The construction of the Golden Tax Phase IV has initiated the path toward the digitalization of tax administration, advancing the goal of building smart taxation. This effort has seen the continuous promotion of the use of electronic invoices, with all 36 provinces, autonomous regions, and municipalities nationwide becoming pilot areas for issuing electronic invoices and issuing the "Guidelines for Direct Connection Services for Enterprises," further deepening the digital invoice reform. This presents both opportunities and challenges for enterprises in their digital transformation.

Electronic invoices change the traditional form of invoice management, making it possible to manage invoices online and achieve fully automated, paperless accounting and settlement, significantly improving financial processing efficiency. However, the changes brought by electronic invoices go beyond the mode of invoicing; they represent a shift in fiscal and tax management and data application. So, what impact does the era of data-driven taxation bring to enterprises?

From tax control by invoices to data-driven taxation, tax authorities have achieved the collection, integration, and sharing of tax-related data. However, enterprises still face significant risks due to outdated tax management concepts and a lack of effective risk control measures, compelling them to accelerate their fiscal and tax digital transformation to achieve compliant operations. Here, Baiwang Cloud Research Institute offers some suggestions for enterprises:

Suggestion 1: Enterprises should focus on digital management of the entire transaction process, centralize financial data control, and build a platform for integrated fiscal and tax capabilities.

By centrally managing input and output invoices, enterprises can build a digital invoice center, achieving intelligent tax, document, and fiscal management. Digital invoices carry transaction information in a structured manner, facilitating better industrial collaboration and external enablement along the supply chain.

Baiwang Cloud leverages digital invoices as an entry point, providing valuable one-stop fiscal and tax digital solutions to enterprises, including electronic invoice compliance management, intelligent fiscal and tax management, smart supply chain collaboration, digital precision marketing, and intelligent risk control. These solutions cover the entire digital transaction process, empowering enterprises to grow their business and achieve digital transformation.

Suggestion 2: Shift from passive risk response to proactive unified risk control, transitioning from tax compliance to business compliance, and building group centralized control capabilities.

Traditional enterprise tax risk management is often lagging. Under the dual rapid response mechanism of the Golden Tax Phase IV, enterprises need to prioritize fiscal and tax risk compliance. Risk control should be integrated not only at the tax personnel's document review stage but also at the invoicing and receipt stages. Since it is challenging to expect each tax personnel to judge risks based solely on an invoice, automated and intelligent capabilities must be introduced in the process.

Moreover, in the context of digital invoices, any risk can affect the enterprise's invoicing status. Therefore, enterprises should focus not only on internal risk management but also fully consider the risks of upstream suppliers and downstream customers, transitioning from traditional tax compliance to business compliance.

Baiwang Cloud has built a one-stop tax risk closed-loop management platform. Utilizing internal and external data, and with enterprise authorization, the platform establishes index models, updates dynamic indicators, provides risk warnings, and suggests risk responses based on invoice data, declaration data, and industry big data. It uses visual methods to present multidimensional analyses of group and enterprise risk profiles, helping enterprises grasp the overall risk situation and enhance their tax informatization level.

Suggestion 3: Seize the opportunity of digital invoices to continuously optimize FSSC processes.

The digital transformation of traditional financial shared service center (FSSC) processes is another impact brought by digital invoices. Automated document generation will replace manual entry, point-and-click document generation will become a reality, and the application of structured data will replace traditional scanning. Automated digital document management will significantly reduce labor, making some FSSC nodes unnecessary. Enterprises need to upgrade FSSC processes.

Baiwang Cloud’s integrated expense management solution, based on digital invoices, aims for compliant enterprise expense management. It covers the entire digital expense management process, including applications, reservations, reimbursements, payments, accounting, report analysis, and budget management. This solution standardizes expense management, facilitates convenient reimbursements, controls costs, and visualizes data, helping enterprises reduce costs, increase efficiency, improve compliance, and promote business-finance integration and digital transformation.

Suggestion 4: Based on the digital invoice center, build an intelligent tax management system for group control.

Given the complexity of tax filing for large enterprises with diverse operations, manual calculation errors often lead to incorrect tax filing data. How can enterprises mitigate the tax risks brought by manual filing? How should they manage overall tax affairs? Clearly, under the data-driven tax control model, automated tax filing management, quick and accurate tax calculation, and intelligent tax calculation are imperative.

Baiwang Cloud's tax filing product solution covers the entire business process management from data aggregation, tax ledger, automated tax form generation, approval interfacing, to one-click filing and payment, improving the efficiency of tax filing and adopting flexible data interfaces to link internal systems, integrating business, finance, and tax, eliminating information silos, analyzing tax data, assisting in business management decisions, and enhancing tax compliance and risk control capabilities.

- Intelligent Data Collection and Verification: Automatically collects and forms enterprise data ledgers after acquiring declaration data, reducing manual operation workload.

- Automatic Check of Account and Form Data: Connects to accounting data through the fiscal and tax data platform, automatically verifying account and form data before filing to ensure accuracy.

- Batch Filing and Online Payment**: Automatically retrieves data, verifies, and generates various tax returns for group units at all levels. Batch filing and payment feedback enhance filing efficiency and reduce error rates.

- Real-time Filing Monitoring and Warning: Monitors the filing status of group units at all levels in real-time, understanding their progress and notifying relevant personnel.

Forecasting and Coordinating Taxes

By setting target tax burdens and performing reverse calculations, enterprises can plan their output and input taxes to achieve comprehensive tax management and coordination goals. As a provider of comprehensive enterprise digital solutions, Baiwang Cloud builds an online, automated, and intelligent business social network for users, offering digital fiscal and tax solutions and data-driven intelligent products. In addition to assisting enterprises with their needs for digital invoices and enterprise upgrades, Baiwang Cloud meets the requirements for comprehensive digital upgrades, supporting long-term business development.