F-One assists Ningbo Huaxiang Electronic with management upgrade
Previously, it took a few days for the financial staff to solve budget issues of a subsidiary. Now, the budgeting and financial analysis platform provided by F-One is one-stop and automated, making data processing simple and visualized.
With the expansion of scale, Ningbo Huaxiang Electronic Co., Ltd has established a series of internal systems. The branch company or subsidiary even deployed multiple systems such as SAP and UFIDA, which seemed to meet the enterprise demand in the short term but in fact made the internal IT environment more complicated. Integrated finance planning was thus time and labor consuming: Employees had to make numerous phone calls, send e-mails, and wait for the IT department to provide the original data. Often, it took the finance department one to two days to solve the problems of one subsidiary.
Challenge
- The data format, contents, and indicator names of different subsidiaries and departments are often not uniform.
- The data collaboration method of Excel + Email is time-consuming, labor-intensive, and error-prone. It may result in version confusion, data dispersion, and low information traceability.
- Without reliable permission control, Excel can be modified at will and the modifications cannot be tracked.
Value
- The budget cycle is shortened. Previously, it took two days for each subsidiary to process the data. Now, the data processing is automated.
- The reliable rolling budget method is provided, the sales and the production department communicate smoothly, and timely adjustment of production is made in line with changes in market demand.
- The management has an “overview” of the corporate performance, avoiding secondary guesswork and generating a sense of trust in numbers.
Ningbo Huaxiang Electronic Co., Ltd. is listed among the top 500 private enterprises in China and the top 500 companies of the global automobile spare parts industry. Going public almost one decade ago, it is now a company group with an annual revenue of more than 10 billion which houses over 50 branch or subsidiary companies. At present, supported by the 50,000 or so materials from more than 1,000 suppliers, Ningbo Huaxiang Electronic Co., Ltd. provides 700 plus clients with more than 30,000 products.
F-One Integrated Finance Planning
F-One cracks the Integrated finance planning
F-One, taking the information-based system of Ningbo Huaxiang Electronic Co., Ltd. into consideration, builds a unified business planning and financial analysis platform, stressing the role that budgeting plays in the company’s strategic management and execution.
F-One proposes the following solutions:
Decompose the budgeting from corporate strategies to annual goals, and then to sales, production, procurement, labor, investment and financing, period expenses, taxes, mergers and management;
During the project course, optimize the five-year plan, annual budget, and financial analysis system through business interviews;
F-One integrates with the SAP BW and the SAP ERP systems, and builds a clear permission separation system. Therefore, data of each level will be approved and reviewed independently.
F-One’s strong modeling capabilities:
- Automatically collect the data definition structures
- A large number of common financial functions, calculations, and modeling methods
- Historical data reference. Predict current and future data values based on rates of growth or reduction of a specific period
- Flexibly define the logic relations between accounting items
In the following system deployment preparation, F-One details the Integrated finance planning system of Ningbo Huaxiang Electronic Co., Ltd. from nine aspects, including sales budget, production budget, procurement budget, labor budget, period expense budget, investment budget, financial and management statement budget, consolidated management statement budget, and consolidated financial budget.
F-One helps customers achieve the Integrated finance planning cycle of the five-year strategic planning, business planning, budgeting, and financial analysis. In this way, the daily management of enterprises will more emphasize business planning, thereby improving the efficiency and flexibility of financial analysis, facilitating managers to track the enterprise’s operation and budget implementation in a timely manner, and providing effective guidance and support for practical work.
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