In this Issue:
- Why it is Essential for Technology to Power Your Company’s Accounting
- Digital Expense Management in China: How Big a Deal is it?
- Leveraging Technology to Improve HR and Payroll Management
- Managing the Challenges in Back Office Automation: An IT Perspective
Most businesses with experience in China are accustomed to the complex, paper-intensive, and laborious manual procedures required to execute back office functions like accounting, human resources (HR), and payroll. New technology solutions are changing this experience in many regards.
While its regulatory environment remains complex, China has leapfrogged other countries by rapidly digitalizing its financial, tax, and HR compliance procedures. This is enabling companies based in China to transition to far more productive and effective ways of administering their back office functions.
Multiple technology solutions now exist, deployed via the software as a service (SaaS) approach or other cloud-based approach, to streamline core business functions in a secure and cost-effective manner. This results in greater operations savings through efficient allocation of work hours, accurate accounting through real-time capture of information and computerized calculation, system integration with compliance/reporting mechanisms, and more optimal (rather than one-time) use of company data. Further, technology solutions enable companies to be more agile and function through remote-based management under COVID-19.
In this special issue of China Briefing, we examine how business leaders can get the most from simple, cost-effective solutions. We first explore how technology-powered tools can empower your business accounting process. Next, we discuss the benefits of digital expense management solutions that are suited to China’s peculiar invoice compliance environment.
We then present the case for how today’s customizable HR and payroll apps better enable human capital management. Lastly, we analyze some particular considerations for the optimal application of wider IT solutions in China which Chief Information Officers or Chief Technology Officers should pay particular attention to.