Proceedings of the 3rd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2024, March 29–31, 2024, Wuhan, China

Research Article

Optimization Study of Daily Operations of Financial Shared Service Centers

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  • @INPROCEEDINGS{10.4108/eai.29-3-2024.2347323,
        author={Wei  Cai and Shumin  Zeng and Ruyi  Ke and Linran  Wang and Jiancheng  Deng and Linyang  Xie and Pingping  Yan},
        title={Optimization Study of Daily Operations of Financial Shared Service Centers},
        proceedings={Proceedings of the 3rd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2024, March 29--31, 2024, Wuhan, China},
        publisher={EAI},
        proceedings_a={ICBBEM},
        year={2024},
        month={6},
        keywords={financial cost; financial process efficiency; internal control},
        doi={10.4108/eai.29-3-2024.2347323}
    }
    
  • Wei Cai
    Shumin Zeng
    Ruyi Ke
    Linran Wang
    Jiancheng Deng
    Linyang Xie
    Pingping Yan
    Year: 2024
    Optimization Study of Daily Operations of Financial Shared Service Centers
    ICBBEM
    EAI
    DOI: 10.4108/eai.29-3-2024.2347323
Wei Cai1, Shumin Zeng1,*, Ruyi Ke1, Linran Wang1, Jiancheng Deng1, Linyang Xie1, Pingping Yan1
  • 1: East China University of Technology
*Contact email: 2149055972@qq.com

Abstract

As the business scope of enterprise groups becomes more and more extensive, many of them are involved in cross-border operations, so in order to better accommodate the expansion of scale, the financial sharing model has been applied by many large group enterprises. Through this model, the common business of each molecular company can be summarized and distilled, and processed centrally through a single financial shared service center, thus helping the total group to reduce financial costs, improve financial efficiency, and strengthen internal group control and risk management. However, various problems can arise in the course of the operation of the financial shared service model, with some enterprises experiencing a decrease in management efficiency instead of a decrease in costs. This means that enterprises should continue to optimise and improve the construction of financial shared service centers according to their actual situation, and propose corresponding measures to achieve cost reduction and efficiency gains. Based on the example of Baosteel's financial shared service center, this paper explains the general situation of Baosteel's financial shared service center from three levels: the organizational structure of Baosteel and the motivation, practice and effect of the financial shared service center.