Elevated Need for Financial Close Transformation Across Mid-Market Organizations

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  1. Desire for Modern F&A Skills to Support Financial Close Transformation

    As digital technologies continue to evolve, the transformation of the financial closing process represents a crucial priority for finance and accounting professionals and organizations. Automating routine closing cycle tasks can enable F&A teams to drive enhancements across the financial closing cycle. This is one of the key takeaways from the SAPinsider Financial Close Transformation benchmark…

  2. finance automation

    Elevated Need for Financial Close Transformation Across Mid-Market Organizations

    Reading time: 2 mins

    Mid-market organizations recognize the need to transform their financial close processes to improve financial closing efficiency. Findings from SAPinsider’s Financial Close Transformation benchmark report show that 76% of mid-market survey respondents still heavily rely on manual methods and legacy tools during the closing cycle, resulting in financial close inefficiencies. It helps explain why automation is…

  3. Factors Driving Financial Close Transformation

    In this post, we will explore the drivers behind why organizations are overhauling their financial close strategies and procedures. In SAPinsider’s Financial Close Transformation report, most respondents surveyed either agreed or strongly agreed that their organization’s financial close processes and technologies are too reliant on manual methods and legacy tools. Outdated manual tools and methods…

  4. Financial Close Transformation Industry Derivative

    Compliance with global accounting standards becomes increasingly difficult as SAP organizations expand operations into new regions. An accurate and efficient financial close process is essential to provide executives with key and timely insights regarding an organization’s financial health. This industry derivative examines the differences in the financial close transformation priorities and strategies between respondent organizations…

  5. Financial Close Transformation – Research Report

    As organizations increasingly rely on data to make decisions, the need for efficient and accurate financial closes has never been greater. However, many finance and accounting (F&A) teams still rely on manual financial close activities, leading to errors and delays. This leaves executives with less time for analysis and puts them at a disadvantage when…

  6. Financial Close Transformation Journey: Google and SAP on Google Cloud

    For years, Google and SAP have worked together to provide efficient solutions for businesses. From 2018 to 2021, Google integrated SAP’s comprehensive data models and end-to-end business processes with Google Cloud technologies, impacting nearly 300,000 direct and indirect employees, as well as numerous other vendors and partners. This project aimed to help key decision-makers shed…

  7. Financial Close Transformation 2023 – Benchmark Report

    Financial close processes are undergoing significant transformation, driven by the need for efficiency and accuracy in today’s dynamic business environment. The report reveals a trend towards automation and digitalization, with a focus on overcoming challenges posed by manual methods. Intercompany accounting emerges as a key concern, exacerbated by complexities in global business structures. SAP S/4HANA…

  8. Webinar: Financial Close Transformation 2023

    Financial close processes are undergoing significant transformation, driven by the need for efficiency and accuracy in today’s dynamic business environment. The report reveals a trend towards automation and digitalization, with a focus on overcoming challenges posed by manual methods. Intercompany accounting emerges as a key concern, exacerbated by complexities in global business structures. SAP S/4HANA…

  9. Financial Close Transformation

    From August to October of 2022, SAPinsider surveyed 124 finance community members to learn more about the strategic priorities of SAP organizations regarding financial close transformation. The research identified some significant trends in the organizational priorities and challenges around financial close transformation, some of which are: CFOs are increasingly turning to technology to help transform…

  10. Mitigate Foreign Trade Payment Compliance Risk Using the Cockpit for Documentary Payments

    Learn how the Cockpit for Documentary Payments can be used to facilitate international customers’ payment compliance, thereby reducing the risk of doing foreign trade. Follow steps to implement the Documentary Payments component in SAP sales and distribution (SD). Key Concept The Cockpit for Documentary Payments provides automated financial documents to facilitate payment guarantee procedures required…...…