Sep 16, 2024
•3 minute read
SAP Accounting
SAP Accounting covers the financial and management accounting capabilities built into SAP systems, primarily through SAP Financial Accounting (FI) and SAP Controlling (CO). As organizations adopt SAP S/4HANA, accounting practices are evolving with the Universal Journal as a unified ledger that consolidates external and internal accounting in real time. SAPinsider provides coverage of SAP accounting topics including period-end close, IFRS compliance, intercompany accounting and FI/CO integration.
What is SAP Accounting?
SAP Accounting refers to the financial accounting and management accounting capabilities within SAP ERP and SAP S/4HANA. SAP Financial Accounting (FI) handles external-facing transactions including the general ledger, accounts payable, accounts receivable, asset accounting and bank accounting. SAP Controlling (CO) manages internal cost accounting and profitability analysis. In SAP S/4HANA, these are unified in the SAP Universal Journal, which eliminates the need for reconciliation between FI and CO by maintaining a single source of truth for all financial postings.
What use cases does SAP Accounting address?
- General ledger and statutory reporting: Organizations use SAP FI to record all financial transactions in the general ledger and produce statutory financial statements in compliance with IFRS, GAAP and local regulatory requirements.
- Accounts payable and receivable automation: SAP Accounting automates invoice processing, payment runs and dunning, reducing manual effort and improving cash flow visibility across the enterprise.
- Cost accounting and profitability analysis: SAP CO enables organizations to track internal cost centers, profit centers and orders, supporting product costing, project accounting and management reporting.
- Period-end close acceleration: SAP Accounting processes and the Universal Journal support faster, more automated period-end close cycles, reducing reconciliation time and enabling organizations to publish financial results sooner.
What does SAPinsider research say about SAP Accounting modernization?
SAPinsider research shows that finance organizations are leveraging SAP S/4HANA Finance to accelerate accounting processes, improve audit readiness and support real-time management reporting. The move to the Universal Journal is a key architectural change that simplifies the accounting landscape for many organizations. Explore SAP accounting resources and practitioner insights at SAP Accounting.
Trintech Achieves Another Record-Breaking Quarter in Bookings with Meaningful Innovation and Customer SuccessTrintech has reported approximately 20% year-over-year growth in bookings during the first half of its fiscal year, driven by increased adoption of its financial close solutions, strategic integrations, and innovative advancements, while continuing to expand its global market presence and receiving multiple industry recognitions.
Unifying Operational Accounting and Compliance Accounting in the Office of the CFOThe role of enterprise level CFOs has changed radically over the past decade with both a widening scope of influence and greater responsibilities for helping guide corporate transformation programs and technology choices. Instead of the historic backward-looking role focused primarily on gathering and reporting data, the Office of the CFO is now much more involved in proactively analyzing trends and formulating forward-looking strategies to drive future company results.
Aug 8, 2024
•5 minute read
Lionsgate Entertainment and xSuite: A Story About Process Automation in FinanceIn this on-demand webinar, you will learn firsthand what you should be aware of when starting the digital transformation journey in your financial accounting. Lionsgate Entertainment faced many challenges in their AP department. Kate Davies, SVP Accounting, will share her own experiences from this automation project.
Jun 24, 2024
•1 minute read
Elevating Accounting in 2024 with FloQastAccounting departments are under significant pressure to operate efficiently and effectively. One of the most buzzed-about trends in accounting is the use of AI and automation to improve workflows, minimize compliance risk, and remain agile. Automation adoption has been uneven across the business world, as enterprise-level companies tend to be a bit more conservative about deploying automated solutions, whereas smaller and mid-sized businesses are keener on embracing it. This is largely driven by need, as smaller accounting teams often must do more with less. In this article, you will learn about some of the concerns keeping companies from fully embracing advanced offerings, and the best techniques they can utilize to infuse AI and automation into essential processes, with the help of experts like FloQast.
Apr 10, 2024
•5 minute read
Upgrade Your Finance and Accounting Processes with BlackLineAs the cost of labor rises, automation provides an inflationary hedge, allowing workers to perform tasks more efficiently. Companies have a certain number of transactions that they need to reconcile and align. This number is only going to keep growing as the company expands. Automation allows users to perform all necessary reconciliations in a fraction of the time. By saving time on repeatable tasks, finance professionals can spend their time on other work that adds value to the organization. Companies are increasingly turning to automation-based solutions, such as the Accounts Receivable Automation and Intercompany tools offered by BlackLine. These solutions not only help increase time to value but improve accuracy and help provide business leaders with the intelligence they need to drive better outcomes.
SAPinsider sat down with Michael Polaha, Senior Vice President of Finance at BlackLine. He touched on some of the topics that BlackLine’s customers have highlighted as the most pressing issues throughout the finance space for SAP users. In this article, we will touch on automation and its uses, finding trusted partners, and evolving your business into a truly intelligent enterprise.
Feb 28, 2024
•5 minute read
Scaling Productivity Through Utilization of AP AutomationIn a world of growing innovative technology and constant drive towards modernization, there are two things that businesses cannot afford to occur: time waste and manual mistakes in production and operations. In the recent years, technology experts found a global solution: automation. SAP users know that there are many obvious benefits that arise from deploying […]
Feb 23, 2024
•2 minute read
Pitfalls and Hacks in Cloud Project Budgeting and AccountingExplore the pitfalls and hacks in cloud project budgeting and accounting. Understand key concepts such as the run and build view on the IT budget, project investment, capitalization, depreciation, cloud pricing structure, and challenges in cloud implementation. Get insights and strategies for organizations to effectively allocate resources, mitigate risks, and maximize the benefits of their cloud projects.
Dec 19, 2023
•11 minute read
What’s the Better, Faster and More Efficient Approach to Intercompany Operations?While the arithmetic of intercompany operations seems simple—everything should tally to zero—the reality is anything but. In a landscape plagued by fragmented data, tedious manual processes, and disjointed workflows, companies are facing more than just numerical discrepancies.
The price? Inefficiencies, reporting delays, and missed revenue opportunities.
Join us for our upcoming webinar, where we reveal the latest trends in intercompany operations from around the globe and share the Kraft Heinz journey to achieve intercompany operations that drives growth, enhances liquidity, and optimises talent.
Oct 18, 2023
•1 minute read
Desire for Modern F&A Skills to Support Financial Close TransformationAs 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 report. Most survey respondents (85%) said automated and standardized closing processes were critical to financial close transformation strategies.
Financial close transformation strategies bring together digital technologies and highly-skilled financial and accounting professionals to work more efficiently with the latest tools. It is not about replacing finance and accounting professionals but harnessing the power of digital disruption. This allows them to do their jobs better by focusing on higher-value activities and providing enhanced insights that optimize business strategy. People remain at the heart of any successful organization and must upskill to support a culture of innovation. We will explore what drives the evolution of the finance skillsets for current and future finance and accounting professionals.
Mar 2, 2023
•4 minute read
How to Automate Complex SAP Processes in SAP ECC and SAP S/4HANAA common question for businesses is how to effectively conquer slow and error prone process of managing complicated data with SAP. Even with advanced capabilities such as the HANA database and Fiori, the processes you use to run your business continue to present challenges and human error. One-way companies are overcoming these challenges is through […]
Apr 26, 2022
•1 minute read
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