Digital RMB helps enterprises to transform to the "Internet + Accounting" model

Author: Chen Cheng

Author unit: Sinopec Finance Company

As the digital renminbi issued by the central bank has been piloted in many fields, digital currency is known to more people for its innovation and convenience.

This article discusses the opportunities and challenges faced by the accounting work under the "Internet + accounting" model from the perspective of the influence of the digital renminbi on the current accounting field, and provides suggestions on how to do a good job in the accounting work related to the digital renminbi.

What is digital renminbi

According to the definition proposed by Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China at the 2nd Bund Finance Summit in October 2020, the digital renminbi is a digital form of legal tender issued by the People’s Bank of China.

As a kind of central bank's digital currency, digital renminbi is gradually being widely and deeply applied to various fields of economy and finance.

Digital renminbi brings a positive impact on financial accounting

After the digital renminbi is widely used, the accounting model may change.

The monetary capital structure in the current financial reporting system will be reshaped.

　　The profit structure system of commercial banks will be changed.

　　What cannot be ignored is that the current financial system is still unable to adapt to the regulatory requirements of digital RMB.

　　Digital RMB can boost the transformation of accounting work

　　The application of digital renminbi helps to improve the efficiency of accounting work.

　　Help standardize management and prevent risks.

　　With the widespread circulation of digital renminbi, the digitization of payment tools, the automation of accounting processing, and the integration of fiscal and taxation accounting processing methods in accounting will become a trend.

　　Actively integrate into the digital renminbi application environment and create an accounting ecology with petrochemical characteristics

　　In the pilot test in Luohu District, Shenzhen, Sinopec Shenzhen Petroleum Branch took the lead in providing digital RMB payment services at 11 gas stations.

　　At present, although the proportion of the group company’s sales terminal cash collection has been declining for many years, the total scale is still considerable, and the related expenses incurred by cash collection are still an important factor affecting sales companies to win the battle of cost reduction and efficiency enhancement.

　　The group company should give full play to its wide range of service outlets, numerous cooperative banks, and professional financial services, actively integrate into the digital renminbi application environment, innovate and standardize relevant management methods, strengthen the construction of special financial infrastructure, and cultivate professional counterparts of accounting talents.