Financial Accounting And Management Countermeasures For Chinese Shipping Enterprises After China's Entry Into WTO

Since the beginning of 1990s, the Chinese government has allowed foreign shipping companies to set up branches in some open ports in China. The world's large foreign funded shipping companies have entered the Chinese market one after another.

From the perspective of its business development, China's accession to the WTO will not have a great impact on China's export market, but its impact on China's imports is unpredictable.

Since China's accession to the WTO, the trade surplus in the past will be reduced or deficit due to the sharp increase in import volume. It will be the direction of China's maritime enterprises to occupy a place from many imported orders.

So, for financial accounting and management, how will China's shipping enterprises respond to the challenges brought by WTO?

From the current financial situation of shipping companies in China.

To speed up the integration of China's current accounting standards with western accounting standards, improve the quality of financial personnel, financial management and accounting information level of China's shipping enterprises will be an effective means to enhance the competitiveness of China's shipping companies and large shipping companies in the world.

Now I understand the experience of the author in the work of shipping companies at home and abroad, from the following two aspects.

At present, the financial accounting of China's maritime enterprises is based on China's accounting standards for enterprises, and there are still some differences compared with western accounting standards.

The concrete performance is: 1. accounting year.

The accounting year of Chinese shipping enterprises is based on the Gregorian calendar year, while the accounting year in western countries is across the year.

2. tax policy.

At present, China has more tax items than western countries, but some major tax items are basically similar.

In the western countries, the business tax rate of shipping industry is classified according to the industry classification. The income tax is levied according to the gross profit of enterprises, which is similar to that of China's shipping industry. However, the income tax rate in western countries is much higher than that in China, generally around 50%.

In western countries, the value added tax (VAT) is charged at a uniform standard, generally around 18% to 20%, but the scope of collection is quite different from that in China.

China's maritime pport industry, shipping agency and so on only levy business tax, do not impose value-added tax, only in shipping enterprises engaged in material supply, ship repair.

Value added tax is only levied when goods are exchanged, while shipping companies in western countries impose VAT on the execution of some pport contracts.

In terms of stamp duty, China's shipping enterprises are calculated according to the nature of the contract, the tax rate ranges from 1/1000 to 5/10000, while the stamp duty in western countries is directly reflected in the contract text, with a single tax and a small amount of tax.

In addition, western countries are more favorable to some tax deductions in enterprise costs, especially in the purchase and lease of fixed assets, and the procedures are very simple. While shipping companies in China have given certain tax preferences in terms of chartering and leasing, the practice is rather cumbersome and limited to foreign trade.

Therefore, after China's entry into the WTO, the simplification of tax items, the increase of preferential tax items for shipping industry and the more convenient operation will enhance the competitiveness of Chinese shipping enterprises in the world shipping industry.

3. the years of depreciation for a ship.

With the rapid development of the world economy and the continuous upgrading of products, the rapid depreciation of ships has gradually been adopted by the shipping companies in the western countries. At present, the fastest depreciation of new vessels is about 8 years.

China's shipping companies usually have more than 15 years of depreciation, and there are still many difficulties to catch up with the western countries.

On the one hand, the rapid depreciation has great pressure on the cost of China's shipping enterprises, because our shipping enterprises are basically in a state of small profits or no profits; on the other hand, the financing cost of our shipbuilding industry is high, and once the cash flow is insufficient, it will cause difficulties in repaying the loan.

In this regard, our government should strengthen financial cooperation with other countries in the world and strive for more low interest or interest free loans, so as to provide strong economic support for the development of China's shipping industry.

4. prepare bad debts.

Due to the fact that there are no uniform rules for freight payment in China's shipping industry, the recovery time of accounts receivable for many shipping companies is relatively long, resulting in the high balance of accounts receivable.

The standard of provision for bad debts in our national shipping industry is 3 per thousand, so the annual provision for bad debts is not too large. Moreover, because the system of bad debts approval is too complex, even if the enterprises can not receive freight for a long time, they seldom do bad accounts. In fact, this adds potential risks to the operation of enterprises.

The standard of provision for bad debts in western countries is: accounts receivable in L account for 1%, 1-3 years are 3%, and 3 years are 10%.

They deal with bad debts every year and release the business risk caused by bad debts.

Therefore, in the handling of bad debts, China's maritime enterprises should deal with the bad debts in the current period according to the actual bad debts.

5. revenue and cost accounting.

In terms of income accounting, foreign large shipping companies have a distribution box number for each airline and the ratio of income calculated according to the location cost. They calculate the revenue of each airline in the whole year according to the annual freight volume and derive the entire company's pport revenue accordingly.

Such operations are quite comprehensive for the collection of basic data, and the revenue distribution of the trunk branch line is very clear and reasonable.

In terms of cost accounting, ships that are invested in each route must first calculate the relative fixed cost according to the net tons of ships, port rates, depreciation, management costs, box days cost, fuel and so on (excluding freight costs and inland pit fees), and then apportion each cabin to get the relative fixed cost of each cabin.

In case of excess space, the shipping space that can not be used to other passengers can be exchanged or sold with other shipping companies, that is, selling the shipping space according to the relative fixed cost of each cabin, so that there is no waste of spare space, reasonable use of cabin space resources, and the solution to the problem of tight space at the rush hour. At the same time, the pport revenue of the entire company is increased, and the total income of the whole company is achieved.

China's maritime enterprises can learn from this.

6. control of foreign exchange accounts.

Because China's RMB has not entered the international currency convertibility market, the control of foreign exchange accounts is relatively strict. At present, domestic enterprises only allow 1 foreign exchange accounts, which brings inconvenience to the marine enterprises.

After China's accession to the WTO, the State Administration of foreign exchange should open up and pay for its accounts to China's shipping enterprises, so as to truly integrate with the international market.

Two, financial management is the ultimate achievement of enterprise's products or services.

The shipping enterprises begin to take delivery of goods and complete the whole pport service process after loading, shipping, unloading and delivery. All the achievements will be reflected by financial data. Therefore, the level of financial management will directly affect the operation and decision-making of an enterprise.

China's maritime industry started in the late 50s, and after more than 40 years of development, it has gradually played an important role in the world's shipping industry.

China's two shipping giants, COSCO and Zhonghai group, have entered the top five and the top fifteen shipping fleets in the world. The freight revenue in 2000 was 18 billion and 7 billion yuan respectively, and their routes and branches were spread all over the world.

According to the current situation, after China's accession to the WTO, Chinese shipping enterprises must improve the following aspects in order to meet the international financial management requirements.

1. global financial integration management.

At present, many Chinese shipping enterprises are engaged in foreign trade pportation, and there are no branches abroad. Therefore, the unified management of financial globalization will help the overall deployment, revenue and expenditure control and capital allocation of enterprises.

Global integrated management includes global cash unified management, branch revenue and expenditure management and network audit management.

L unified management of cash.

The specific operation is to select a global network bank, and open a bank account in the local branch of the bank under the name of all branches. The specific business of each branch can be collected and paid on the bank's network. Headquarters can inquire about the fund status of the companies at any time and control the funds according to the needs of the headquarters.

(2) branch revenue and expenditure management.

As an extension of headquarters operation and management, branches also shoulder the responsibility of self financing.

From the perspective of the current operation of domestic shipping companies in overseas institutions, apart from some offices, the branches can earn a lot of profits from cargo collection, box management, inland rush pportation and other investments.

In order to manage the operating results of these branches, these units must be required to submit monthly statements of cash flow, balance sheets and profit and loss statements to headquarters to strictly control the revenues and expenditures of these companies.

(3) the management of the pportation fee audit network.

The operation cost of shipping enterprises is not as centralized as industrial enterprises, but is all over the world. Therefore, site management is particularly important.

Because the shipping fees of shipping companies all occur in the port and inland areas of the shipping areas, and the local operation port records the occurrence of the expenses, it is relatively easy to examine them.

Therefore, after adopting the network management, the pfer fee audit is pferred from the head office to the local company for examination, and the results of the audit are pmitted to the headquarters through the network in accordance with the unified format of the headquarters.

This not only speeded up the acquisition of ship's pportation cost income and expenditure, shortened the time of financial entry, but also ensured the timeliness and correctness of the audit.

In addition, the original bill can be left directly in the local company, which saves the cost of mailing the bill.

After the above management is adopted, the functions of the headquarters should be strengthened to audit the branches, and random inspection should be adopted to carry out spot checks for each branch, strengthen internal supervision and improve the functions of financial management.

2. personnel training.

After joining the WTO, higher requirements were put forward for the overall quality, knowledge structure and working skills of financial personnel in shipping enterprises.

Financial personnel should not only have solid professional knowledge, but also have relevant language and information processing capabilities, and be able to participate in management and decision-making.

Human resources are the commanding heights of an enterprise, and to some extent determine the direction and direction of their development.

At present, China's maritime enterprises, apart from recruiting outstanding students from colleges and universities, should also pay attention to follow-up training.

Financial personnel should not only be familiar with and master basic skills in their work, but also enrich themselves in international accounting standards, foreign languages and network systems.

At the same time, we need to expand exchanges with other countries. If conditions permit, we will send our staff to abroad for half a year's training or practice so as to become an international senior accountant.

3. e-commerce and computer software.

E-commerce is an important means of global pportation in the future. It breaks through the geographical boundaries and makes the global management of shipping enterprises more convenient and fast.

After China's entry into WTO, accounting computerization in our country can no longer meet the requirements of modern management. Accounting informationization will become a new trend in accounting technology reform.

Therefore, making full use of modern communication and network technology to develop accounting computerization into accounting informatization has become the goal of financial management of China's maritime enterprises, so as to enhance the ability of Chinese shipping enterprises to compete with foreign shipping companies after entering the WTO.

The company is (China Shipping Container Lines Co)