On November 12, 2019, EasyFinance (Shanghai EasyFinance Enterprise Management Consulting Co., Ltd.) held its 10th Annual Financial Management Summit and 15th Anniversary Forum, themed “Leading the Future, Advancing with Financial Insight,” in Shanghai. At the event, EasyFinance and the Institute of Management Accountants (IMA) jointly released Cost Control for Future Competitiveness — 2019 Management Accounting Research Report. The forum also presented an updated management accounting curriculum and examples of enterprise-level practice.
EasyFinance “Leading the Future · Finance and Intelligence First” Summit
Joint Research Focuses on Cost Management
With growing competitive pressure and rising operating costs, improving cost structures and resource productivity has become an important management accounting priority. The EasyFinance–IMA research initiative focused on cost control and explored how management accounting can provide more useful support to operating decisions and profitability.
In a presentation on cost control, EasyFinance partner and instructor Wang Junqing argued that price competition ultimately places pressure on cost competitiveness. He discussed the need for more refined cost management, including the allocation of labor costs and a deeper understanding of the activities that generate costs.
Marshall Ma: Making Business Activities Measurable
In his opening remarks, EasyFinance founder and general manager Marshall Ma emphasized the transition from loosely structured, experience-driven management toward clearly defined systems, processes and performance mechanisms. He called for introducing a “digital mindset” into business operations: making activities measurable and visible so that enterprises can evaluate the value created by each activity and strengthen management and incentives.
Professor Xu Dingbo of China Europe International Business School discussed risk management and the importance of accommodating diverse views in strategic decisions. IMA Global Board member Liv A. Watson addressed the digital transformation of business reporting and the evolving role of management accountants in the Fourth Industrial Revolution.
Professor Xu Dingbo
Liu Xianna, then Vice President of Finance at Beisen Cloud Computing, shared management accounting practices in internet-based business models. Xu Wei, General Manager of Fosun’s Financial Shared Services Center, discussed finance shared services in support of group transformation. EasyFinance instructor Wang Xiaobo examined operating leverage and cash flow, highlighting how fixed-cost exposure can amplify the impact of revenue fluctuations on profit.
Five Enterprises Recognized for Management Accounting Practice
The forum recognized COSCO SHIPPING Logistics, Tiansheng New Materials, Ximate Electric, Xingyu Automotive Lighting Systems and the Shanghai Electric Group Education Center with EasyFinance’s 2019 Management Accounting Best Practice Awards. Their initiatives spanned organizational management, group control, budgeting, internal control, process improvements and finance talent development.
EasyFinance partner enterprises receiving the Management Accounting Best Practice Award
EasyFinance and Xingyu Automotive Lighting Systems had collaborated for eight years, beginning with information systems and internal control and extending refined management practices to R&D, production, procurement, sales, performance assessment and team development. According to the results presented at the forum, Xingyu achieved cumulative cost reductions of RMB 680 million during 2016–2018.
In 2019, COSCO SHIPPING Logistics and EasyFinance launched an initiative focused on management accounting and enterprise value creation. Tiansheng New Materials pursued finance-business integration and group coordination. Ximate Electric strengthened budgeting, management reporting and internal controls. The Shanghai Electric Group Education Center worked with EasyFinance on a series of internal financial management training programs.
Connecting Research, Education and Enterprise Practice
EasyFinance partner and instructor Guo Dagang and Song Yang, product lead at the EasyFinance Management Accounting Research Institute, introduced the 2020 curriculum framework at the forum. It combined financial, business and management perspectives with management accounting, financial accounting, decision influence and commercial insight capabilities.
Marking EasyFinance’s 15th anniversary, the forum brought together professional research, finance education and concrete enterprise applications. The joint report with IMA and the recognition of management accounting practices provided a platform for enterprises to exchange approaches to cost management and value creation.
Easy Finance has supported management accounting, strategic finance and enterprise AI capability building since 2004.
Learn more: www.easyfinance.com.cn/en