After nearly a year of full preparation, the Financial Shared Service Center (FSSC for short, hereinafter referred to as the "Shared Center") of Zhongding Co., Ltd. was officially put into trial operation on July 7.
The modules put into operation this time include employee expense reimbursement (general expense reimbursement, domestic business trip reimbursement, overseas business trip reimbursement, business reception expense reimbursement, employee loan, employee repayment) and external expense reimbursement (including external expense reimbursement, advance payment reimbursement, purchase order invoice verification). Other modules will be launched at a selected time. The scope of this launch is the parent company of Zhongding Co., Ltd., and the subsidiaries will be launched at an appropriate time after the normal operation of the parent company of Zhongding Co., Ltd.
Compared with the traditional financial management model of enterprises, the advantages of the Shared Center lie in cost reduction under economies of scale, improvement of financial management level and efficiency, and enhancement of the core competitiveness of enterprises. Different from the traditional business department organization, the Shared Center is a professional service providing department. Compared with the traditional organization, the Shared Center emphasizes standardized processes, professional skills and service provision more, and its organizational structure must meet the "three standards" of structural optimization, perfect functions and smooth and transparent processes, and follow the "four principles" of process-based operation, merger of similar businesses, efficient collaboration and reasonable management span. Sharing includes five aspects: system, information, human resources, process and service, so as to realize a unified accounting system, information standards, organizational system, business processes and accounting policies within the company. Its construction breaks the original financial management system structure, centralizes the management of the same type of business operations of various departments of each company to the Financial Shared Service Center, simplifies and standardizes the management process, reduces potential risks and improves management efficiency. The launch and implementation of the Shared Center have also changed the working mode of employees, especially the optimization of the approval process, realizing mobile approval and reimbursement, and business processing can be completed on the mobile phone, which is convenient for the business processing of relevant person in charge when they are on business trips. Its electronic reimbursement system can also interact and connect with SAP, which is conducive to the processing of business information by relevant business personnel.
The Shared Center has five departments: Revenue Accounting, Cost Accounting, Expense Accounting, General Ledger Accounting and Bill Archives, which are respectively responsible for the centralized shared management of corresponding businesses. After the launch and operation, the accounting business of each business department is undertaken by the Shared Center, enabling the original financial personnel to focus on the cost analysis business of their own departments.
The business development mode of the Shared Center is quite different from the traditional financial management, and its electronic reimbursement system poses a great challenge to the relevant financial personnel in the initial operation stage. In response, the project team and relevant financial personnel overcame numerous difficulties, worked overtime, found and solved problems one by one in each link, and gradually put the operation of the Shared Center on the right track. This process has also accumulated valuable experience for the subsequent launch of other business modules, and at the same time, cleared technical and business obstacles for the smooth implementation of the project in each subsidiary in the later period.