision-makers make better investment decisions. Based on strategic goals and investment projects, combined with the financial indicators required for decision-making, the quantified evaluation of the implementation of phased investment and performance targets.
(4) Investment control of financial sharing
The investment management and control platform can clearly reflect whether each business sector knows that it has met the "ceiling", and can make corresponding strategic adjustments for different situations. For example, for some emerging industries, the potential demand is forming, and the future market capacity is difficult to estimate. The investment control platform can find and cultivate the leading "unicorns" in these emerging industries.
(5) Revenue control of financial sharing
The first is forecasting ability. The finance team needs to calculate revenue based on market ability, split the overall revenue target, break down according to business segments and product types, and calculate their expected revenue, combination and type. The second is the evaluation ability, which reflects the income composition and budget completion progress of various business segments, and evaluates the achievement of performance goals and strategic goals and analysis of differences, so as to help decision-makers predict potential risks and find new opportunities. The third is supervision ability. The business needs to be supervised, and clues or reasons can be found for potential lost opportunities and possible fraud risks.
(6) Cost control of financial sharing
After completing the process improvement and revenue control, the finance team needs to build a cost control platform for the enterprise, which not only estimates the resources needed to complete the revenue target, but also monitors cost changes and development trends. Through cost assessment or resource consumption forecasting of various businesses, we can discover and eliminate hidden dangers in time, and give full play to the value of the shared platform.
5. How Does Financial Sharing Help Travel Services?
Why does The Financial Sharing Services Center has a great influence on corporate travel? This is mainly due to the establishment of a powerful expense reimbursement and control system in The Financial Sharing Center. The construction of The Financial Sharing Center has opened up the accounting information system and the third-party consumption platform. Finance can grasp the front-end data information of the business in a timely manner, provide detailed travel reports, let the person in charge of the enterprise understand at a glance, and improve the transparency and authenticity of travel costs .
The travel service system includes a travel application system, a travel reservation system, a travel settlement system, and a travel analysis system. Which form to adopt depends on the scale of the enterprise, the degree of management precision and the ability to build IT systems. Companies looking for the most suitable travel system provider should first consider several criteria: whether the information system is strong and whether it can be effectively connected with the financial sharing service system; whether it can provide value-added services, such as travel reports and digital analysis of travel policies ; Whether the supplier’s service content and standards meet the company’s policy requirements; whether the cost can be significantly reduced, and there is the possibility of bargaining with the supplier.
After the employee completes the business trip, the subsequent financial settlement, reimbursement, accounting and other processes need to be handed over to the financial shared service center to complete. The travel service platform makes the expense reimbursement change from one-by-one to a batch processing of total settlement, and it is necessary to increase the processing flow of transaction verification. After the employee completes the business trip, he can select an order that has been executed, and directly create a reimbursement form after adding other information. Finance can also grasp employee expense reimbursement data that is more transparent and reflects the original consumption scenario, thereby optimizing corporate travel policies. Every moment consumer platform docking and travel expense management solutions can perfectly meet the above needs.
6. The Meaning of Financial Sharing to Enterprises
(1) Financial sharing can improve the standardization of financial management
The establishment of The Financial Sharing Center can perform unified accounting and management of accounting data. Each unit invoice is signed by the relevant personnel of the unit and submitted to the financial sharing center personnel for review. The Financial Sharing Center personnel review each economic transaction in accordance with the company's unified rules and regulations. Business, which makes the company's internal financial management more standardized and standardized
(2) Financial sharing can improve the efficiency of financial management
Under the traditional financial management mode, reimbursement staff need to paste invoices into the reimbursement form and go to the company for level-by-level approval, which consumes a lot of energy and time for reimbursement staff. Through the establishment of The Financial Sharing Center, reimbursement personnel do not need to go to the company for level-by-level approval, but only need to pass the attachments to the information system to complete the expense reimbursement approval in the system, which improves the efficiency of financial management.
(3) Financial sharing provides decision support for managers
The Financial Sharing Center not only saves costs through financial process reengineering, but more importantly, it can provide decision-making support for managers. Through the analysis of financial data of different departments and different products, financial personnel can find the weak links of enterprise operations, provide data support for improving production processes and increasing efficiency, and provide decision-making information and strategic support for enterprise managers.
(4) Financial sharing guarantees the independence of financial personnel
Under the traditional financial management model, the independence of financial personnel is low, and they are often subject to various needs of the business department, and sometimes become a cashier tool. Under the shared center mode, financial personnel only need to review the financial system set by the system. Other factors need to be considered to truly exercise authority alone, so as to ensure the fairness of each business review and provide the most scientific accounting information for corporate financial management.
7. How To Transform Finance Under The Financial Sharing Model?
The original financial personnel of the enterprise self-built financial shared service center can transform in three directions: strategic finance-financial management; shared finance-financial accounting; business finance-management accounting.
(1) Excellent financial personnel transform to strategic finance
Strategic finance in The Financial Sharing Center mainly undertakes the core functions of financial management, including system construction and maintenance, capital management, resource allocation, decision support and value management, etc,based on the group company level, and mainly play a financial guiding role. Strategic financial personnel should focus on the corporate value assessment strategy, take a look at the overall situation of the company, combine industry development trends, plan limited financial resources, and put forward constructive suggestions for achieving strategic goals.
(2) Transformation of ordinary financial personnel to financial accounting
The transformation of financial personnel to financial accounting personnel, on the one hand, has given full play to the accounting advantages of traditional financial personnel, realized centralized financial accounting, and greatly improved financial efficiency. On the other hand, The Financial Sharing Center can also be used as a training base for financial talents and strategic Finance and business finance transportation talents.
Financial accounting is the core shared financial function. Shared Finance is mainly responsible for the core functions of financial accounting. It completes accounting, transaction processing, fund settlement, statement preparation, and submits financial information in accordance with corporate accounting standards, service agreements and standard operating procedures, and performs financial execution and financial supervision functions.
(3) Transformation of compound financial personnel to business finance
Among the traditional financial personnel, the compound financial personnel are divided into two categories. One is financial personnel who are young and strong but cannot rise to the level of strategic finance—financial management. These financial personnel have higher education level and rich professional knowledge; Those who have graduated with a bachelor's degree or above in finance, have not been in the company for a long time, and have high financial theory. After the financial sharing service is launched, the accounting-based financial accounting is concentrated in the sharing center, which can be completed by only a few financial personnel. Most of the remaining financial personnel need to transform to the front-end of the business, especially in the key links of business and financial integration. Need to train business finance talents and set up corresponding management accounting positions.
Financial sharing service is the future development trend of corporate financial management, and it is a product that conforms to the continuous development and growth of large enterprise groups. To do a good job in the construction, operation and management of The Financial Sharing Center, it is necessary to unblock the channels of communication from top to bottom, improve the overall quality of employees, and standardize the financial management system. Only in this way can The Financial Sharing Center help improve the level of financial management and play a greater role in the sustainable development of enterprises.
But the reality is that many financial professionals feel that they are facing the danger of unemployment as soon as they hear about financial sharing, thinking that the sharing center model does not require so much labor costs. And the recent popularity of financial robots has brought a strong sense of crisis to everyone. In fact, all this does not mean that the company no longer needs so much finance, but that the company's demand for financial talents has changed, from the original quantity demand to the quality demand. The higher and higher requirements of enterprises on finance also means that the value of corresponding positions is also higher and higher. The challenges and opportunities behind are what financial people need to see.
FINANCE AND TAXATION TEAM
Our fiscal and taxation team members have professional fiscal and tax services experience. Many members hold the qualifications of certified public accountants, registered auditors, and certified tax agents, and provide professional fiscal and tax services to customers in a teamwork manner.
COMPANY AND M&A TEAM
The company and the M&A business team provide customers with relevant financial and tax services such as mergers and acquisitions. Our team not only solves various financial and tax problems encountered in the daily operation of customers, but also provides financial and tax support for customers' long-term strategies.
MULTINATIONAL INVESTMENT AND M&A BUSINESS TEAM
Our transnational investment and M&A team upholds the concept of professionalism and internationalization, and provides various financial and taxation services for domestic companies going global and overseas companies investing in China. Our team can provide services to customers in multiple languages.
GLOBAL STRATEGIC COOPERATION
The Qunyi National Financial and Taxation Sharing Center has now established a strategic cooperation with the world-renowned Deloitte, KPMG, Lixin Certified Public Accountants (BDO), Rongcheng Certified Public Accountants (RSM), Smith & Williamson Certified Public Accountants (Smith & Williamson) .
PROFESSIONAL FIELD PRECISE POSITIONING
CHINESE BRAND NATIONAL SERVICE
The first national fiscal and taxation sharing center built by Qunyi Stock, and the first fiscal and tax sharing center in the industry based on new technologies such as big data and artificial intelligence. Its business is centered on the Pearl River Delta and covers all regions of the country, which will lead the industry to enter the new era of big data fiscal and tax services.
