Chinese voucher system enhancement
China Financial Localization (CFL) is a solution designed to help multinational corporations comply with the legal requirements of local authorities in China, while also facilitating collaboration with their headquarters’ finance department. It provides a specialized workspace tailored for local staff working across multiple legal entities, catering to a variety of needs. CFL enables a faster and more cost-effective deployment in China. With its agile and robust implementation, it empowers your company to make more predictive decisions from anywhere, in real-time.
Solutions tailored to your needs
⊙ Chinese voucher system enhancement
Companies operating in mainland China are required to adhere to the Chinese GAAP (Generally Accepted Accounting Principles), irrespective of whether their headquarters follow HGB (Handelsgesetzbuch), IAS (International Accounting Standards), or IFRS (International Financial Reporting Standards).
⊙ Golden tax integration
All businesses in operation are mandated to utilize a government-certified tax software, known as the Golden Tax software. This software is essential for generating VAT invoices, performing VAT calculations, and conducting statutory tax reporting. As per Chinese government policies, all VAT invoices must be issued through the Golden Tax system.
Our solution offers a seamless integration between Microsoft Dynamics 365 F&O and the Golden Tax software system. This integration with the Golden Tax system simplifies the process of generating VAT invoices against documents produced by Microsoft Dynamics 365 F&O.
⊙ Bank integration
The integration of Dynamics 365 F&O with banking systems is a revolutionary solution that empowers businesses to optimize their financial operations. This integration fosters a seamless exchange of information between the bank and Dynamics 365 F&O, enabling real-time updates of financial transactions.
This integration allows businesses to automate various banking operations, including payments, deposits, and reconciliations. This automation not only minimizes manual intervention but also enhances operational efficiency. Furthermore, the integration offers improved visibility into financial data, empowering businesses to make data-driven decisions.
Additionally, the integration complies with rigorous security protocols to ensure the secure transmission of sensitive financial data. This not only protects the financial information of the business but also aligns with regulatory requirements.
⊙ Daily reports
The reports utilized on a daily basis primarily consist of the “Balance Sheet”, “Profit & Loss Statement” and the “Cash Flow Statement.” Additionally, there are legally mandated reports such as the “Fixed Asset & Depreciation Report”, “Foreign Currency Statement” and “Bank Accounts Balance Report”. Depending on specific scenarios, other customized reports may also be generated.
⊙ Fixed asset management
Under Chinese GAAP, the official principle governing fixed asset depreciation significantly differs. It concurrently manages the depreciation methods, depreciation year, and scrap value for both subsidiaries and headquarters.
⊙ Workspace for routine process
In addition to merely translating labels or layouts into Chinese, our team of expert consultants possesses a deep understanding of Chinese culture and local management methodologies. We modify Dynamics 365 F&O modules and offer pertinent training to bridge the gap between international standards and the traditions and cultural nuances of local employees and business partners.
Simplifies compliance with Chinese regulations, including GAAP, Golden Tax, and fixed asset management.
Efficient Banking Integration
Streamlines financial operations, automates transactions, and ensures security and compliance.
Blends international standards with local expertise, fostering effective collaboration and understanding.
Meeting the evolving and stringent local regulatory requirements in China is a significant challenge for CFL, demanding continuous adaptation and expertise.
Coordination Across Entities
Ensuring seamless collaboration between various legal entities within multinational corporations can be complex, requiring effective communication and financial synchronization.
Achieving agile and real-time decision-making across different locations and financial functions poses a challenge, necessitating streamlined processes and technology solutions.
Striking a balance between the need for financial localization and cost-effectiveness can be a constant challenge, as companies aim to optimize their operations in China.
provides a professional China Financial Localization solution Choose us, and take your first step towards success.
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