FPT CFS is a comprehensive solution for consolidated financial statements and accounting close, which helps to standardize and automate consolidated financial reports based on accounting standards, accuracy, stability and easy checking.
The seminar “Technology application in Deploying Consolidated Financial Statements: Practices & Solutions” organized by FPT Smart Cloud (FCI) took place at Pullman Saigon Center Hotel (District 1, Ho Chi Minh City) on the afternoon of June 23. The conference updates the latest technology solutions for setting up financial statements and points out the notes to avoid errors in the reporting process…
Technology pioneering in data management
Millions of data are daily generated in the digital age. Data is the basis for enterprises to develop and predict the business situation, which helps to improve operations and create competition.
From the viewpoint of Mr. Nguyen The Phuong – Deputy General Director of FPT, the corporation has built the culture of data governance very early, including an internal management reporting system to serve the administration. Due to the breakthrough development of the information technology industry and the mergence of new technologies such as Cloud, Big Data and AI, FPT has successfully upgraded its data management operations in recent years.
“FPT owns a data governance system to centralize all data from finance, human resources, production, sales… Based on that system, we have developed the reporting systems to analyze data, enhance decision-making, and shorten reporting time”, Mr. Phuong shared
FPT CFs supplies businesses with a comprehensive financial statement consolidation solution, which is automated up to 99% of the process, shortening the time to set up and publish separate and consolidated reports in companies by 60%, together with ensuring 100% transparency.
Nearly 100% support in creating financial statements
According to Mr. Hoang Huu Chien – Chief Accountant of FPT Corporation, CFS integrates a wide variety of data sources, allowing the process of all consolidation transactions from the lowest to the highest level (from internal to corporation). Additionally, CFS also recognizes internal transactions, internal balances and capital investments at all levels so that accountants can handle, capture and resolve all outstanding internal issues.
“CFS supports almost 100% in automatic financial statements. Accountants are only in charge of entering the accurate data, then the system will check and compare automatically, and any unmatched transactions will be returned for revision. Following that, the system will begin to perform other steps and procedures to make reports, minimize the checking and reviewing time for the chief accountant and financial director”, Mr. Chien said.
In addition to its superior features, CFS also offers many leading functions, naming the ability to support automatic currency conversion of financial statements to Vietnamese Dong; the permission of unlimited business levels report and business mergers and acquisitions along with the difference calculation when liquidating subsidiaries…
To be more specific on this problem, Mr. Chien explained: “When liquidating a subsidiary, CFS will calculate the difference based on the value and profit recorded at the headquarters with the net asset value of the unit or capital sold. After that, the system will record the differences in order to give a specific number and automatically insert it into the consolidated financial statements.”
Talking about the security of customer information and data when deploying CFS on Cloud, Mr. Le Hong Viet – General Director of FPT Smart Cloud affirmed: “FPT, FCI or CFS will have no involvement in customer data management. Personal data is often considered as name, date of birth, contact information… However, instead of exploiting all detailed information, CFS only needs the enterprise’s tax identification number, contract/ invoice number or business registration number.”
Human resources optimization, individual dependency reduction
FPT Retail is an enterprise implementing the FPT CFS solution. Mr. Pham Duy Hoang Nam – FPT Retail Finance Director said that when deciding to bring the solution into the busines, the biggest challenge is that with such huge data source at FRT, whether the solution is effective or not and when integrated, it will face the dragging of both the accounting system and the sales or other systems to serve the presentation on CFS.
“CFS has enhanced its capabilities, the quality of released reports is always good. Previously, at least 3 people worked continuously every time we closed the accounting book, but currently, we just need 1 employee. Not only optimizing resources but most importantly, the whole system is also automatic without the dependence on any individuals and without any delay in information”, said Mr. Nam.
With a view to successfully deploy in the business, the retraining of human resources to take over the system is necessary. Starting over with the first lessons from accounting equality, recording principles, training in preparing financial statements based on principles… is one of the basic steps to implement CFS.
Mr. Le Hong Viet concluded: “To succeed in applying data to businesses, firstly, you should know where you are and where you are going in data management. FCI will accompany businesses to deploy the most lean data platform, helping to optimize governance and finance.”