Baling Petrochemical's new model of financial integration becomes a new engine for corporate efficiency

Sinopec News.
com recently learned from Baling Petrochemical’s financial assets department that the company has become a “new engine” for corporate efficiency by continuing to deepen the integration of industry and finance, creating a new model of operating and financial management and control
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Beginning in April last year, Baling Petrochemical launched the financial transformation work in accordance with the requirements of the group company and the refining and chemical sector to promote financial transformation, combined with Baling Petrochemical’s "two three years, two ten years" strategic action plan and financial management practice.

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Transformation adheres to the principles of “value guidance, integration of industry and finance, overall planning, active and stable”, solidly promotes the transformation of financial control mode, function transformation, personnel transformation and digital transformation, and builds a new model of operation and financial control

With the joint collaboration of various departments, Baling Petrochemical will rebuild business process standards in 2020, establish a multi-level value management echelon, initially form a new management accounting system, and achieve remarkable results
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It took only 8 months to complete the company's integrated reorganization efficiently and at low cost

"This year, centering on the development goal of'creating a new Baling and striving to be the vanguard', we will steadily promote financial transformation and build a management accounting system with rooted business and mature capabilities
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" According to the person in charge of the financial assets department of Baling Petrochemical, they said The company's key work arrangements for 2021, based on the company's benefits and asset status after the company's reorganization, have established a "3+3+1" project team to fully penetrate the business side and maximize the company's benefits

The company continues to deepen the digital transformation of finance, establishes a systemic deepening application action plan, further promotes the transformation of financial functions, and changes the traditional "Mr.
Accountant" thinking from "managing digital" to "managing business"
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On the one hand, focus on the analysis of business outsourcing, logistics costs, and 12 key expenses of the agency, play a leading role in financial value, and coordinate with business departments to find management optimization space to increase the value of expenses; on the other hand, use financial data to reflect the essence of business.

"At present, the integration of financial positions in all units of the company is progressing smoothly.
After the establishment of the '3+3+1' project team, the effect of creating benefits is more prominent
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" The person in charge of the company's financial assets department introduced

　　At the same time, promote the coordinated accounting of the industrial chain, take the maximization of the benefit of the industrial chain as the basic principle, arrange the financial and economic analysis on the production site, tap the shining points of the production and operation of the industrial chain, and increase the enthusiasm for tackling difficulties and creating benefits
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　　The three professional groups are keeping an eye on market changes and urging business departments to promptly push prices for self-selling products.
Under the premise that the price of bisphenol A continues to rise to a record high, the resin product chain has adjusted prices 68 times and doubled the price of resin products.
Rising, operating profitability is outstanding
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For the unified sales of products, the financial department unites the sales department and researches the price promotion mechanism with the sales company to ensure the effectiveness of the rubber product chain

　　(Xu Liangliang and Yu Limei)