No More Fapiao Accounting!
Eva is a founder and the owner of a start-up business with about 30 staff members
working in her 2 companies:- a China WOFE and an overseas company.
Life seems a little hectic nowadays as she travels in and out of China and between
cities focusing on expanding her business to capture the opportunities presented
by the enormous Chinese market.
But it’s not just her traveling that is stressing her out–she is also worried about the problems arising from her finance department. The two bookkeepers of her two companies are giving her conflicting revenue reports and neither of them is able to give her an exact number for her operation expenses.
What Eva doesn’t realize is that this is a common problem resulting from differences in accounting practices between her two bookkeepers. Her local Chinese bookkeeper uses a “fapiao accounting” method while her overseas bookkeeper uses a very different cash accounting or accruals accounting method.
To her dismay, Eva is also noticing that her team members are frustrated because their reimbursement applications are not being processed in a timely manner. The team is speculating that Eva is running out of operating cash flows and as a result, she is not approving their applications. But that is NOT true!
She feels that this is bringing down team morale and is taking a toll on her employees. Due to Eva’s frequent and inevitable traveling, the paper application forms have been piling up in her Shanghai office for a long time, unable to be approved without her physical signature.
In the midst of all these problems that have arisen since her company’s rapid growth, Eva knows one thing for sure: she does not like uncertainty.
And at the moment, she does not know when she will be able to approve all her workers' reimbursement requests. She does not even know the current amount in her various bank accounts, nor her expected cash flow over the next 30 days.
CanCan 看看 is a cloud-based financial data processing & reporting software available on both desktop and mobile. And it’s the perfect beautiful solution for Eva’s current issues.
Compared to the traditional approach which only accounts for one company, CanCan看看 simultaneously hosts the data from both of Eva’s companies. This allows each of the two bookkeepers to use a consistent set of data input, allowing them to share the same data platform for transparency.
By using this innovative approach, CanCan看看 shows her the integrated cash flows, the amount of cash in her bank account, and other digital wallet information on a daily basis. She loves the software’s timely reporting functions which allow her to make quick decisions and eliminates any surprises on cash shortage.
Account balance and cash flow predictions are now just one click away. By using CanCan看看, Eva is now able to access the business’ accurate financial data while she’s on the road. She’s delighted with this new convenience and relieved that she no longer has to rely on fapiao accounting.
CanCan看看 also has an easy-to-use APP that allows Eva’s team members to scan various kinds of receipts to apply for purchases or reimbursements. And the best part: Eva can approve any of their requests even when she is on the go. The team members can now track which of their reimbursements have been approved and that transparency makes them happy.
If you have a cross border business with offices in China and overseas, our dedicated team members are here to serve you. They work seamlessly together to provide quality services at a reasonable cost for your cross border companies.
- Katherine Lui
For more information about CanCan看看 - Quality CFO & Software as a Service,
please visit our website www.cancangroup.com.
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Katherine Lui is a professional accountant turned fintech entrepreneur. She and her consul t ing firm CanAsia Group has been very active in the past 12 years working for US and European VC and PE funds carrying out financial due diligence work over 150 Chinese companies in edtech, insuretech, pharmaceutical, online/offline, shared economies media/advertising tech industries. She realised there are many financial accounting problems in these cross border deals and started to offer technical enhanced CFO solutions to post investee companies. Amongst them are VIP Shop and Yidao Yongche and many more.
While CanAsia Group continues to provide quality consulting services with a team of Big Four alumina who are both professional and street smart in 4 offices (Beijing, Shanghai, HongKong, and Shenzhen), Katherine decided in 2014 to build the cloud-based proprietary software to extend her offering via CFO as a service - CanCan 看看™。Now CanCan看看™ is the authorized software recommended by China Accelerator to its investee companies and now it has almost a thousand users and we are growing steadily every day.