Customer Profile

Industry: Energy

Company Name: China National Petroleum Corporation [Stock Code: 601857] (hereinafter referred to as PetroChina)

Company Introduction: PetroChina is a wholly state-owned company and a comprehensive international energy company, integrating production, refining, transportation, marketing, storage and trade. In 2019, it ranked third among the world's 50 major oil companies and fourth among the Fortune Global 500.

Baiwang Products Application: through the cooperation with us, PetroChina realizes the integration of the input module and the reimbursement system, provides the input channel of the tax end system externally, internally obtains the VAT general invoices information and full invoices information of the reimbursement system’s invoices pool, and realizes the life cycle invoices management.

Customer Pain Points

Low efficiency of input invoice validation and verification;

The system is not linked, so it is difficult to deduct verification;

It is difficult to obtain and manage input invoice data;

The group has thousands of tax numbers, so it is difficult to make centralized tax declaration.

Solutions

PetroChina has been continuously promoting the construction of finance informatization for a long time, and has established a set of advanced and effective centralized finance operation mode, so as to cope with the impact of digitalization, meet the various personalized business needs, promote management transformation and deepen the group company reform.

Realize external and internal efficient management through the system integration of the sharing service platform :

Provide the input channel of the tax end system externally, and provide services such as obtaining VAT special invoices information, checking and confirming VAT special invoices for PetroChina units’ thousands of authorized tax numbers;

Internally obtain the VAT general invoices information and full invoices information of the reimbursement system’s invoice pool.

The input management module is used to solve the problems of cumbersome input development management, high management risk and trivial input deduction:

Support the connection with the electronic original account warehouse. Checking the authenticity and duplicate of the received input invoices in a real-time and timely manner, and automatically check and certificate VAT special invoices;

Automatically classify and manage invoices that have been verified, have not been verified, and have expired verification;

The group can automatically summarize and centrally manage the input invoices of each subsidiary company.

Realize tax data synchronization through the tax declaration system:

Use online tools such as system taxable judgment, data relationship definition and data screening to automatically calculate the payable tax and check the declaration data efficiently and accurately;

The tax returns required by the tax authorities are generated online, which is seamlessly connected with the Golden Tax Phase III tax system to complete automated declaration;

Meet the compliance requirements of the tax bureau for large enterprises’ VAT declaration, and optimize PetroChina’s tax declaration management process.

Value Highlights

Implement the system and prevent risks: promote the implementation of enterprise tax management system by means of informatization, clarify job responsibilities, standardize audit and approval, and strengthen tax risk prevention.

Sharing data improves efficiency: establish efficient data exchange channels through seamless integration with various business systems data to realize data sharing, eliminate data islands, improve automation level, reduce manual operations and human errors, improve work efficiency and reduce tax costs.

Unified standard and centralized management: design unified and standardized tax related work management methods, tax accounting audit standards and tax base calculation rule base, ensure that all branches are consistent in the accounting standard and workflow of tax related work, improve the quality and compliance of tax information, and improve the overall level of tax related work.

Information manage taxes and intelligent regulation: centralized and transparent data makes it possible for data analysis and application. The intelligent analysis provides decision support for managers to complete tax planning, formulation, deployment and implementation of tax strategies.

Customer Testimony

According to the group enterprise’s arrangement and deployment, with the goal of building a world-class intelligent finance sharing service system, PetroChina has cooperated with us in depth, successfully completed all the tasks undertaken, and the group's finance sharing service system has reached a new level.

As a long-term strategic partner of PetroChina’s finance informatization, our project team members work overtime to participate in the project, and work hard in solution discussion, online support and emergency handling, and provide a strong guarantee for the sharing construction. We look forward to working together for common development and shared achievements in the future.