In B2B scenarios, maintenance of business reliability and retention are subjected to the sustenance of the finance system. The intercompany associations must possess flexible and transparent finance opportunities that accelerate the reconciliation of their contract accounts.
With the earlier adaptation of the legacy systems, the intercompany reconciliation process used to get time-consuming and error-prone. It involved numerous amounts of back-and-forth emails, spreadsheets, and records.
SAP S/4 HANA Cloud steer clears the drawbacks that came along with the traditional system and replaces them with solutions delivered by intelligent services.
Key finance drivers in SAP S/4 HANA
- Flexible business architecture that delivers a fully comprehensive business model with a single source of truth for all data.
- Embedded and advanced machine learning-based automation that enables accelerated finance procedures.
- Advanced analytics capabilities that facilitate accurate planning.
- End-to-end automation supported by intelligent technology.
- Conversational AI that delivers digital assistance for businesses to help them easily collaborate and communicate with their partners.
- SAP Intelligent RPA for multiple bot workflow automation.
- Agile situation handling that detects issues, notify, and displays insight-to-action.
- Self-learning boots and apps aided by ML that exhibits dynamic adaptability
- Transparent business process with IoT- Sensor Auto-ID data.
Finance Reconciliation with S/4 HANA Cloud
Intercompany financial documents involve labor-intensive processes due to high-volume payables and receivables. It is a very complex workflow that requires cumbersome deciphering and allocations. This workflow can get tiresome and hard to manage, which then results in closing delays and errors in the reconciliation data during consolidations.
SAP S/4 HANA Cloud enables intelligent intercompany reconciliation that helps users to automate the intercompany documents by leveraging Machine Language capabilities.
- Matching and unmatching documents can be done via the machine learning services embedded on the SAP Business Technology Platform solution integrated with the S/4 HANA cloud platform.
- The corresponding results of the process are made available to the accountants for accurate reviews.
- Machine Learning assigns exception reason code for the unmatched documents and then proposes correction code.
- It also enables future-directed analytics for deeper insights on financial transactions such as performance, risks, and forecasts.
- Facilitates complex field partnerships, intricate exception cases, and attempts to account for data quality issues that could only be matched by human intervention in legacy systems.
Incorporating S/4 HANA cloud-enabled reconciliation helps to reduce the cost of finance operations by automating labor-intensive matching work. It speeds up the periodic closing, increases matching accuracy, improve transparency, enhances intercompany relationships, and avoids any possible compliance risks.Learn more about SAP S/4 HANA, SAP BRIM, SAP Commerce Cloud, and SAP Subscription Billing, from our experts.