SAP Accounting


SAP Accounting: An overview and key considerations 

What Is SAP Accounting?

SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.

SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.

For many organizations, SAP Accounting manages transactions across these core financial functions:

Key Considerations for SAPinsiders

SAP Accounting: An overview and key considerations 

What Is SAP Accounting?

SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.

SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.

For many organizations, SAP Accounting manages transactions across these core financial functions:

Key Considerations for SAPinsiders

Prioritize industry-specific and business process-related compliance needs across accounting and finance requirements. SAP Accounting is an essential component of SAP ERP that provides organizations with global processes and information to account for the new standards of accounting, while maintaining flexibility to incorporate regulatory updates. SAP Accounting solutions can help organizations effectively meet global accounting and financial reporting standards to enforce compliance.

Consider opportunities to modernize accounting workstreams and provide operational visibility across virtual teams.The transition to a fully remote working environment has caused difficulties for accounting professionals, particularly as it relates to their dependence on spreadsheets, inability to access data, limited process documentation, and daily manually intensive tasks. Organizations can automate their workflows with SAP Accounting tools, freeing them to do more optimization and customization.

Leverage SAP Accounting products to enable accounting teams to do more with less. COVID-19 variants, virtual work, supply chain disruptions, inflation concerns, and the Great Resignation, represent some of the major challenges creating uncertainty for organizations across the current operating environment. With the uncertainty of this economy, accounting is required to give more up-to-date information to make smarter decisions in real time.

36 results

  1. Hanse Orga CEO Sven Lindemann on the Top 3 Challenges Facing the Office of the CFO

    SAPinsider’s Riz Ahmed interviewed Hanse Orga CEO Sven Lindemann at Financials 2018. Watch the video of their discussion about the top three challenges facing CFOs today…. This content is available to (General or Premium) members. Sign in or Join for free! Sign In Become a Member... This content is available to (General or Premium) members.…
  2. An Overview of Using the Credit Facility Functionality

    Reading time: 21 mins

    Learn the process flow, the integration points with other SAP modules, and the advantages of using SAP’s Transaction Manager for credit facilities. Key Concept Most companies have credit facilities with their primary bank. SAP’s Transaction Manager module can be used to support the life cycle of credit facilities. The credit facility functionality is included in…...…
  3. CNH Industrial Cultivates Automated Account Reconciliation Landscape

    Reading time: 10 mins

    CNH Industrial, a global capital goods corporation specializing in the manufacture of agricultural and construction equipment, along with commercial vehicles and powertrain solutions, takes pride in designing and producing machines that “keep agriculture and industry growing.” But with more than 63,000 employees, 64 manufacturing plants, and 50 research and development centers, managing financial tasks is…
  4. How to Comply with IFRS 15 Regulations Using SAP Revenue Accounting and Reporting 1.2

    Reading time: 29 mins

    Learn how to set up SAP Revenue Accounting and Reporting 1.2 in SAP ERP Central Component (ECC) 6.0 to comply with the new accounting standard regulation IFRS 15. The new regulation was jointly released by two leading accounting standard bodies: the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). Key Concept…...…
  5. Product Profitability and New Materials Ledger on SAP S/4HANA Finance

    Reading time: 9 mins

    Live Blog Product Profitability and New Materials Ledger on SAP S/4HANA Finance Kendall Hatch: Hello, and thanks for joining us today for our live Q&A on product profitability and new materials ledger on SAP S/4HANA Finance. We’re joined by Deloitte’s Kumar T. Piraviperumal who will be with us answering questions for the next hour. Kumar…...…
  6. Clearing Open Items in SAP Systems: Best Practices for Reconciliation and Automation

    Reading time: 4 mins

    In many finance departments, open items can pile up in the system, slowing down operations with an overabundance of unmatched transactions. These open items need to be matched and cleared as quickly as possible, but for large organizations, that can be a time-consuming and inefficient task. During a recent SAPinsider Live Q&A, this issue was…
  7. How Will the Major Changes to Lease Accounting Standards (ASC 842/IFRS 16) Affect SAP Customers?

    Reading time: 4 mins

    By 2019, every organization must change its lease accounting practices – the ASC 842/IFRS 16 regulations will require virtually all leases to be placed on the balance sheet. This change will have ripple effects throughout the organization, reaching beyond Accounting departments to impact stakeholders and investors. Therefore, businesses with any leases need to prepare for…
  8. Clearing Open Items in SAP Systems: Q&A on Best Practices for Reconciliation and Automation

    Reading time: 20 mins

    BlackLine’s Michael Gilmartin and Stephen Wolfman offer tips and best practices for reconciling open item accounts. If you missed the chat or need a refresher, you can view the chat replay or read the edited transcript below. Meet the panelists:  Michael Gilmartin, Director, Solutions Consulting, BlackLine Stephen Wolfman, Director, Product Management, BlackLine   Live Blog…...…
  9. insiderTRAINING announces 9 new sessions on Financials, Solution Manager, and BusinessObjects

    Reading time: 2 mins

    We’ve just added 9 new courses to insiderTRAINING covering topics like SAP BusinessObjects, Controlling, Financials, and Solution Manager. Here’s a quick summary of each new session: CONCO101 – SAP Central Controlling Configuration: Take this new course to step through Enterprise Structure Configuration in SAP’s CO module. Students will create a controlling area; create, configure, and…
  10. You Are Now a Step Closer to Real-Time Profitability in SAP S/4HANA Finance with Fewer Settlements

    Reading time: 10 mins

    Learn about a new feature in SAP S/4HANA Finance 1610 that helps you avoid a few of the settlements to Profitability Analysis (CO-PA) and yet achieve real-time updates of data to CO-PA dimensions. This is one innovation among many in account-based CO-PA. Key Concept SAP S/4HANAFinance helps you to avoid some settlements without adversely affecting…...…