Customer overview
Chow Tai Fook Jewellery Group Limited (the “Group”; SEHK stock code: 1929) was listed on the Main Board of The Stock Exchange of Hong Kong in December 2011. Founded in 1929, the Group’s iconic brand “CHOW TAI FOOK” is widely recognized for its trustworthiness and authenticity, and is renowned for its product design, quality and value. A long-standing commitment to innovation, craftsmanship and heritage has contributed to the Group’s success, along with that of its iconic brand. After the first flagship store was open in Taobao & Tmall in 2010, the Group officially launched its own online flagship store on October 1, 2011, and set up “branches” on multiple e-commerce platforms such as Jingdong, Dangdang, and Amazon, etc. From 2013 to 2016, the Group had won the first place in sales of jewelry in Taobao & Tmall Double Eleven Shopping Festival for 4 consecutive years, and the turnover on the day had increased from RMB22.39 million to over RMB100 million.
Business Challenges
As the business grows and the firm size continues to expand, along with the challenges from increasingly standardized and informationalized external regulatory on taxation, the Group, as one of the first batch of the Thousand Large Groups in China, hopes to achieve information management on taxation, improve processing efficiency and accuracy of the tax-related matters and reduce the taxation risks.
Solutions
Kingdee EAS system provides a management platform for the Group to realize information management on taxation, with industry-finance-tax integration (including life cycle management on invoice, automatic calculation on multiple taxes and risk management) and tax sharing feature to better respond to internal and external changes on tax affairs.
Featured with One-key Invoicing, Certification Available for Online Download and Full Life-cycle Management on Invoices
The system manages the entire life-cycle of invoices, including industry-finance-taxation integration, invoicing through EAS receivables, one-key invoicing that is enabled in batch by the receivables after one-time settings, written system where the invoice data is reversed in time, various invoice adjustments and its subsequent processing. With invoices directly connected, the third of CTAIS and electronic account database, the system can generate receipts for physical objects, taxes and bills, transmit authentication and reverse authentication results, specify tax periods and designate purposes and other features, so as to provide data support for the subsequent one-key tax calculation.
Automatic One-key Calculation on Multiple Taxation
The system can be flexibly configured for different taxes according to the order of ledger-draft-declaration. It means that after the business process is comprehensively normalized, a tax ledger is formed on the tax module of EAS. And then, through settings and adjustments, a calculated working draft is generated to produce a tax declaration form required by the tax bureau. After the successful configuration, the features, such as one-key calculation on tax, voucher generation, etc. are available. After connecting with the declaration interface of the tax authority, the one-key tax declaration feature of the system is available. The tax calculations, accounting vouchers and financial statements that originally required manual operations can be processed by the system, fully monitoring financial management, risk management, and internal control management of the enterprise group.
It achieves tax data sharing and processes tax matters in a more centralized and efficient manner.
The tax sharing feature clearly defines and implements tax functions at all levels to improve the processing efficiency. The Group centralizes the tax declaration and tax calculation of the subordinate companies to its tax-sharing center for batch processing. The subordinate companies are only responsible for issuing invoices and daily communication with local tax authorities. In the tax sharing center, tax matters are shared in a more centralized and efficient manner by setting up approval processes and freely switching the subject of declaration.
In this case, the system deeply excavates and manages the tax-related data to reduce taxation risks for the enterprise group.
Moreover, data sharing assists customers to evaluate or analyze the tax performances and tax data, and makes the tax status of the subordinate companies more transparent at the group level. For all related independent legal persons or branch companies, it will be easier to collect and display their basic tax data, taxation status and related information of tax authority for effective regulation. Meanwhile, the tax sharing feature is configured with the verification rules that are set in accordance with the verification logic of the working paper. The tax report is generated after successful automatic verification. Risk management on multiple taxes further protects the data system and data reporting of the customer.
Value of Customer
Kingdee EAS system directly improves work efficiency. Much practical work (such as invoice management, report generation, etc.) with a heavy workload and high repetition can be accelerated and those inefficiency and time-consuming manual operations can be avoided. With standard procedures and templates, tax data processed in a unified and centralized manner and specialized tax sharing feature, the system effectively reduces the errors and omissions that occur in the decentralized management manner. Also, the system is designed with standard calculation formulas and logics and has been verified by experts. It has been able to automatically calculate, review and supervise in accordance with the standards as required by the tax bureau, greatly improving the accuracy of tax calculation. Finally, the system also assists in improving the internal management of the enterprise and preventing the taxation risks.