MNCs are famous for their unified and perfect regulatory policies. The finance module of ERP system of MNCs in China mostly complies with global standard, and is designed and implemented in accordance with IFRS Conversion, US GAAP or other non-China accounting principles, which needs Localization software.
According to financial and taxation policies of China government, foreign invested companies operating in China mainland must adopt PRC GAAP for financial management. Only accounting software meet certain conditions can it be accepted by local financial and taxation authorities in China.
In China, many multinational companies follow global ERP(IFRS conversion/US GAAP usually)/accounting software to record business of branch institutions in China so as to facilitate global business, report management and system maintenance. However, this is very difficult for MNCs in China to satisfy requirements of PRC GAAP.
Traditionally, Setting of different accounting principles generates various financial and taxation compliance problems for MNCs in China. On the one hand, multinational companies must strictly abide by regulations of the group and comply with global unified accounting principles; on the other hand, if multinational companies strive to pursue further development, they must meet accounting principle requirements with Chinese characteristics.
Localization Software --Finance PLUS GL helps you overcome the differences between US GAAP/ IFRS and PRC GAAP and apply Approval Certificate from the local financial bureau.
Through using data in ERP system, daily reliable local accounting reports can be directly generated from global ERP systems after optimized handling in Hitpoint system in accordance with business switch rules. All Chinese statutory reports, vouchers and accounting books meeting needs of taxation, auditing and internal management can be produced. Meanwhile, with GB/T19581-2004 electric data documents generated by Localization Software, Hitpoint can smoothly obtain computerized accounting certificates from Finance Bureau.
Hitpoint Localization Software --Finance PLUS provides multinational companies in China with premium user experience and best local practice, enabling companies not only to have no worry in compliance, but also to be able to obtain unified and reliable local account platform.