Accounting and Financial Close
SAP’s accounting and financial close solutions streamlines the accounting for multiple companies, currencies, charts of accounts, and reporting standards. The solutions enable finance to efficiently close books on time, and create financial statements at the entity and corporate levels for IFRS, U.S. GAAP, or other local and global requirements.
- SAP offers a modern accounting system for finance teams needing to streamline core financial and closing processes to meet increasingly complex business and disclosure demands.
- It accelerates your company’s path to financial transformation by eliminating boundaries between transactional and analytical processes combined with proven excellence in accounting and closing capabilities.
- SAP Financial Closing cockpit = Transactions codes “FCLOCOx“
Top 10 Benefits of SAP Accounting and Financial Close Solutions
1. Lower Cost of Finance
Accelerated processes increase productivity and reduce cost. Automate manual steps to reduce staff workloads which lowers the cost of their work and increases productivity.
2. Accelerated Closing
Reduce cycle time via automation, integration and collaboration. Virtual soft close provides better insight at anytime from anywhere. Accelerate accounting by integrating GL, fixed assets, accounts payables, accounts receivables, inventory, revenue, and costs in real-time.
3. Real-Time Business Insight
Enables fast issue resolution and gets you closer to the business. Monitor in real-time the progress, quality, and financial results of the closing cycle to avoid bottlenecks and address business concerns
Closes the gap between insight and action. Achieve fast, multi-dimensional reporting without replicating information to a data warehouse Instant access anywhere with drill-down from the highest to the lowest level of detail.
Harmonize internal and external reporting without redundancy. Unify financial, regulatory, managerial and operational data in a single repository across multiple systems. Eliminate redundant data aggregation for easy analysis down to the lowest level of detail. Reduction of memory footprint through elimination of redundancy. Unite OLTP and OLAP together for simplified landscape, processes, and analysis.
6. Seamless Access
Self-service access to transactions and analytics anywhere, at any time. Past, present and future analysis at your fingertips to answer tough questions in briefings and meeting.
7. Modern User Experience
State-of-the-art user experience using the latest technology innovations. Intuitive end user training interfaces and guided processes eliminate complex teaching undertakings. Customize templates for event-driven closing tasks and collaboration.
8. Compliance You Can Count On
Efficiently meet the demands of complex compliance regulations. Generate high-quality financial statements and management reports required by international and local reporting standards.
9. Boundless Extensibility
Unlimited potential to extend system to customer’s specific business needs.
10. Foundation for Finance Transformation and Innovation
A seamless path to your finance transformation. Choose your path towards finance transformation with real-time software available in on-premise, cloud or hybrid options.
Reconciliation Functionality in SAP ERP
Execute Entity Close Tasks
Financial Closing Cockpit on Fiori
⊕ Cockpit to monitor the progress of the entity close via KPIs, also on a mobile device
⊕ Analyze the completion rate of closing tasks by multiple dimensions like region, country, company, milestone, working day, etc
⊕ Monitor the tasks delayed or in error with easy collaboration to respective task owners
⊕ Analysis of historic closing cycles
Source : SAP ™