Production and research and development of roll grinding machines
One of the earliest domestic enterprises to develop and manufacture roll grinding machines.
One of the earliest domestic enterprises to develop and manufacture roll grinding machines.
Improving Internal Control Management Systems to Promote the Orderly Development of Enterprises—A Report on the “Invoice Management” Pre-IPO Preparations of Guiyang Xianfeng Machine Tool Co., Ltd.
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2023-10-20
Starting from April 2022, Guiyang Xianfeng Machine Tool Co., Ltd. (hereinafter referred to as “Guiyang Xianfeng”) officially launched its listing preparation work. Currently, Guiyang Xianfeng is in the pre-listing shareholding reform stage. The company’s internal control management standards are challenging and complex, requiring meticulous attention to detail. All staff members of Guiyang Xianfeng are working closely together, coordinating efforts at all levels, pooling their wisdom and strength, and tackling each emerging challenge one by one.
Previously, Guiyang Xianfeng Machine Tool had weak awareness of invoice management, often encountering issues such as irregular collection and poor timeliness when financial staff received invoices. This resulted in an incomplete invoice circulation process, unclear management responsibilities, and difficulty in conducting systematic invoice checks. To improve the use and management of sales invoices and purchase (including service) invoices at Guiyang Xianfeng, maintain financial and accounting discipline, and in accordance with relevant regulations such as the "Administrative Measures for Tax Collection of the People's Republic of China" and the "Administrative Measures for Invoices of the People's Republic of China," combined with the actual situation of Guiyang Xianfeng, the Asset and Finance Department of Guiyang Xianfeng, together with relevant departments, has jointly formulated the "Detailed Implementation Rules for Invoice Management of Guiyang Xianfeng Machine Tool Co., Ltd."
This set of detailed rules is divided into six chapters, starting with general provisions and covering aspects such as division of responsibilities and management of sales invoices. Detailed explanations are provided for the management of purchase invoices (including services), invoice inspection, archive management, and supplementary provisions. New detailed rules for invoice management. The responsibilities of relevant departments have been clearly defined, and the invoice collection process and important considerations have been explained in detail, ensuring that the entire invoice management process is conducted according to established procedures. The issuance of the "Implementation Rules for Invoice Management of Guiyang Xianfeng Machine Tool Co., Ltd." has not only gradually improved Guiyang Xianfeng's financial management mechanism but also enhanced all cadres and employees' awareness of the importance of invoices.
An invoice is a receipt issued or received by enterprises or individuals when purchasing or selling goods, providing or receiving services, or engaging in related business activities. It serves as an important commercial document throughout the production and exchange of goods, and also functions as the primary voucher for accounting purposes. As China’s socio-economic system continues to improve and commodity circulation and trade grow stronger, invoices play an irreplaceable role in standardizing enterprises’ orderly operations, maintaining market economic order, and strengthening financial supervision and management within enterprises.
As the primary voucher for accounting records, the invoice serves as the foundation of a company’s accounting work. It not only helps companies accurately verify their business performance and promote healthy, orderly development, but also enables companies to effectively manage their production and operational activities, thereby fostering a fair and orderly market environment. Currently, Guiyang Xianfeng is in a critical phase of pre-IPO shareholding reform. All cadres and employees are promptly carrying out their work in accordance with the detailed regulations for invoices, thereby comprehensively standardizing internal control management and accelerating Guiyang Xianfeng’s achievement of its IPO goal.
Source | Marketing Center
Editor of this edition｜Chen Yiting
Editor-in-charge: Xia Tailian, Jiang Yifan
Final Review | Wu Suping
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