A team from ChemChina Petrochemical began to implement a comprehensive budget management program at Daqing Zhonglan on March 23.
ChemChina Petrochemical launched the program to meet the requirements of the State-owned Assets Supervision and Administration Commission and the Ministry of Finance to deepen comprehensive budget management and strengthen management accounting system development. The program will establish a budget control management information system; learn from advanced experiences abroad; sort out an existing comprehensive budget management plan; integrate financial accounting, cost management, profitability analysis and consolidated statements; modify the budget control model; and develop a standardized budget statement, a structural system and compilation method, and basic data management. The program will play a positive role in business activity and process management and help ChemChina improve its budget control system.
The project team conducted thorough studies to fully understand Daqing Zhonglan's budget management situation and ensure the program can fit the company's practical needs. The team also incorporated business process and control measures into an information system to bring down operation costs and improve production efficiency.
Daqing Zhonglan is one of the two companies that received the comprehensive budget management program. The company has continued to reinforce internal management and has steadily improved planned budget work. It carried out preliminary budget control work in 2013, paving the way for the program's implementation.