Feb 19, 2021
•1 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.
Strategies to Optimize Real Estate Expenditures and Lease Accounting ProcessesCommercial real estate leased for business is one of the largest corporate expenses. It’s complex and time-consuming to manage. Plus, changes to lease accounting standards add new compliance burdens and stress to your financial reporting. This practical session will share insights and strategies to help you leverage market data, analytics and collaborative management applications that seamlessly integrate with SAP or other technology ecosystems to optimize portfolios, drive cost savings and achieve ASC 842 and IFRS 16 compliance. You will:
- Evaluate current sources of market information and management applications used for real estate operation and lease accounting
- Examine how real estate expenditure decisions are made and the accuracy of data used to support decisions
- Determine if taking steps toward optimizing real estate management and expenditures or improving lease accounting processes makes sense for the organization
- Learn how to address incomplete, inaccurate or out-of-date data that can lead to costly errors and poor decisions regarding corporate real estate expenditures and lease accounting compliance
Things to Know about Capital Accounting in SAP S/4HANAThe changes in SAP S/4HANA covering the capital accounting area are far-reaching. SAP has greatly tightened the integration between new asset accounting and SAP General Ledger. In this session, review the changes that SAP has introduced between these 2 modules and what’s required to ensure proper alignment with the Universal Journal and the optimal ledger design. Walk away from this session with an in-depth understanding of:
- Important changes in Investment Management and Project System in SAP S/4HANA
- New integration points between Project System and SAP Revenue Accounting and Reporting
- New options for tracking leases as part of IFRS 16 and ASC 842
Jan 19, 2021
•1 minute read
Optimizing Existing Finance Data and ApplicationsWhether your company moves to SAP S/4HANA or maintains your current system, organizations need to clean up their financial systems and processes. Sessions in this track will help you get the most out of the features and technology you currently have so that you can generate quick wins as well as prepare for your eventual move to SAP S/4HANA. Unlock the true potential of existing configuration, data, processes, and ledgers so that you can achieve efficiency, and greater visibility into your business.
Jan 14, 2021
•1 minute read
How Hubbell modernized global accounting processes with BlackLineA long-time customer of SAP and BlackLine, Hubbell Incorporated. is an international manufacturer of high quality, reliable electrical products and utility solutions for a broad range of customer and end market applications. With SAP S/4HANA up and running as its ERP, Hubbell set out to further automate its financial close processes. Hubbell optimized its processes with BlackLine’s platform of cloud solutions to add governance to intercompany accounting and to reconcile and match millions of transactions automatically. Attend this session to:
•Learn how balance sheet substantiation laid the foundation for Hubbell’s use of BlackLine solutions
•Understand how Hubbell leadership conducted workshops, in partnership with BlackLine, to identify additional automation opportunities
•Hear how Hubbell is using Blackline to document and facilitate key SOX controls
•Learn how SAP Intercompany Financial Hub by BlackLine benefits Hubbell’s merger and acquisition (M&A) strategy and provides a simple, proactive approach to intercompany processes
Oct 20, 2020
•1 minute read
6 Reasons Why People HAVEN’T Automated Their CAPEX Process in SAPCapital Expenditure processes should be automated, delivering business benefits like data integrity, audit compliance and efficiency. Find other insightful content from IQX Business Solutions on their Vendor Showcase.
Jul 17, 2020
•1 minute read
Webinar: How Finance & Accounting Can Rise in Uncertain TimesFinance specialists from Deloitte, EY, SAP, and BlackLine offer their expert perspectives on the new normal and the opportunities F&A teams have to adapt. Find other insightful content from BlackLine on their Vendor Showcase
Jul 1, 2020
•1 minute read
Don’t Let Uncertainty Derail Your Finance and Accounting OperationsInterruptions in business are inevitable and are especially challenging for finance and accounting professionals, who do not like the risk associated with uncertainty. Keeping business running as usual while trying to change and adapt can be difficult even when everyone is in the office, but when teams are forced to work remotely, finance processes that require input from multiple parties become particularly challenging. This article explains how having a no-code/low-code, flexible, and scalable finance platform can help enterprise teams better navigate uncertainty, centrally manage processes remotely, and help them develop solutions that can adapt to a changing business environment.
Jun 23, 2020
•2 minute read
Introduction to SAP Joint Venture Accounting, Part IIA joint venture (JV) is an arrangement in which two or more parties come together and agree to pool their resources for a specific task. This task can be a new project or any other business activity. In a joint venture, each partner is responsible for profits, losses, and costs associated with the venture. Joint venture accounting (JVA) is becoming a more relevant concept as the number of partner-oriented business models increase and new avenues of business combinations are taken. SAP Joint Venture Accounting provides a complete accounting system for JVs.
Joint venture accounting (JVA) is becoming a more relevant concept as the number of partner-oriented business models increase and new avenues of business combinations are taken. In Part I of this series we provided a high-level overview of SAP Joint Venture Accounting and explained the application’s integration capabilities with various types of accounting in JVA. This article will explain the master data requirement, configurations, process, month-end closing, and reporting in SAP Joint Venture Accounting.
After reading this article you will be able to:
- Set up master data to carry out transactions in SAP Joint Venture Accounting;
- Perform configurations in SAP Joint Venture Accounting;
- List the different processes in SAP Joint Venture Accounting; and
- Explain the different month-end activities that can be performed using SAP Joint Venture Accounting.
May 26, 2020
•8 minute read
An Introduction to SAP Joint Venture Accounting, Part IA joint venture (JV) is an arrangement in which two or more parties come together and agree to pool their resources for a specific task. This task can be a new project or any other business activity. In a joint venture, each partner is responsible for profits, losses, and costs associated with the venture. Joint venture accounting (JVA) is becoming a more relevant concept as the number of partner-oriented business models increase and new avenues of business combinations are taken. SAP Joint Venture Accounting provides a complete accounting system for JVs.
This article will assist business process owners, IT functional consultants, process owners, financial accountants, and aspirants in SAP consulting obtain a high-level understanding of SAP Joint Venture Accounting. It will also explain the application’s integration capabilities with various types of accounting in JVA.
After reading this article you will be able to:
- Understand the benefits of forming a joint venture;
- Recall the business structure in a joint venture;
- Summarize the capabilities of SAP Joint Venture Accounting; and
- Integrate SAP Joint Venture Accounting with other SAP modules, such as Financial Accounting (SAP FI), Controlling (SAP CO), Asset Management (SAP AM), Materials Management (SAP MM), Plant Maintenance (SAP PP), and Project System (SAP PS)
May 15, 2020
•6 minute read
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