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Y Financial Leasing Co., Ltd. is a nationwide non-bank financial institution supervised by the China Banking and Insurance Regulatory Commission (CBIRC) under the Y Company. As one of the first leasing companies established in China, Y Company has over 30 years of experience in the financial leasing industry. Its business focuses on high-end equipment manufacturing, green energy, inclusive finance, infrastructure, and other sectors, committed to providing customers with comprehensive financial leasing services. It holds a significant core competitive advantage within the industry, and currently, its leasing assets and business partners span numerous countries and regions globally.
In recent years, building a new management ecosystem with financial technology (Fin-Tech) and comprehensively promoting digital transformation have become common consensus among financial institutions. Financial leasing is a capital-intensive industry with high requirements for fund management. As a longstanding domestic financial leasing enterprise, Y Company, having experienced several industry economic cycles and regulatory changes, places great importance on the company's adaptability in the new environment. In 2020, Y Company began using financial digital transformation as an entry point to undertake corporate strategic goals, building a comprehensive enterprise budget management system. This aims to leverage the guiding role of comprehensive budget management in corporate value creation and meet Y Company's needs for intelligent, dynamic, and refined budget management.
▌ Project Objectives: Achieving Resource Integration and Efficient Utilization through a Comprehensive Budget Management System
Y Financial Leasing Company has multiple business segments. With the company's rapid development, to meet the management needs of various financial leasing projects, the company internally uses multiple business, financial, and other systems simultaneously. While this can solve immediate management challenges in the short term, it actually complicates the internal IT environment. Due to the lack of data sharing between systems and inconsistent data management calibers, Y Company requires repeated cross-departmental, cross-hierarchical communication via phone and email during budget compilation, waiting for the IT department to provide raw data. The finance department often spends days resolving issues for a single business unit. Furthermore, as the company's business continuously develops, the organizational structure also faces frequent adjustments. These factors lead to a long annual budget compilation cycle for Y Company, consuming significant human and material resources during the process. The budget compilation process is difficult to control, and data integration between multiple systems is challenging, making it hard for Y Company to empower the enterprise through budget management.
To more effectively solve the aforementioned management challenges, Y Company brought in an external consulting implementation team to initiate a comprehensive budget management project. Based on deepening comprehensive budget management, it aims to further improve the operational benefit analysis system and establish a financial internal control system that meets listing standards and the needs for the company's long-term healthy development. In this process, Y Company explicitly proposed three transformations for financial management: shifting from accounting to managerial accounting, from extensive management to refined management, and from financial transaction methods towards automation and intelligence. It also aims to build three centers within the enterprise: a Financial Shared Services Center, a Capital Settlement Center, and a Tax Management Center. Y Company hopes to use the digital upgrade of comprehensive budget management as a key means to efficiently integrate and utilize the company's existing resources to better meet management needs.
▌ Project Construction Content: Balancing Differences and Standards, Establishing a Comprehensive Budget Management System Covering All Employees, Processes, and Businesses
Y Company hopes to establish a comprehensive budget management system that covers all employees, involves whole-process control, and encompasses all businesses. This system should fully utilize the role of comprehensive budget management in company resource allocation, control, and performance appraisal, refine the granularity of budget compilation and analysis, and construct a budget compilation system centered around projects. Leveraging the comprehensive budget management system, the Y Group can be liberated from its previous manual budget management tasks, meeting Y Company's needs for pre-event, in-process, and post-event whole-process management. It will achieve real-time dynamic management of budget compilation, submission, approval, and analysis, thereby promoting management efficiency.
Combining Y Company's comprehensive budget management needs with the consulting team's extensive experience, this project plan is based on a system's "Four Horizontal, Six Vertical" budget management framework. Incorporating the demand results assessment findings from the consulting team, it provides an overall design for Y Company's comprehensive budget management system construction, focusing particularly on the budget management organization, budget responsibility units, management policies, budget targets, budget compilation, and the implementation of the comprehensive budget system.
Systematization of Budget Management
Based on Y Company's strategic requirements and business development plans, build upon financial forecasting and decision-making. Following the principles and methods of comprehensive budget management, plan and arrange financial activities for the budget year, clarify financial goals, implement financial management measures, and provide a series of management methods such as financial performance evaluation.
Build a budget management system based on a multi-dimensional indicator system that meets the current management state, allows flexible adjustments, and has strong scalability.
Integrated Process Management
Clarify the responsible entities and management duties for each budget management process, defining the vertical management layers and the horizontal management duties and interfaces between business and finance.
Balancing Differences and Standards
Build a budget management system that accommodates both commonalities and individualities. Design a unified comprehensive budget management system platform, and based on the varying management levels of different businesses and departments within the enterprise, design flexibly configurable models and reports.
Deepening Business-Finance Integration
Use business plans as the starting point for budget compilation. Establish connections between business plans, operational budgets, and financial budgets, forming a business-finance integrated budgeting mechanism guided by value goals and based on business plans.
▌ Project Focus and Solutions: Multi-Dimensional Modeling, Unified Management, Business-Finance Linkage
Regarding the system construction plan, Y Company adopted a comprehensive budget management system based on a multi-dimensional database platform. It promoted system implementation from four aspects: budget organization establishment, budget process management, budget model construction, and budget system building, detailing key goals for each node to ensure smooth project progress. Through multiple communications between the project team and Y Company's key departments, the key implementation focuses for Y Company's project were identified as follows:
Achieving Integration of Multi-Dimensional Technology and Business Scenarios
Based on dimension management functions, dimension caliber management, dimension system modeling, etc., identify dimensions that meet Y Company's business characteristics and construct a dimension system suitable for the enterprise's budget business.
● Use models to construct various business applications, expressing business content more clearly and helping users understand the business composition better.
● Use models for logical processing. With the help of the system's rule logic designer, complex and diverse business processes are streamlined. The calculation process and status can be viewed during overall computation.
● Use models for data processing, significantly reducing redundant calculation processes and improving operational performance.
Unifying Business Management Calibers to Enhance Collaboration Efficiency
Y Company has many business segments, and different business departments often use different systems. As enterprise informatization increases, data within various systems becomes increasingly complex. The problem of inconsistent data indicator calibers hinders management decision-making. This project, through indicator sorting and data standard construction, achieves data integration between the comprehensive budget management system and different business systems. By unifying the management caliber through budget compilation, it not only enhances Y Company's collaboration and cooperation efficiency but also allows management to quickly gain insights into enterprise operations through a unified management platform, enabling data-driven decision-making.
Achieving Budget Management Version Dimension Application Based on Enterprise Management Needs
According to the budget management hierarchy, adopt a bottom-up approach for timely summary and reporting. Budget versions correspond to the budget version dimension. Depending on whether it's the budget declaration version, budget revision version, version reported to superior units, budget issued version, budget adjustment version, or budget execution version, set differentiated compilation requirements, differentiated data association configurations, and differentiated system permission configurations in the comprehensive budget management system for different budget versions.
Unified Report Permission Management, Different Configurations for Different Users
Through the unified budget management platform, manage system users, report resources, data, etc., uniformly. For different management levels, flexibly set permission management and control for users, reports, data, etc., achieving different permission configurations for different users.
Forming Data Interaction to Meet Budget-Actual Analysis
Y Company currently has multiple business, financial, and other systems, with numerous indicator types and complex calculations. Through the comprehensive budget management system, achieve data linkage with ERP, business systems, reimbursement systems, etc., breaking down data boundaries. The budget system can call historical and actual data from other business systems and can feedback budget data and adjustment data to business systems in a timely manner for budget control. The system supports multiple early warning methods and provides functions like execution comparison analysis, trend analysis, map analysis warnings, and manager dashboards. It allows for real-time or periodic analysis, filtering, submission, and reporting of key budget focuses. Truly achieving pre-event control, in-process comparison, and post-event analysis of budgets, enabling management to gain insights into enterprise operations comprehensively and from multiple angles.
▌ Project Value: Building an Integrated Business-Finance Data Platform
After project implementation, Y Company's budget compilation cycle was significantly reduced. The built-in workflow in the comprehensive budget system enables real-time dynamic calculation and flexible data aggregation across multiple dimensions, increasing data application efficiency. This liberates the finance department from a large amount of repetitive report compilation work, allowing more time and effort to be spent on budget management and financial analysis, providing reliable analytical data for scientific decision-making. Through the comprehensive budget management system, Y Company can decompose budget targets layer by layer, control submission through warnings to meet set requirements, reduce redundant processes, and lower compilation costs. Simultaneously, the budget system provides reliable rolling budgets, ensuring smooth communication between back-office and front/middle-office departments. Business plans can be adjusted promptly following project demand changes. Supported by data, management has an "overview" view of enterprise performance. Management decisions are no longer based solely on experience and intuition but are made using data analysis as the basis.
Currently, Y Company has successfully used the budget management system to break down data barriers between the leasing system, capital system, FTP system, big data platform, PA profitability analysis system, financial system, etc. By unifying data indicator calibers, deep integration of business and financial systems has been formed, helping Y Company establish a new mechanism for business-finance data sharing.
Being prepare and vigilant in times of peace. Y Company initiated comprehensive budget management reform to build the company's digital engine. Through planning first, organizational restructuring, business guidance, system construction, data driving, and management accounting scenario application, it transforms "financial language" into "management language" and "business language," optimizes resource allocation efficiency, provides data support and directional guidance for various business activities, makes data a productive force for the enterprise, and offers more prospective, scientific, and proactive management decisions for Y Company's management and business layers. By breaking down data barriers between enterprise systems, Y Company can better serve customers, thereby deepening management innovation and contributing wisdom and strength to the high-quality and stable growth of the financial leasing business.
