Overview of SAP Central Finance in S/4HANA
SAP intelligent finance (1) for S/4HANA is based on a modernized architecture and incorporates advanced statistics and financial analysis. Customers, on the other hand, are becoming more interested in alternate SAP S/4HANA (2) installation options.
Customers require faster S/4HANA deployments that give immediate benefits, such as ‘Advanced Analytics and Reporting on S/4HANA.’ One of the most important aspects of SAP S/4HANA is central finance. With Central Finance, primarily operates on S/4HANA, businesses can rapidly and effectively integrate their financial data into a consolidated database.
It enables S/4HANA Finance to be implemented without interrupting an existing SAP ERP system. In a nutshell, SAP Central Finance enables you to develop a centralized reporting system for your company.
SAP Central Finance Current Challenges:
- Acquisition Cost: It is difficult to sustain the higher cost connected with a central finance strategy.
- Technical Challenge: Maintenance of the centralized financial platform and current source databases is a significant process.
- Master Data Harmonization – Replicating master data for assets such as Cost Centers, GL Accounts, Customers, Vendors, and so on is difficult.
Features of SAP Central Finance in S/4HANA:
- The finance module can be used to reinforce and enhance the master data & duplicate postings.
- To support data transfer among operational databases and central finance, the connection between central finance and the source system must be managed; this determines the association between information in the source system and central finance.
- It is now simpler to provide performance data to a centralized financial system connected with the financial reporting file.
- With the help of document relationship viewer, the customer can view the process workflow of a financial document and retrieve all interconnected files in the source system.
- The SAP Central Finance system takes data from a variety of streams and consolidates it into a single system for uniform reports.
Central Finance has created an innovative solution to connect ERP systems and migrate to SAP S/4HANA with less risk.