During these days where digital financial innovation in full swing, Continental Group who represents the traditional manufacturing industry, has gradually change its financial management from traditional model to a new model of Digital Management. On top of that, credits should to Helios, which has helped us raising the company’s expense management to a whole new level.
– By Director of Financial Sharing Center of Continental Group, GaoXu
CONTINENTAL GROUP – World’s Leading Automotive Supplier on Auto-Parts
Continental Group is committed to developing innovative technologies and services to provide sustainable driving and transportation solutions for the people and goods. Continental Group was established in Year 1871, its headquarter is located in Hanover, Germany.
Continental Group has a total amount of sales of 44.5 billion Euros in 2019. The Group currently has more than 240,000 employees worldwide in 59 countries and regions.
FAST-PACED EXPANSION in CHINA Market – Optimization on Full-Process of Cost Management
Continental Group’s major customers are car manufacturers in various car segments since its official operation in the China market in 1994. Meanwhile, Continental Group develops and produces materials, functional components, parts and systems, which are widely used in rail transportation, machinery, engineering, mining and other industries.
As of now, Continental Group has 28 production base and 18 R&D centres in China, which also sum up to a total number of 24000 of employees working on providing customized solutions for China market.
Continental Group in China has decided to engage Helios as their 1-Stop Solution Expenses Management System in 2019. It connects all data workflow between enterprise consumption and reimbursement, improved management efficiency and empowered their clients to go digital.
CONTINENTAL GROUP – Choosing HELIOS as their Cost Management Solution
- Business Travel Management
Before Helios: Business travel request, hotel bookings and reimbursement process were done separately
The business travel platform was not connected to the reimbursement system, which led to a separated workflow during the process of an application to getting an approval. Therefore, the Group is looking at an integration of different business units.
After Helios: Connects consumer platform and a whole process of travel booking
Helios is connected to China Travel Express, a consumer business travel platform, which makes everything easier. When a user makes a booking, the application form will automatically show the ticket information that is approved by the leader, this avoids switching between multiple systems.
- Real-time status of documentation
Before Helios: Unable to track real-time status of past transactions
Continental Group has their employees all over the country and all invoices should be centralised and sent back to the sharing centre. Due to the separation of users and systems, documents submitted in the system doesn’t match with the documents received offline and believed that there are lost documents, this leads to a higher communication cost.
After Helios: Real-time reporting
Helios allows all reporting activities to be transparent and real-time, this has reduced the risk of lost receipts but also enhance the efficiency of the approval workflow.
- Automated invoice verification
Before Helios: Invoices are checked manually and time-consuming
The Finance is needed to manually verify the authenticity of the invoices before submitting to the Internal Revenue Service (IRS). Due to the large number of invoices, the processes are complicated and time-consuming.
After Helios: Direct connect with IRS for invoice verification
Helios connected with the IRS electronic database which allow the Finance staff to scan the QR code to verify the authenticity of the invoices.
- Automated documentation review
Before Helios: Documentation review can only run manually by Finance Assistant
Staff subsidies are calculated manually which leads to low efficiency at work. The travel verification standards only allowed to review manually by the finance personnel, which are prone to errors.
After Helios: Automated documentation review (audit) helps in reducing the financial workload
Financial policies embedded with travel and subsidy standards can be audited using Helios.
The Effective Results brought by HELIOS
- Improve compliance with Expense Management
Helios assisted Continental Group in optimizing and improving the compliance of the reimbursement process, verification of invoice authenticity, cost standard review, accounting entry and electronic invoice filing (e-invoicing).
- Improve efficiency in Finance Management
Helios connects perfectly with the front-end business travel platform and reduces the risk of lost invoices. Meanwhile, we have come to realise the intelligence of Helios which helps the Continental Group to enhance their efficiency in financial work, by introducing intelligent auditing, automated document tracking, intelligent accounting entries and analysis of expenses.
- Enhance user experience / Employees’ satisfaction guaranteed
The mobility reimbursement, intelligent scan code recognition and some other internet-based features have raised the employee’s experience to a higher level.
The Expense Management system is effectively implemented for the purpose of effective cost saving. Costs such as labour costs, time costs, communication costs, operational costs and cost transparency are realized.