Customer Profile

Industry: Internet

Company Name: Xiaomi Technology Co., Ltd. (hereinafter referred to as Xiaomi Technology)

Company Introduction: Xiaomi, an Internet company with mobile phones, intelligent hardware and IoT platform as its core, has an annual revenue of more than 100 billion yuan, and its business covers more than 80 countries and regions around the world.

Baiwang Products Application: we have provided Xiaomi with invoice digitalization services and the services are fully applied in many business forms and scenarios, such as Xiaomi Store, Xiaomi Youpin, Xiaomi Factoring, Xiaomi Communication Technology, and covers multiple types of invoices, such as VAT special invoices and VAT general invoices (paper invoices, general e-invoices, volume invoices).

Customer Pain Points

Xiaomi has many sub brands, and the business scope and application scenarios are complex.

Xiaomi has many upstream and downstream suppliers, so the demand for automation and intelligence of invoices circulation is very urgent.

Xiaomi has many import and export businesses, involving the declaration and deduction of overseas businesses, and the export tax rebate section. It is hoped that the invoices verification and deduction can be carried out in a timely manner.

Solutions

Baiwang provides Xiaomi with all-round and integrated intelligent invoice management services covering input invoice management system, output invoice management system and image system. It makes Xiaomi comfortable in both external transactions with suppliers and internal finance management.

Integration of paper invoices and e-invoices improves the centralized management efficiency

According to Xiaomi’s business characteristics, we provide it an integrated solution of paper invoices and e-invoices, which can successfully issue multiple types of invoices, such as VAT special invoices and VAT general invoices (paper invoices, general e-invoices and volume invoices). Through the centralized output invoices management, the independent invoicing of each section can be realized, and the headquarters can timely master the invoicing information, so that the invoice flow is clearer and the data management is more compliant.

Image Recognition and APP Reimbursement are Convenient and Easy

Manual invoice comparison is a very time-consuming and inefficient thing. Through the Baiwang input invoice management system, it can realize batch scanning and batch validation of invoices, and improve the input invoices processing efficiency.

In order to improve employees’ reimbursement experience, Baiwang also empowers the Xiaomi APP. Employees only need to scan and take photos with the mobile APP and the system can automatically collect and verify invoice information, strengthening invoice compliance management from the source. The invoices that pass the validation can automatically enter the finance invoice pool, accelerating the finance reimbursement. The system is connected to improve the transaction efficiency of suppliers, enter the finance invoice pool, and accelerate the finance reimbursement.

System Connection Improves Supplier Transaction Efficiency

Xiaomi involves many links such as invoice validation and checking verification deduction when dealing with suppliers. Through system connection, it can realize the connection of business, finance and invoices process. The data is online throughout the whole process, and can be inspected and traced. This improves the efficiency and reduces the tax risk at the same time.

Timely Deduction of Import and Export Invoices

Xiaomi has frequent import and export transactions. According to the State Administration of Taxation that since February 1st, 2020, VAT general taxpayers who need to declare deduction or export tax refund after obtaining the VAT special payment document ("Customs Payment Document") from the customs, need to deal with it in accordance with the relevant requirements. We provide Xiaomi with the customs payment document service, which successfully guarantees the timely verification and deduction of Xiaomi's import and export related invoices.

Value Highlights

Full Invoice Types Supported: We support Xiaomi to successfully issue and comprehensively manage multiple invoice types, such as VAT special invoices and VAT general invoices (paper invoices, general e-invoices, volume invoices)

Efficient: image service can realize batch invoice processing and improve management efficiency

Compliant: achieve compliance collection and validation of invoice information from the source, eliminate non-conforming invoices, and reduce tax related risks

Diversified: Xiaomi has a complex business chain, involving many suppliers and import and export businesses. We empower Xiaomi technologies to meet its diversified scenarios needs

Customer Testimony

Through the localized deployment of the output invoice management system, the input invoice management system and the image system, we have helped Xiaomi achieve the life cycle digital invoices management integrating invoice validation, OCR identification and verification, input deduction and paper invoices and e-invoices integration. While improving the tax compliance ability, Xiaomi has also made further progress towards intelligent finance and taxation management.