Digital transformation is an important trend and fundamental direction of China's current economic and social development. The Insurance Asset Management Association of China (hereinafter referred to as the “Association”) is a national financial self-regulatory organization that specializes in performing the self-regulatory functions of insurance asset management. In the past few years, the association has been actively exploring the application of information technology to strengthen budget management.
Recently, the association has cooperated with Baiwang Cloud to reconstruct budget projects, integrate accounting, reimbursement, and OA systems, and build a new system for full-process automation, intelligence, and digital financial expense control and reimbursement through intelligent invoice management and system control. Baiwang Cloud has specially customized a budget project library for the association, supports the establishment of hierarchical budgets in the project library, expanded the support dimensions of project files and comprehensively improved the detailed functions, further improving the accuracy of the association's budget management and helping the association's financial management achieve digital transformation.
Shift from manual processing to digitalization
In order to solve specific pain points such as the heavy workload of checking the association's reimbursement invoices, the travel standards not being embedded in the system, and the system's inability to view the remaining budget and budget execution rate in real time, Baiwang Cloud cooperated with the association to actively explore the transformation from the traditional manual processing model to the digital model. Strive to achieve a transition from process-driven to data-driven. After the new system is launched, the association's financial management automation has been taken to a new level through the good services of the Baiwang Cloud Intelligent Fee Control Platform.
1. Intelligent invoice management reduces the pressure on employees and finances
Employees can use the note-taking function to add reimbursement expense details in advance, complete invoice uploading and verification, and after saving, they can import the expense details with one click during reimbursement, so they no longer have to worry about losing or forgetting invoices.
After the invoice is uploaded, the system can automatically identify and add the invoice number, calculate the invoice amount, realize invoice verification, automatically prompt for repeated reimbursement, overdue invoices, whether the invoice header is consistent with the tax number, and pre-check the work, which greatly reduces the manual workload of finance. and accuracy.
When an employee initiates a reimbursement form/repayment form, associate the loan form, and the system will automatically offset the loan, eliminating the manual offset process for financial personnel; when making a financial payment, if the payee is an internal employee, the payee's bank can be automatically brought out through search Account number, account opening bank and other information to improve efficiency.
Electronic accounting files realize a closed loop of the entire life cycle of accounting files from front-end collection and reception, to mid-term sorting and archiving, to later file utilization and file management.
2. Budget control, improve the accuracy of department budget control
The budget control dimension has been redesigned to make it more consistent with the budget management process, and travel control standards have been advanced before and during the event, improving budget management efficiency.
Reports at the department level are provided, and the remaining budget and budget execution rate can be viewed. Various expenses are effectively controlled and optimized, which greatly improves the accuracy of department budget control.
3. Open up financial system data to achieve data analysis and intelligent decision-making
The intelligent accounting engine is connected with the accounting system, greatly improving the efficiency of daily financial processing.
Automatically generate vouchers, establish data connections between the accounting system and the reimbursement system, and achieve data unification.
Provides visual cost analysis reports and indicators for decision-makers to better monitor budget execution and assist management in decision-making and risk assessment.
Digitalization is rapidly empowering and reshaping various industries. The Insurance Asset Management Association continues to actively use digital technology to strengthen the construction of internal control systems, improve risk prevention and control capabilities, and promote high-quality development of the association. Baiwang Cloud will also continue to help associations expand financial digital applications, promote the integrated development of industry and finance, and further enhance digital governance capabilities.