Study On Financial Shared Service Of China Telecom

The adaptive changes are critical for finance management systems as group corporations continue pursuing innovation in operation and management models. They present as accounting shift from decentralized to centralized, financial analysis shift from regular basis to daily basis, financial management shift from fragmented to integrated. Financial Shared Service Centers feature services, protocols and technologies provision, as well as benefits, such as large-scale, standardization and professionalization, which are in line with the strategic objectives of China Telecommunications Corporation:finance transition, precision management, and separation of financial and accounting functions. The financial shared service system become a an inevitable trend while provincial branches to building up service sharing centers is considered as a key approach for China Telecommunications Corporation to explore the practice of centralized accounting service.This paper is a preliminary study on the basic theory of Financial Shared Services. It analyzes the establishment and operation of provincial internal financial shared service centers based on the Corporation’s guidance on the establishment of financial service sharing system. It divided into three sections, the first one is to recognize the achievements of Xinjiang Financial Shared Services; the second brings about the issues on organizational structure, IT systems and process management, personnel and services, risk control of Xinjiang Company’s financial shared service center; the last section summarizes the strategies Xinjiang Financial shared Service Center implemented for effectiveness improvement. It contributes to the operation of all provincial financial shared service centers.