Study On Building Shared Financial Service System For Shandong Netcom. Corp

With China Netcom Corporation Ltd going to stock market overseas and The Laws of Sox coming into effect, capital market has a much higher requirement for the standardization, accuracy and openness of the financial affairs information. Nowadays, level checking patterns are adopted by China Netcom Corporation Ltd. Under this pattern, checking points are scattering and the chain is long. It is difficult for rules and policies of financial affairs to be exerted effectively and for the standard and process of accounts checking to reach high unity. The quality of accounting information is running risks. Incongruous information between upper levels and lower levels leads to the delay, distortion and incompleteness of information in corporation. This will affect the policy-making of corporation managers and run the risk of losing control of management. At the same time, different levels of accounts checking staff result in the different data statistics. In addition, financial affairs staff put much effort on daily work, therefore they have a limited ability to affairs supporting and checking supporting and they can not adjust themselves to the analysis demand for the rapid-changing market. Now with the fast development of telecommunication industry and more and more fierce competition, financial affairs management is becoming the core of corporation management. Only through improving the pattern of financial affair management, can China Netcom Corporation Ltd guarantee the realization of managing goal, increase the profits and raise the service quality.Shared financial affairs is the trend of modern companies. Realizing it can give full play of model effect of excellent managing companies. 80 percent of top-500 enterprises in the world have shared financial affairs, and in our country, oil industry, HuaWei, ZhongXing and some big enterprises have it too. It is of great significance to realize the changing of financial affairs patterns through the shared financial affairs. By studying the shared financial affairs theory, borrowing the experience of advanced companies and on the basis of the practical demand of Shandong Branch, the paper is going to analyze the establishing of shared financial affairs. Build shared financial affairs with Shandong Branch characteristics, shorten the checking chain, improve the control of risks, realize the standardization of financial affairs handling process and openness of information, increase the quality and standard of financial affairs checking , form a new financial affairs system including financial affairs management, management supporting and shared financial affairs, and strengthen the ability for supporting policies and management with improving the ability of managing value and raising accounting information quality. Meanwhile, separating the checking from the managing can strength the length and depth of financial affairs management and freeing the staff from heavy daily work can make them spend more time on managing and policy supporting.The paper consists of six parts. The first part puts forward to the importance of introducing the shared financial affairs pattern based on the analysis of general situation and the current financial affairs management. The second part summarizes the relevant theory and successful cases home and abroad. The third part makes the whole plan for shared financial affairs and proposes the managing framework under the shared service. The fourth part gives a detail statement of shared system design including the changing of organization, innovation of standardized process and contents of management of staff and service quality, and emphasizes the design of IT supporting system. The fifth part makes a concrete work plan as to the exerting the shared financial affairs in Shandong province and analyzes the possible risks and ways to avoid them. The last part is the conclusion of the whole paper.