Nan Fung Group, which started from textile and has stood firmly in Hong Kong for over 60 years, is one of the top three cotton mills. With the decline of the textile industry, Nan Fung Group, which is skilled at closely following the market trend, seizes the opportunities and utilizes the advantage to remove plants that cover large areas and start rehabilitation for the real estate business. Later, the Group enters the real estate industry of Mainland China. With its diversified business, the Group has become an international enterprise. Facing continuous innovation of science and technology, Nan Fung chooses to jointly develop digital transformation with Kingdee.
Nan Fung Group sticks to the Group’s philosophy that the real estate business can be flourishing through continuous innovation, adjustment and improvement according to the market change. Compared with the past, technologies such as the Internet, artificial intelligence, big data, and mobile payment are changing the three-dimensional business models of people, products, and places. Besides, they also bring reform opportunities for the real estate business. Therefore, the Group proactively introduces new technologies to break restrictions and stand out in the fierce competition.
Facing rapid economic growth of the mainland, Nan Fung has developed various types of investment projects in Beijing, Shanghai, Guangzhou, Wuxi, Dalian, and Sanya. Besides, since the Group’s business covers various industries such as banking, insurance, scientific research, and energy in the mainland, Hong Kong, and overseas market, the Group faces different requirements from multiple regions, tax systems, currency, and business in terms of financial management. For instance, the tax system and financial regulations of the mainland are totally different from the laws, regulations, and requirements of Hong Kong and overseas countries or regions.
However, the Group has been adopting strict monitoring standards and management mechanisms to ensure the high quality of its estate and service. Meanwhile, the standards and mechanisms are applied to the affiliated business. Facing multi-regional and diversified business, prudent and efficient management of budget, reimbursement, and payment can accelerate the implementation of digital transformation in the field of approval flow management of the Group and efficiently break the barrier of cross-border business.
The financial management system of the Kingdee Group not only meets the financial rules and requirements of the mainland but also carries out cross-border consolidation effectively to solve the problem of converting multiple accounting standards in Hong Kong and the Mainland with multiple account books. In particular, the staff in the headquarters of Hong Kong can directly view subsidiary ledgers of different regions without waiting for the submission of colleagues, thus strengthening the communication, management, and control between the mainland and Hong Kong.
Financial Director Chen Jie told us that the Kingdee system has strengthened the management and control of the Group. The automatic generation of consolidated statements and the digital review and approval procedure bring quite a few advantages such as saving time.
On the other hand, in terms of project budget and reimbursement control, the Kingdee budget system can monitor the budget according to the project. With respect to the review and approval procedure, the Kingdee system can strictly monitor the circumstance of exceeding the budget online, improving the efficiency of financial management and control in real-time.
The Group spares no efforts in the development of environmental protection, which has often been praised by the industry. As a pioneer of environmental protection and sustainable development, the Group comprehensively implements paperless reimbursement through the Kingdee system, which is environmentally friendly and easy to store and search with low energy consumption. Since the reimbursement procedure is complex with many people and departments involved, relying on paper delivery alone not only wastes and delays time but also causes mistakes and losses. The Kingdee mobile review and approval system greatly improves these problems!
Value of Customer
The Group adopts various types of management systems for numerous businesses. Relevant data are automatically transmitted to the Kingdee system through seamless connection with other different business systems with the system interfaces, greatly accelerating the tally, management, and control of the financial personnel.
Kingdee has realized the procedure that needs to be audited and controlled at different levels under different degrees of budget and reimbursement according to the practical needs of the Group. The reimbursement procedure and the departments to be approved in the Group are numerous and the approval personnel may come from different regions. Through the encryption management of network firewall, management personnel can safely conduct mobile reviews and approval anywhere. Financial management personnel can check the company’s cash flow and the status of bank account. Executives can also integrate the data from multiple departments, conduct monitoring, communicate with colleagues, and make decisions in real-time. As a result, the operation efficiency of the enterprise has improved on the whole!