Cloud efficiency transforms financial reporting for businesses in Vietnam

June 25, 2023 | 11:26
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On June 23, 2023, FPT Smart Cloud hosted a highly anticipated seminar at the Pullman Saigon Centre Hotel in District 1, Ho Chi Minh City. The event focused on "Leveraging technology in implementing consolidated financial reporting."
Cloud efficiency transforms financial reporting for businesses in Vietnam
Experts share insights on technology-driven financial reporting at FPT Smart Cloud's event in Ho Chi Minh City

Attended by more than 100 CFOs and chief accountants representing 60 diverse multi-sector businesses, the seminar delved into the intersection of technology and financial reporting.

In the age of digital transformation, data emerges as a pivotal asset for businesses. Effectively understanding and harnessing data empowers leaders to make swift, informed decisions, gain a competitive edge, streamline operational processes, and drive tangible value for their organisations.

To maximise the efficiency of an enterprise's data utilisation, it is crucial to assess the current data landscape across six critical levels. Simultaneously, an evaluation of data analytics practices and the strategic roadmap for unlocking the full potential of data should be undertaken.

At the conference, Pham Duy Hoang Nam, CFO of FPT Retail, highlighted the transformation within its reporting team, where a single person could now handle tasks that previously required a team of three individuals. The automation provided by cloud-based systems not only saved time, but also reduced the risk of errors.

Nguyen The Phuong, CFO of FPT Corporation said, "FPT has been actively developing an array of data-related products and tools that facilitate enterprise operations and management. Among them, FPT CFS stands out - an encompassing solution designed to streamline consolidated financial reporting."

In the context of real-world business operations, especially for large-scale, multi-industry companies with complex subsidiary structures and intricate capital ownership arrangements, the process of consolidating financial reports becomes inherently arduous, time-consuming, and resource-intensive.

“Countless enterprises grapple with significant time constraints when completing financial reporting, owing to fragmented accounting systems, transaction reconciliation challenges, ambiguous consolidation procedures, and a perpetually evolving reporting landscape,” said Phuong.

The production of accurate and real-time data lies at the crux of sound consolidated financial reporting, ensuring transparency and adherence to financial reporting standards.

FPT Smart Cloud unveiled FPT CFS - a state-of-the-art software solution designed to revolutionise consolidated financial reporting and accounting closing procedures. FPT CFS aims to standardise and automate the preparation of individual as well as consolidated financial reports.

Through FPT CFS, businesses gain access to consolidated financial data from disparate sources and entities. The solution facilitates complex accounting tasks, including multi-tiered consolidation, internal transaction reconciliation, and intercompany investment elimination.

Moreover, FPT CFS calculates and records controlled and non-controlled shareholders' equity, defers and allocates unrealised internal profits, and offers comprehensive financial reports presented in user-friendly formats.

"In today's dynamic business landscape, FPT CFS offers a seamless integration with various accounting software and multiple cloud platforms, including Misa and Oracle," said Le Hong Viet, CEO of FPT Smart Cloud. "This integrated approach empowers businesses to automate their financial processes effectively, ensuring a smooth data flow and facilitating consolidated reporting. By leveraging these integrated functionalities, Vietnamese companies can achieve heightened operational efficiency, improved accuracy, and informed decision-making in their financial operations."

Since its inception in 2019, FPT CFS has witnessed widespread implementation throughout FPT Corporation, encompassing over 350 accounting ledgers and 45 consolidated ledgers across six hierarchical levels, representing diverse industries and sectors.

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