Sheng Siong’s ERP Upgrade: Aligning with China’s VAT, Tax, and Bilingual Accounting Norms
As Sheng Siong plans to expand to China, they have to ensure that the ERP system they are using for the transmission of data addresses the accounting & bookkeeping practices imposed by the Chinese authorities. For instance, China uses Generally Accepted Accounting Principles (GAP), which is quite different from International Financial Reporting Standards (IFRS). The following points are also highlighted:
Value Added Tax (VAT): Has to be calculated on Purchase Invoices & Sales Invoices with corresponding account code
VAT Invoices: Has to be linked to the Chinese government’s tax control system
Internal Reporting: Financial Reports must be able to work on different accounting principles simultaneously.
Systems have to cater to bilingual standards
HR system has to follow China’s payroll standards for employees (just like CPF & Tax in Singapore)
(English) The Solution
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Yonyou NC6: Seamless China-Singapore Integration for VAT, HR, and Multi-Currency Operations
Yonyou ERP Solution Framework
The yonyou NC6 ERP & HRM solution is a multi-language and multi-currency solution that caters to all of the Chinese government’s requirements for Accounting and HR standards. With NC6, VAT and VAT invoices are automated and fulfill the GAP standards. The HRM solution captures an employee’s social security/ID, tax contribution, and report regardless of city/province, as well as standard working hours. These systems for the business located in China are then integrated with existing systems in Singapore, so decision-makers can access important data with ease.
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Why Yonyou
A complete retail industry suite solution that helps to promote organizational performances.
The new era technology which enables customers to adapt to the business change and rapid development.
With the trustworthy history, Yonyou is recognized by the public as one of the international industry leaders.
