Study On Application Of Financial Sharing Service In TW Company

The Internet and the artificial intelligence fields saw unprecedented progress in a globalized trend.To survive and even to outstand on this fierce battlefield,industrial giants and large and medium-sized enterprises scramble to put on the ‘technology'makeup.Among various revolutionary measurements,the financial shared service(FSS),one of the vital revolution modes,has been widely used and improved by many enterprises.By implementing the Economic theory of scale,FSS integrates and reengineers the business and processes of the enterprise.In the meanwhile,the specialized division theory of labors is utilized while the theory of standardization is finally conducted to integrated the financial resources of the enterprise.In this way,the financial experts can free themselves from time-consuming works and focus on professional and specific problems while the repetitive and trivial works are separated to the financial shared service center.By putting FSS into effect,enterprises can largely reduce operational costs and obtain large-scale profits.Concurrently,both the organizational productivity and group management ability have been significantly enhanced.Besides,the application of FSS has also led to a qualitative leap in reducing human operation risk and refining accounting information services.At the same time,financial data is the reflection of all business processes for an enterprise.In a digital era,business data has been considered one of the essential bedrocks for enterprises' development.Its high-speed transmission will,without any doubt,guarantee a reliable management decision and a desirable strategic support.The paper launches a thorough analysis of the application status and effect of FSS in TW company,the study object of the paper.For starter,the paper reviews the backdrop of the application of FSS and evaluates its plausibility in TW company.What's more,a comparison of the innovation stage of FSS in TW is made in detail.Taking one step further,the paper unfolds the status quo of FFS practice in TW company through three different lenses,including the establishment of a scientific organizational structure,the process reengineering and information enhancement.After applying the FSS,the benefits are analyzed in the aspects such as process optimization,efficiency and value transformation,risk control.At the same time,the analysis proposes that there are still some problems with FSS in an enterprise,including insufficient standardization of business processes,redundancy of processes,insufficient business coverage of FSS.Moreover,the stability of financial personnel in the sharing center needs to be strengthened.Finally,this thesis proposes detailed optimization measurements for the aforementioned issues and discusses the role of FSS in boosting financial revolution after the implementation.In conclusion,TW's FSS is still at an intermediate stage of development.To achieve an idealized optimization of both the standardization and the process in the future,keeping up with the group's strategic development and informatization progress seems to be the very first choice.Meanwhile,TW company also needs to hold hands with multi-platform to enjoy a shared information system,making the industry,finance and taxation a unified system.While embracing the intelligent era,FFS will predictably incorporate PRA((Robotic process automation)to accelerate the automation of the financial process and fuel work efficiency,providing tangible and valuable accounting information for vital decisions.