Accounting Solutions Provider Yuannian Completes Its Strategtic Financing
COVID-19 and China
Accountant near laptop. Image credit: Helloquence/Unsplash

Management accounting professional services and information products provider Yuannian (元年科技)announced the completion of the strategic financing (amount undisclosed) on October 18, jointly led by BOC International (中银国际) and Bohai Industrial Fund (渤海产业基金). This new fundraising will be invested in the digital transformation and the R&D of operation of its products. 

In recent years, with the advancement of the financial transformation process of Chinese enterprises, the demand for the construction of financial shared service centers has become increasingly urgent. Based on the understanding of the financial and business systems of Chinese companies, Yuannian proposed a new concept of using management accounting to guide financial sharing platform, and use financial management to support management accounting. The differences between management accounting and financial accounting include: Management accounting provides forecast and variance analysis to people within the organization while financial accounting is mainly recording the historical data for shareholders and it's required by law. 

Based on this concept, it helps enterprises to build a new management accounting and financial sharing system. To link the business to the financial sharing field and gradually gain wide recognition among Chinese companies. This made the Yuannian successfully expanded and entered the financial sharing market, forming the two core business support of financial sharing and management accounting.

With the rapid development of emerging technologies such as big data, artificial intelligence, and cloud technology, digitalization has quietly replaced informatization and has become the development direction of enterprise information systems. With the digitalization process of enterprises, the concept of the Industrial Internet become more and more famous. It attracts the continuous influx of corporate giants.

Taking BAT as an example, in the past year, it has completed a large number of layouts into the Industrial Internet:

In September 2018, Tencent announced the adjustment of its organizational structure, the strengthening of the Corporate Development Group (CDG), and the establishment of the Cloud and Smart Industry Group (CSIG), which blew the horn of the Internet into the IoT. Alibaba mentioned "new manufacturing" and hopes to use big data, cloud computing, and the IoT to transform China's traditional manufacturing industry and connect it with the Internet to realize smart manufacturing; At the Wuzhen Internet Conference in November 2018, Baidu announced the layout of emerging technologies such as 5G, AI and cloud computing, and has completed the full card position in the enterprise market.

Enterprise-level services have entered the core of the industry. And financial software, this once small sub-area of ​​professional software, because of mastering a large number of core data of enterprises, it is extremely dazzling.

Conceptually, the industrial Internet is all commercial activities that reconstruct the industrial value chain and create new value through the Internet, and enterprise digitalization is the driving force for its development. So, what is the basis of enterprise digitalization? Or data, not only big data but more importantly, the business and financial data of the company.

Intelligent Finance is mainly represented by intelligent management systems with data discovery, intelligent decision-making and intelligent actions as the core, which can help the decision-making layer to make intelligent judgment, strategy generation, and strategy selection. In the future, Yuannian will further deepen the technology and professionalism, and more widely apply the underlying technology of artificial intelligence such as speech recognition, invoice image recognition and natural language interaction engine to the financial field, and continuously optimize its financial sharing, procurement sharing, tax sharing, and business travel. The product platform is shared to help enterprises build an intelligent sharing platform with deep integration of fiscal and taxation, and form a more flexible and powerful business support platform for enterprise business transaction layer.

Han Xiangdong (韩向东), president of Yuannian, said: At present, the tide of digital transformation is unstoppable, and it is impacting the traditional information system of enterprises in an all-round way. More extensive and real-world data, more real-time responsiveness and deeper insights have become the main needs of enterprises in the digital age, which are difficult to achieve under the traditional IT architecture of enterprises. Based on intelligent technology, a new generation enterprise IT management system will lead and accelerate the digital transformation of enterprises.

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