Promenta’s SAP Journal Entry Workflow Solution for Automated Financial Process

Many finance teams rely on IT to manage financial transaction uploads and downloads to SAP which are manual and error prone and result in inaccuracies. Automating an SAP Journal Entry Workflow can significantly benefit companies as it accelerates the financial closing process by reducing manual data entry instances, improving accuracy through predefined rules, and standardizing approval processes, which not only reduces errors but also accelerates the financial closing process while ensuring compliance. SAPinsider’s research also highlights that 42% of companies plan to automate their financial close processes.

Posting journal entries is one of the first steps in the SAP financial close process and can be an extremely lengthy workflow that can require posting a significant number of manual entries each period. Additionally, delays in entering or approving these entries can slow down everything that comes next. Companies need a journal entry automation tool that is fast, flexible, and ensures compliance while improving oversight and reducing audit risks. Automating these processes saves time, delivers quick benefits, and helps the team feel ready to take on bigger automation projects later.

Promenta’s SAP Journal Entry Workflow simplifies and automates the period close process for finance teams with a web-based solution integrated into SAP ECC or S/4HANA. It leverages existing SAP rules and security to ensure compliance and data accuracy. Key features include real-time SAP integration, multi-level approvals, simulated posting for validation, and direct submission from Excel. The tool supports external attachments, customizable approval workflows, and automated notifications, making journal entry processing seamless, efficient, and accurate.

The solution offers a highly configurable built-in workflow software that aligns seamlessly with organizational rules. It automates routing of journal requests to designated approvers based on meaningful fields like company code, journal value, or G/L account, with notifications sent via email or accessed through personal inboxes. Approvers can delegate tasks to substitutes during absences. The solution’s approval matrix enables tailored workflows, from simple to complex, ensuring your process is captured Precisely. It also provides comprehensive reporting for complete transparency, including real-time audit trails and status updates, empowering your teams to maintain a well-controlled and auditable journal process directly within SAP.

Promenta’s SAP Journal Entry Workflow solution also ensures compliance by providing a fully audited, rule-based process for manual journal entries during period close. It maintains a complete audit trail within SAP, tracking all users involved in journal requests and approvals, with detailed reporting capabilities. The solution enforces segregation of duties (SOD), preventing users from approving their own requests unless specified by rules. It also restricts journal requests to authorized users for specific business areas and eliminates the need for powerful SAP Finance transaction codes for end users, supporting Sarbanes-Oxley (SOX) compliance efforts.

What it means for SAPinsiders

Streamline financial close processes with automation: Manual SAP journal entry processes are time-consuming, error-prone, and often require IT intervention. Automating these workflows accelerates the financial close process, reduces manual effort, and ensures greater accuracy through predefined rules. Prioritize the successful integration of new technology for streamlining organizational processes by identifying current issues, assessing their impact, constructing a compelling business case for investment, and implementing a robust change management strategy for seamless adoption.

Improve process integrity and reduce audit risks in financial reporting: Automated, rule-based workflows improve process integrity, reduce audit risks, and enhance financial reporting confidence by ensuring accuracy, real-time validation, and transparency. These controls streamline processes, ensure compliance with regulations like SOX, and enable early error detection for reliable reporting.

Develop a Strong Data Strategy: Focus on creating and implementing a clear, robust data strategy to maintain high data quality within your finance function. Begin by setting well-defined objectives, investing in reliable data governance processes, and leveraging advanced analytics tools. Foster a data-driven culture within the team, empowering finance professionals to use data as a strategic asset for accurate decision-making and driving business growth.