April 25-27，the second “One Belt and One Road” Forum for International Cooperation was held. Over the past five years, the “One Belt and One Road” initiative has made remarkable achievements. Nowadays, more than 150 countries and international organizations have signed cooperation agreements with China on jointly building the “One Belt and One Road” initiative.
Financial management challenges for “One Belt and One Road” enterprises
From 2013 to 2018，Chinese companies have invested more than us $90 billion directly in the countries along the Belt and Road. The turnover of overseas contracted projects has exceeded us $400 billion. State-owned Key Enterprises undertook 3120 projects and among the top 500 private enterprises, 274 have participated in the construction.
In participating in the construction of the “One Belt and One Road”，enterprises will set up branches to better participate in the economic activities of countries along the route. With the increasing number of branches and higher localization rate，enterprises will gradually evolve into large multinational corporations.
The expansion of enterprise business and the continuous increase of organizations making the cost of enterprise management and difficulty of management higher, which increase the operation and financial risks. “One Belt and One Road” covers a lot of coastal countries and regions, and the national conditions of each country are quite different. When the enterprise personnel make overseas investment, domestic and foreign personnel may take different measures according to different local conditions, which will lead to fund management risk once the supervision is unfavorable；Meanwhile, the foreign exchange rate changes rapidly，such fluctuation will cause great instability to the company’s financial situation；Furthermore, differences in multiple accounting standards, multiple accounting periods, multiple currencies, multiple languages, multiple time zones and multiple data formats, etc. will also interfere with the unified management of corporate finance. In addition, the weak information level and poor network infrastructure will increase the difficulty of financial information concentration in many countries.
Yonyou NC Cloud supports the financial digital implementation
Yonyou NC Cloud Digital platform for large enterprises, with its new features in financial management, can help companies solve the challenges encountered in the construction of the “one Belt and one Road”.
Yonyou NC Cloud supports business localization management, multiple criteria, multiple accounting periods, multiple languages, multiple time zones, multiple currencies, and multiple data formats. Multiple books support Chinese accounting standards, international accounting standards and other national accounting standards, and can set up accounts for different accounting standards of the same business，which meet the needs of large group companies with multiple accounting systems and being able to convert financial information to each other;
Yonyou NC Cloud supports industry finance and tax integration, realizing real-time financial monitoring, and sharing the financial status and operating results of each unit in the same time；
Yonyou NC Cloud also supports public cloud, private cloud and hybrid cloud deployment; As long as enterprises can access the Internet, they can achieve operation and transmission. Meanwhile，the perfect technical structure of Yonyou NC cloud can meet the huge concurrency of the financial information system and satisfy the large group enterprises with multiple people online at the same time, in order to better realize the global concentration of financial information. Moreover, an enterprise can also choose any deployment method suitable for the enterprise according to the actual situation of the company when carrying out international business.
Suppose that the domestic headquarters of a large group enterprise needs financial letter data from foreign branches, with Yonyou NC Cloud the enterprise does not need to manually collect data reports and convert them into domestic reports. Instead, by setting different accounting standards, currencies, data formats and language conversion rules, Yonyou NC cloud can realize the conversion of foreign reports into domestic reports through one-click. In this way, Group headquarters can extract financial data of each branch with one click, and realizing data penetration query, real-time monitoring, thereby greatly improving the management level and risk control ability of the group enterprise.
The aims of jointly constructing the “One Belt and One Road” are promoting interconnection, deepening cooperation, and working together to meet the various risks and challenges faced by human beings. Yonyou has always been an active responder to the “One Belt and One Road” initiative and a practitioner of social innovation, who will continue to seize the opportunities of the time, explore and support the construction of the digital Silk Road and innovative Silk Road.