Organizing the coordinated work of the accounting department at any type of enterprise is important for success. Every organization needs specific tech tools to promote sufficiency and manage financial processes.
The formation of accounting reports, accounting of the current state of property and capital of the company, and conducting business transactions are far from the complete list of tasks of financial department specialists. As a rule, they are time-consuming and even risky. However, adding the finance module from SAP will help to diagnose and solve these work duties.
SAP FI: Your Roadmap to Financial Clarity
In the ocean of information, it is challenging for every enterprise to stick to certain technical tools and solutions to reach its full potential. We would point out a triad of possible perks of implementing SAP for finance into your business scheme.
- Getting a brand-new level of accounting of all types (accounting, tax, and management).
- Conducting an inventory and revaluation of fixed assets.
- Transforming the standards of the international financial reporting system is quite perplexing even for experienced business owners.
Let’s dive deeper into detail and have a look at how SAP can practically assist the CFO of the enterprise.
- Financial planning & analysis
If you are a guru of finance, you have surely heard of SAP Analytics Cloud for those who prefer smart tech solutions for their business. Shortly, SAP Analytics Cloud for planning is a cloud solution for automating planning, budgeting, and forecasting processes.
The solution allows you to model and create diverse scenarios and versions based on a multifactorial approach. The power of artificial intelligence built into SAP Analytics Cloud helps to skyrocket the accuracy of financial forecasting and avoid risks in the event of sudden changes in business circumstances.
- Accounting & financial close
It is common knowledge that finance is a functional area of the ERP system designed to automate operational planning and actual accounting of the implementation of processes in the company. The system allows you to keep accounting according to different accounting standards simultaneously.
SAP S/4HANA Finance Accounts Payables and Accounts Receivables keep a full accounting of receivables, and payables in native combination with sales and procurement processes. For budget planning of expenses, it is possible to calculate planned depreciation expenses in advance which is extremely convenient to prevent losses.
- Corporate finance
SAP Central Finance is a solution that enables companies with complex IT landscapes to collect financial data for centralized reporting and analysis by replicating data from multiple SAP.
For instance, managing SAP FI with LeverX includes companies’ digital transformation providing its partners and customers with a full range of high-quality services, from consulting and implementation to support. As an SAP Gold Partner, SAP Global Strategic Supplier, SAP Integrator, and SAP Value Added Reseller, LeverX helps companies leverage investments in SAP solutions.
This solution provides a single view of all the holding’s finances in real-time, even if the underlying accounting systems of the subsidiaries are different. The main accent is on the collection of information, thus it is a really applicable tool.
- Treasury management
SAP Cash Management is aimed at maintaining extended bank directories and bank accounts, interacting with banks, forming and approving payment packages, and processing and post-processing bank statements. The solution also includes cash flow management, cash position by company, holding in real time, liquidity forecast based on the terms of entered contracts, and liquidity gap analysis.
The solution automates the processes of managing financial transactions and the risks associated with them. In addition, it supports the maintenance and accounting of various types of financial transactions, including money markets, debt instruments, securities, and derivatives.
From Theory to Practice: SAP Fi Solutions
One of the global examples of a bank cooperating with omnichannel tools is the Canadian bank ATB Financial.
This bank implemented a SAP financial platform to flexibly respond to customer needs, improve their experience and thereby increase the sale of financial products. The results were as follows: the number of products sold and the customer conversion rate doubled.
Another successful example is the Australian Commonwealth Bank. The bank implemented a five-year IT strategy aimed at improving the quality of work with clients. It resulted in profitable growth thanks to simple and flexible product offerings and 24/7 real-time banking services. In addition, the time to sell new products was reduced by 75%.
Conclusions
All companies that want to work with clients efficiently and competently in the face of increasing competition should think about a reliable digital tool that will help them to unwind their potential. SAP Financial Solutions gives a chance to turn to the client, simplifying financial processes and diminishing risks.
Want to learn more about how SAP Financial Accounting can help you address your current business challenges and needs? It’s always a good idea to contact professional SAP consultants for assistance.
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