Research On Construction Of Financial Shared Services Center Of Group Z

Economic globalization and the innovation of information technology are constantly reshaping the new economic structure.Resources,services,information,funds and other resources are moving more frequently between countries and regions.As opportunities increase,competition is becoming increasingly fierce.Some large enterprises have begun to expand their business territory to around the world in order to obtain more resources and seize a larger market.However,the expansion of the scale of enterprises and the increasing number of branches have brought many problems to the original decentralized organizational management model which mainly reflected in the following aspects:the whole management cost increases with the establishment of a full set of functional personnel;the increase of management level and the weakness of management control increase risks of finance,tax,and operation;the formation of Information Island reduced the speed of business response to the market.In order to solve the financial management problems brought about by the new situation,many enterprises at home and abroad have implemented financial shared services.In recent years,Z Group,is actively participating in the construction of the Belt and Road as a subsidiary of China Railway Construction Co.,Ltd.,a Fortune 500 company.With the continuous expansion of business scope,the scale of development has been growing,the organizational structure of Z group has been continuously restructuring,and there are many challenges in its financial management.In response to the needs of its own management and the promotion of higher-level units,Z Group plan to build a financial shared services center,in order to strengthen the economic and normative nature of the financial management,and to provide a strong financial guarantee for the Group's strategic goal of World-class,Domestic-leading.This paper takes Z Group as a research ease.On the basis of fully studying the relevant literature on financial shared and comprehensively summarizing the experience of implementing financial shared of model companies,the author conducts a on-the-spot investigation on Z Group.First of all,by understanding the business situation of Z Group and its statement of financial management,it is found that Z Group's has problems in financial management,such as:the business process is not perfect,the quality of accounting information needs to be improved,the financial control is weak to some extent and it lack of strategic support capabilities in finance.Then,in order to solve the problem,the paper combined with the actual situation of the group,and plans the overall design of the financial shared services center from four aspects:target orientation and construction principles,organizational structure and division of responsibilities,construction of information support platform,standardized design of major business process.Finally,the paper analyzed that the financial shared services center of 2 group will achieve excellent results in reducing labor eosts,improving business processing efficiency,optimizing financial functions and shaping overall budget management.lt proposed that it can rely on changing traditional financial ideas,promoting the transformation of financial personnel,paying attention to process management issues,establishing an effective performance appraisal mechanism and other measures to ensure long-term operation of the financial shared services center.The author hopes that the article can help Z Group solve the current financial problems and implement financial shared services smoothly.At the same time,it hopes to provide some guidance to related companies in building financial shared services center.