Overcoming Consolidations Hurdles with SimpleFi Solutions

Finance teams are under more pressure than ever to operate with improved efficiency while also delivering real-time, actionable insights to guide decision making and improve performance. Despite the need for streamlined operations, just 18% of SAP users are actively leveraging group reporting and consolidation solutions, according to SAPinsider research.

While many SAP organizations have used SAP Business Planning and Consolidation, its end of maintenance date of 2027 is rapidly approaching and companies are scrambling to fill the void it will leave. Consolidations based in SAP Analytics Cloud (SAC) are beginning to replace any non-ERP based consolidations as the go-to solution. Yet companies need to find options that can help them to bring these solutions into SAC so they can achieve their business goals.

The Power of SAP Analytics Cloud for Consolidations

To help organizations leverage the power of SAC, SimpleFi Solutions offers the PlaniFi Consolidations and Group Reporting solution. This option helps companies install automated accounting rules and reporting packages to create and end-to-end consolidations workflow.

The PlaniFi Consolidation Solutions is filling the void that BPC customers are experiencing currently and shortly. The offer is also targeting SAP customers that leverage non-SAP consolidation tools currently, but aim to bring consolidations, planning and analytics together into one solution.

Ironically, traditional consolidation, planning and analytics systems require multiple licenses, integration points, and skillsets to properly manage. This solution streamlines these vital processes by ensuring that companies require only one license, one model, one set of master data, and one administrator. Additionally, the solution can consolidate multiple ERPs, adding new acquisitions into the overall SAP S/4HANA landscape into one consolidated reporting application.

Automation

Finance and accounting teams have more to do than ever before, though their resources and budgets are often stagnant or even getting smaller year over year. One key tool these professionals can utilize is automation.

The PlaniFi Consolidations and Reporting offering features crucial automation options, which will be discussed on an upcoming webinar. Users can automate time consuming tasks such as data intercompany eliminations, currency, intercompany matching, balance sheet carryforward, and cash flows. This not only frees up finance and accounting teams for other work that adds value to the organizations but can also reduce the risk of manual errors.

Removing Workflow Silos

One of the most common struggles that finance and accounting teams face revolves around siloed data and segmented processes. These issues can arise over time, leading to bottlenecks in important consolidations workflows.

Solutions like those from SimpleFi allow companies to decentralize their consolidations processes – everything from data collection to sign-offs on submitted financials. Allowing all users to access and review the consolidations process allows for greater collaboration and helps reduce bottlenecks earlier in the process to allow for a smoother consolidations process.

Conclusion

Finance and accounting teams must find improved solutions to get more done in less time. SAP Analytics Cloud offers an ideal platform for companies to bolster their consolidations capabilities by leveraging automation to eliminate manual processes.

As SAP landscapes are constantly growing and shifting, companies must also be able to consolidate multiple ERPs and ensure that all relevant parties are able to access the information they need to play their part in important finance and accounting processes.

SimpleFi’s Consolidations and Reporting solution is SAP-approved to bring automation, decentralization, and collaboration into the SAP Analytics Cloud, helping finance and accounting teams enhance their efficiency. This should be a consideration for organizations that do not see the need to have consolidations within their ERP.