China's digital economy is showing a trend of rapid growth, and the concentration of China's real estate market, which has entered the stock era, is becoming more prominent, showing the "Matthew Effect". The competition among enterprises is intensifying, and digital transformation has become a necessary means for real estate enterprises to improve their market competitiveness.
China Jinmao's digital transformation started early and progressed quickly. After the launch of the industry, finance and tax integration platform jointly built by Baiwangyun and other partners, the overall efficiency of China Jinmao's basic business operations of industry, finance, tax and capital has increased by 80% , and the effect is remarkable. How does China Jinmao deliver the "perfect answer" to the mandatory question of digital transformation of finance and taxation?
China Jinmao, releasing the vitality of the city
China Jinmao Holdings Group Co., Ltd. (abbreviated as China Jinmao) is a platform enterprise in the urban operation field under Sinochem Holdings Co., Ltd., which was listed on the main board of the Hong Kong Stock Exchange in 2017.
China Jinmao takes "unleashing the future vitality of cities" as its mission, always adheres to high-end positioning and high-quality products, and focuses on the urban operation model of "two drivers and two upgrades" on the basis of the "two wheels and two wings" strategy centered on quality leadership. Committed to becoming a leading urban operator in China. At present, the company has steadily deployed seven core regions and more than 50 core cities, and successfully created a series of high-end products centered on the "Jinmao" brand.
Digital, intelligent, and online informatization management is the overall upgrade of the group's management, and it is also the main tool to promote the unified management and operation of the holding company. China Jinmao has always been adhering to the business philosophy of putting science first and attaching great importance to digital construction . With the rapid expansion of the company's scale, it has continuously promoted the transformation from informatization to digitalization and intelligence, so as to empower traditional businesses to reduce costs and increase efficiency, leading the company's innovative development .
China Jinmao’s overall digital construction started relatively early, and it began to comprehensively promote informatization construction in 2010; in 2018, it began to carry out digital construction at different levels and dimensions of the company, and completed the planning and implementation of the integrated operation system in just three years. Construction work, and now gradually expand the new business of intelligence. Generally speaking, digital construction needs to be carried out simultaneously with business development. It is no longer a simple online business, but a deep integration of digital intelligence technology and business on the basis of informatization.
Digital transformation of finance and taxation is imperative
The digital transformation of finance and taxation is an important part of China Jinmao's transformation and upgrading, and it has successfully built an integrated platform for business, finance and taxation. However, before the digitalization of finance and taxation, China Jinmao’s finance and taxation end is facing these pain points, such as: the company’s tax-related system is complicated, the invoice management of branch companies across the country is scattered, local management is not good enough to reduce the overall efficiency, and group enterprises are subject to local management. Policies have a great impact; the business and financial system is not connected, and the data of business and tax invoices cannot be linked; staff reimbursement documents are prone to errors, low efficiency in dealing with document review, and no grasp of compliance inspections, etc., which easily cause tax risks and hinder business health develop.
With the launch of the fourth phase of the Golden Tax, more opportunities have been brought to China Jinmao’s digital transformation of finance and taxation. The digitalization of invoices is a new industry trend. Digital invoices enable the company’s invoice management, accounting file management and business process management to happen. This has promoted the online, automated and digital management of China Jinmao's business, finance and taxation to a certain extent. Relying on the upgrade of digital bills, it can more fully tap the value of data and support the company's strategic decision-making. The overall digital transformation and upgrading of China Jinmao has brought more possibilities.
Therefore, China Jinmao's digital transformation of finance and taxation is imperative.
Integration of industry, finance and taxation to facilitate lean management
In the process of promoting digital transformation, China Jinmao has changed the traditional top-down one-way promotion method and adopted the "three-party joint construction" model to closely focus on "front-line assistance". China Jinmao attaches great importance to the needs from the front line, and really goes deep into the business, taking into account factors such as "whether the direct application of the information system will add a burden to the front-line staff" and "whether it can really solve the front-line problems". It is more suitable for the needs of the field and uses agile methods to iterate the system to help them solve problems quickly. In this way, the front-line staff will feel the value of digitalization, and will become more and more dependent on digitalization, changing their concepts over time, and the digital transformation of finance and taxation will naturally advance to business.
In the process of digitalization of finance and taxation, China Jinmao chose to cooperate with outstanding enterprises in the industry such as Baiwangyun to upgrade the invoice management system for purchase and sales items, build an integrated platform for industry, finance and taxation, implement the standardization of eight major business systems, and comprehensively integrate business and financial data. Realize the automation and intelligence of financial business management and control, greatly improve efficiency in multiple links such as business flow, invoice collection and issuance, and financial accounting, effectively prevent and control risks, truly achieve cost reduction and efficiency increase, and promote the company's digital transformation of finance and taxation.
1. How to realize the unification of industry, finance and taxation data?
China Jinmao has invested a lot of energy in data governance. Data is the foundation and core. If the integration of internal and external data cannot be achieved, all subsequent work will be "castle in the air".
In order to solve the problem of distributing financial data in various heterogeneous systems, Baiwang Cloud helps sort out business scenarios, integrates multiple systems such as employee reimbursement, payment, procurement, and mobile image collection, and establishes a centralized management and control sharing center to realize business finance and taxation The unification of data and financial sharing reduces the cost of input collection and reimbursement, improves the overall efficiency of the company, and allows the digital transformation of finance to cover the entire company.
2. How to bill efficiently and accurately?
The Baiwang Cloud system automatically obtains invoice data through invoicing automation, invoicing automation and collaborative automation. At the same time, it supports China Jinmao headquarters to control the invoice issuance and invoice inventory of branch companies, which greatly improves the efficiency and accuracy of invoicing. The unified management of invoices helps financial personnel reduce low-value-added work, relieve work pressure, and improve user experience.
3. How to warn and prevent tax risks ?
The Baiwang Cloud system automatically checks the authenticity of invoices, without the need for manual verification by financial personnel. Combined with risk indicators and risk plans, it provides timely early warning or prevention of abnormal situations, such as consecutive invoices, reimbursement on holidays, reimbursement of contraband, and supplier invalidation. Behaviors such as invoices will be monitored to provide risk self-examination means to reduce the occurrence of tax-related risks and ensure the company's tax compliance.
After China Jinmao applied Baiwang Cloud’s input and sales item management solution, the timeliness of shared and centralized document review was increased by 50 %, the accuracy rate of reimbursement and invoice information was as high as 95%, and the efficiency of direct financial invoicing was increased by over 80%. The 50% increase in inspection efficiency is a good project module for the company to build in the process of digital transformation. The results of the digital construction of finance and taxation have also been fully affirmed by Sinochem Group, and it was rated as one of the top ten cases of Sinochem's digital transformation in China.
China Jinmao said : "Through cooperation with Baiwangyun, in terms of sales management, localized deployment is used to realize centralized tax control management, empowering China Jinmao's ability to issue electronic invoices for national projects, and realizing cross-regional management of the group; At the level, the connection between Baiwang cloud platform and Maoxin, fee control system, and cost system has been realized, and efficient OCR image recognition has been used to realize batch inspection and certification of invoices, and an early warning system has been set up through keywords to block risky invoices, illegal invoices, and blackmail. Listed commodities, do a good job in invoice compliance management and control from the source. Baiwang Cloud provides integrated invoice life cycle management services for industry, finance and taxation, and provides data support for China Jinmao Group to realize comprehensive tax informationization in the future.”
Looking back on China Jinmao’s digital transformation, it benefits from two foundations: first, the company attaches great importance to digitalization work, and carried out informatization strategic planning in 2017, and digital transformation strategic planning in 2021; second, the overall plan is divided into stages and objectives To implement, a lot of combing, construction and optimization work have been carried out at the data level, system level and business level, and a benign interaction has been formed between business operation, management decision-making and data governance, gradually realizing digital transformation, and helping the company's rapid development
At present, in the face of increasingly complex internal and external environmental challenges, digital transformation has penetrated into all walks of life. Baiwang Cloud hopes to embrace digital changes together with enterprises. By providing digital solutions for bill compliance control, smart financial and taxation services, digital financial supply chain and data technology services, it helps build a digital financial management system that integrates industry, finance and taxation, and improves financial management. Efficiency and level, unlock the value of data, take the digital transformation of finance and taxation as the starting point, accelerate the company's overall transformation, and maintain high-speed development in the digital transformation where opportunities and challenges coexist.