What Is a Financial Impact?

The basic idea of financial business integration is to organically integrate the three major processes in the business of the enterprise, namely business processes, financial accounting processes, and management processes, in an IT environment including network, database, and management software platforms. The "event-driven" concept introduces process design, establishes a financial event-based integrated information processing process based on business events, and integrates financial data and business. Under this guiding ideology, the company's operating information is divided into several business events according to different motivations. When a business event occurs, the event is used to record the business; the business event processor integrates the company's financial, business, and management information into a database according to business and information processing rules. When information is needed, various types of data have the right to use the data. Authorized personnel automatically output the required information through reporting tools. This method can maximize data sharing, control economic operations in real time, and truly bring out accounting control functions.

Financial integration

Right!

The basic idea of financial business integration is to include network, database,

The business, financial management system, processes, and management of an enterprise all have an impact on the integration of financial business, which has caused great obstacles to the direction of financial business integration.

(I) Impact of traditional financial accounting

Many enterprises have departments such as finance, statistics, marketing, procurement, production, administration, personnel and board of directors, senior management, etc.

Using Accounting Business Process Reengineering Theory

(I) Traditional Accounting Business Process

Analysis of the flaws in the theory of division of labor In today's rapidly changing economic environment, the real-time nature of information determines its usefulness and control. When illegal investment events occur, real-time information can help managers effectively and effectively

(I) The role of financial business integration on customer value

In the traditional economic environment, many enterprises in China have adopted a layered hierarchical centralized management model, which has promoted the development of enterprises for a period of time. However, with the increase in the number and scope of business operations, the competition facing enterprises is becoming increasingly fierce, which has greatly inhibited the ability of enterprises to respond quickly and make decisions. This situation is particularly prominent in group companies. Prior to the integration of financial operations, centralized management of group companies was difficult to achieve. Enterprise groups can only prepare financial statements by basic units according to the traditional accounting management model, and then report them at various levels. Finally, the head office analyzes the summary report and makes decisions based on the analysis results. This centralized financial management model inevitably leads to the lagging of accounting information, and its usefulness is almost completely lost. Therefore, in the course of rapid business development, enterprise groups or large enterprises have put forward higher requirements on financial management, hoping to monitor the financial status of the group inside and outside in real time, truly grasp the group's financial resources, make scientific decisions, and avoid risks. That is, all aspects of the operating environment, such as customers, suppliers, distributors, and agent networks, manufacturing factories and inventory in various places, are closely combined to form a supply chain, and to accurately and timely reflect all aspects of dynamic information and monitor operations. Costs and capital flows increase the flexibility and financial efficiency of companies' response to the market. The realization of financial business integration has the function of centralized financial management, and it is realized through two application models of centralized accounting inquiry and distributed accounting centralized inquiry. These two application modes can enable enterprise groups to eliminate the concept of physical distance and time difference, collect information efficiently and quickly, and realize real-time monitoring of the financial management of each branch. At the same time, the online account management function provided by the network financial software enables enterprises to monitor the fund transactions of many customers and suppliers online through WEB login, thereby solving the problem of account management of each enterprise in the group.

(2) Enhancement of Enterprise Competitiveness by Integration of Financial Business

The integration of financial business enables enterprises to realize a new operation mode based on logistics, information flow as the core, and business flow as the main body. Network transactions have replaced traditional information transmission and product trade, making almost all trade processes available online. Enterprises can establish websites on the Internet, publish supply and demand information, conduct network negotiations, order, and trade, or provide product descriptions and after-sales services to customers, which greatly improves the efficiency and competitiveness of enterprises. After the company has realized the integration of financial business, it has demonstrated greater competitiveness than ever before in the process of integrating and organizing various activities, and great changes have occurred in its operations and competitiveness. First, the company's business management concepts have been comprehensively updated and improved, the quality of employees has been continuously improved, and the competitiveness of the company has been continuously strengthened. Second, the modern management information platform gradually standardizes business processes based on process management, makes management information transparent, and improves the effectiveness of management control. Third, the integration of financial business has changed the way of business processing and management, and promoted changes and innovation in corporate management. Fourth, the integration of financial business has promoted the strengthening of the basic work of the enterprise, achieved a high degree of integration and sharing of information, and changed the situation of "information islands" in the past. Fifth, the optimization of business processes, the integration of financial operations and changes in information transmission methods have greatly improved the efficiency of business and management work, and the contradiction between management control and efficiency has been improved. Accounting information is automatically generated at the same time as business processing, enabling business and finance Organic connection. Sixth, the company's decision-making support capabilities and sustainable development capabilities have been enhanced, providing managers, especially middle and senior management personnel, with multi-angle query, statistics and analysis functions and means.