Investigation And Research On Financial Shared Services Model Of Sinopec Group

As the economic globalization further developing,our country's oil field enterprises gradually walk out of China and participate in the severe international competition.And to realize the cost reduction and efficiency increasing of financial management,the reformation of the traditional financial management has to be done.According to the main contradiction of oil field enterprises' operation and financial condition,the SINOPEC introduces financial shared service center model.This model is going to effectively increase the financial service efficiency,reduce the operation cost of financial functions and focus on the development of core business based on the enterprise's advantage resource.In investigation report form,this article studied the financial shared service model's basic architecture,process design and supporting system of famous companies,who have successful operation experience of this model,by summarizing domestic and foreign theoretical research and practical experience of financial shared service model.By studying the traditional financial management of oil field enterprises,the achievement of accounting work and shortcomings of imperfect system are recognized.The financial shared service model is proved to be an important measure of the reformation of the SINOPEC's financial management model referring to three main steps of development of the SINOPEC's financial management.This study analyses and discusses important influences of cost efficient and quality on the financial shared service model by questionnaire investigation of ‘Factors Influencing the Operation Effect of Financial Shared Service Center'.Based on the study of field researches and expert consultations of the organization,operating condition and development direction ofthe SINOPEC's financial shared service center,the model's effect to financial function transformation,cost reduction and efficiency increasing,improving core business and other aspects are summarized.Its shortcomings on workflow settings and management system lag are analysed and associate advices and countermeasures are put forward.