SAP S/4HANA enabled financial account and reporting transformation
Leveraging newer technologies for digital transformation is one thing but the ability to carry out efficient financial processes while maintaining a strong collaborative environment is another primary area where businesses invest.
Why do companies seek a strong finance solution? Industries with a larger audience like the insurance sector involve several business transactions that get more and more complex with follow-ups. Now, without a financial service, it gets even more challenging to segregate contracts according to consumption, send payment details, carry out transactions, settlements, and create reports from the generated settlements for future forecasts.
Therefore, having a solution for financial processing will not only simplify the lifecycle but also aids in proving reports for the future profitability of the business.
SAP Finance and Reporting and SAP S/4 HANA when utilized together, brings in capabilities that could enhance the exclusive financial lifecycle. It gets deeper into the business challenges and provides necessary solutions to resolve them.
What are the business challenges faced by companies with high-volume finance transactions?
- Need for improved productivity across the finance process.
- Replacing legacy technologies that were expensive and time-consuming.
- Periodic upgrades for technicality and functionality in finance processes.
- Inefficiencies and workarounds due to custom designs for unique capabilities.
- Finding accurate resources for an increased support risk for the current environment.
- Processing the financial Data according to International Finance Reporting Standards.
- Generate accurate data requirements and timely reconciliation.
- Replacing manual entries for current imaging, workflow approval, and compliance reporting
- Intercompany reconciliation for multicurrency cash clearing and substantial manual efforts.
- Adding newer business dimensions to incorporate IFRS.
- Financial closing and analysis for expense analysis which is two long procedures.
- Improving the day-to-day accounting processing.
- Maintaining consistent and cross-functional financial details.
- Standardization and automation of the processes.
- Complexity in the security role administration.
Rectifying the financial challenges through SAP enabled solutions
- Enhanced finance workflow.
- Workflow approval tool for manual entries for compliance reports and current imaging.
- Improved accounting and reconciliation for intercompany accounting.
- Redesign expense allocations system through proper analysis.
- Creation of accounting process charts to support the IFRS Reporting.
- Combined transactional processes and analytics through unified access points with real-time insights, visualization, and discovery.
- Seamless integration capability for SAP and non-SAP systems.
- Modernized reporting tools that replace the traditional ECC Reports, SAP Analytics Cloud for Reporting, and such.
- Financial management through standardized processing.
- Role-based and context-enabled access through proactive and insightful analysis.
- Improved productivity through UI Personalization for dynamic filtering, tailoring, and key user adaptation.
- Centralized and preventative governance.
- Improved reporting capabilities and more granular security role definitions.
SAP Finance and Reporting dilutes accurately with the IFRS for proper accounting, transactions, and hierarchy management. Investing in SAP S/4 HANA helps in cultivating a culture of collaboration for improved user experience across the entire company. The entirety of SAP enabled finance solution also improves the transparency and accuracy through a single consolidated data source. Companies don’t have to work on gathering the data more than processing & analyzing the data.