Nowadays, digital technologies such as Internet, big data, artificial intelligence, blockchain and 5g are developing rapidly. “Accelerating digital development and building digital China” has been clearly listed in the “14th five year plan” and the outline of the long-term goal of 2035. In such a digital era, financial digital transformation has entered a new stage of digital and intelligent development.
Financial digital intellectualization is the core of enterprise digital intellectualization. In the future, enterprises will transform from “Financial Sharing” to “intelligent operation”. Starting from financial intelligent operation, the financial department will become the executor and guide of enterprise strategy and give guidance and suggestions for enterprise business development. As an important part of financial intelligence, report and merger are the basis for giving guidance and suggestions.
New generation technology driven report upgrade
According to the relevant provisions of the accounting standards for business enterprises, any parent company established in China and having one or more subsidiaries shall prepare consolidated accounting statements to comprehensively reflect the operating results, financial status and changes of the enterprise group formed by the parent company and its subsidiaries.
However, over the years, reporting and consolidation are often misunderstood by the outside world. Many people think that the value of consolidated statements is very limited. In fact, from the essence of the report, the report includes data, model and report. The first two steps of data and model are very complex. Data accounts for 30-40% of the workload and time in the report system. The model, that is, the processing of business rules, also accounts for 30-40% of the workload and time. The report that leaders see is often only the final presentation result.
Driven by a variety of digital technologies, the process of consolidated statements of group enterprises is no longer a simple accounting business based on the consolidated working paper and consolidation related standards. This process has been upgraded to a management behavior with planning, coordination, control and periodicity. Moreover, the technical path adopted by the consolidated report system is different from ERP. It includes three cores: OLAP, multidimensional and intelligent.
Today’s reports are based on data, models and reports driven by a new generation of Technology: multidimensional aggregation algorithm based on OLAP technology can aggregate, query, calculate and analyze large amounts of data in real time; memory computing technology can greatly improve performance; Python rule engine can operate and query any multidimensional combined data. Based on rap technology, it can help the whole process of financial reporting and consolidation to increase efficiency and speed up.
Yonbip report and consolidated products: the correct way to open consolidated report system
Recently, at the 2021 enterprise digital Financial Innovation Summit hosted by UFIDA, the “real-time accounting” was held With the theme of “intelligent finance”, this paper discusses the basic research, cutting-edge technology, application practice, talent training, standard construction and other contents of intelligent finance. The experts of UFIDA’s consolidated products explain it through the dimensions of digital transformation, multi-dimensional engine and algorithm engine, and introduces the construction method of consolidated reporting system, yonbip report and consolidated products.
The construction of consolidated reporting system should start from the demand, fully consider the external disclosure, regulatory reporting, internal management needs, and comprehensively analyze the accounting system and business system. Then extract the ERP voucher level data to the data center. For those who can’t meet the demand of automatic data retrieval, put forward short-term, medium-term and long-term transformation suggestions and excessive plans for the accounting system, gradually improve the automation rate, improve the quality of individual reports, and speed up the work of individual reports;
After fully understanding the requirements, the multi-dimensional modeling design of the consolidation system is carried out, and at the same time, six major standardization are promoted: the standardization of the consolidation organization structure, the setting of accounting subjects, the accounting standard rules, the master data of related parties / products, the unification of financial presentation, and the unification of data caliber.
Then, according to the design model, the two-dimensional data is transformed into multi-dimensional data, and the transformed results are imported into the consolidation system. In the consolidation system, the single report is checked, checked, adjusted, and the internal transaction reconciliation is carried out, and the logic of intra table, inter table, and rationality verification is set to check the data quality of the single report; In order to realize one click consolidation, we need to set up the consolidation offset logic such as calculation, conversion, equity, internal transactions and internal cash flow in the consolidation system. Items that need to be adjusted, such as reclassification, value-added assessment, profit and loss adjustment of previous years, changes in accounting policies, can be adjusted through the adjustment voucher.
View the merge clues through the merge draft: monomer, merge offset, adjustment, data after merge offset; analyze the merge results through web system form and excel client by dragging and dropping; finally output the merge results for external submission, docking with Bi and one click export.
Of course, a set of system can be well implemented in the enterprise, in addition to the software itself, it also needs to have the corresponding system cooperation, so in the whole project implementation process, it also needs to output the merger management system according to the situation of the enterprise to cooperate with the merger work.
As one of the core components of yonbip, the yonbip business innovation platform, yonbip report and merger products have six key features:
（1） Multidimensional engine, driving report upgrading: new products adopt a new generation of multidimensional engine technology, driving report upgrading from traditional two-dimensional report to multidimensional analysis mode;
（2） Data integration: yonbip EPM supports seamless integration of front-end business system data, and reversely supports level by level traceability and associated query from target to data source;
（3） The reconciliation platform makes the verification of related party transactions more convenient: it supports the flexible selection and configuration of reconciliation type, reconciliation account, reconciliation dimension, reconciliation rules and reconciliation organization scope, intuitively view and adjust reconciliation results, and analyze reconciliation differences;
（4） Algorithm engine to make data processing more intelligent: Python language is used to realize merging logic, with high processing efficiency, visible configuration, flexible rules and rich functions; complex equity offset, cost sharing, internal transaction mark up offset and other scenarios can be realized;
（5） One click consolidation, real-time monitoring: one click workbench, clear report consolidation process, easy and efficient completion of report calendar setting, full level one click consolidation, submission and locking, and phased real-time monitoring of reporting status of companies at all levels;
（6） Multi dimensional data, real-time report: data is stored based on multi-dimensional structure, and various formats of reports can be customized according to the needs of enterprises: fixed reports, consolidated work drafts, drag and drop perspective multi-dimensional data with Excel plug-in, etc.
Building a complete report system
From the practice of a high-tech pharmaceutical enterprise, we can more intuitively see the application value of yonbip report and consolidated products.
The business of the enterprise covers many fields such as medicine planting, drug research and development, production, sales, trade, etc. the enterprise has high management level and high information requirements, but the information system is not unified, and multiple systems coexist.
It is found that the company is facing the following difficulties in preparing the consolidated report:
There are many contents: annual report, semi annual report, quarterly report and monthly report of listed companies, including all main tables and notes, management statements and operation analysis tables; time is urgent: timely disclosure according to the requirements of Listing Supervision and operation management, to get rid of the dilemma of consolidated statements issued on the 15th of each month; wide coverage: all levels of sub units of the group, need to comprehensively integrate business and financial data; multi caliber: including legal person, management, management, etc; Multi criteria: involving the mainland and Hong Kong; multi currency: including RMB, US dollar and Hong Kong dollar; acquisition and disposal of subsidiaries bring complex equity offset and merger processing; separation of production and marketing mode brings complex internal transaction reconciliation and offset and merger processing; multiple systems: multiple ERP systems coexist, data collection is difficult; multi criteria: including RMB, US dollar and Hong Kong dollar; Disordered standards: the accounting system is not unified, and the degree of basic data standardization needs to be improved; nonstandard: the accounting mode is not standardized, which leads to the difficulty of data retrieval in related transactions.
The enterprise hopes to establish a financial reporting platform, realize the automatic presentation of consolidated statements, data process traceability, and build a complete reporting system.
In 2017, in order to further adapt to the in-depth requirements of enterprise management, the enterprise deepened the application of ERP and cooperated with a foreign manufacturer to implement the consolidated reporting system, but the effect was not good, so it gave up in 2018. Subsequently, the company chose UFIDA to build its data system and consolidate the foundation of merger. UFIDA has built a merger system for UFIDA to realize merger processing, built a report system to present merger results, and unified standards, business specifications and data.
Through the construction of digital intelligence, data traceability and management, the enterprise has realized multi-dimensional modeling, unified accounting and efficient consolidation. Individual financial statements can be issued within one day after the unified month end date, and consolidated statements can be generated within two days after the issuance of individual statements. Moreover, data quality is improved, multi-dimensional reports support decision-making, merging is efficient, standardized and automatic, clues are clear, and audit compliance is improved. In addition, the enterprise management analysis index database is established, which provides strong data support for leaders’ annotation decision-making and benchmarking management.
As we all know, UFIDA has accompanied Chinese enterprises through the era of computerized accounting and financial information. Now, UFIDA will enter the era of financial intelligence together with the majority of enterprises. Facing the strategic market opportunity of “digital intelligence, localization and globalization”, I believe yonbip financial cloud, the business innovation platform of UFIDA, can provide one-stop and integrated services for the majority of enterprise users in the form of “service + product” with profound technology and experience accumulation, and help more enterprise users realize the transformation and upgrading of financial digital intelligence.
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