SAP Financial Closing Cockpit


What Is SAP Financial Closing Cockpit?

SAP Financial Closing Cockpit is a comprehensive solution that enables you to manage all aspects of the financial close process. It provides an end-to-end view of your company’s financial position, so you can make better decisions and streamline the entire process. Using SAP Financial Closing Cockpit, finance and accounting teams can close the books more efficiently with a single point of entry for all financial data and transactions and robust reporting and analysis features, including drill-down and pivot capabilities.

What Is SAP Financial Closing Cockpit?

SAP Financial Closing Cockpit is a comprehensive solution that enables you to manage all aspects of the financial close process. It provides an end-to-end view of your company’s financial position, so you can make better decisions and streamline the entire process. Using SAP Financial Closing Cockpit, finance and accounting teams can close the books more efficiently with a single point of entry for all financial data and transactions and robust reporting and analysis features, including drill-down and pivot capabilities.

Key capabilities include:

  • Automate financial close processes and improve accuracy
  • Consolidate data from multiple SAP and non-SAP systems in a single view
  • Manage your company’s liquidity and cash flow
  • Gain insights into your company’s performance with financial reports and dashboards
  • Ability to consolidate financial data from multiple source systems.

Key Considerations for SAPinsiders  

Enhance SAP Financial Closing Cockpit functionality with third-party integrations. SAP Financial Closing Cockpit offers a wide range of features to help you streamline the financial close process. Organizations can integrate process automation with third-party providers to accelerate closing workflows and reduce closing task lists.

Confirm manual closing processes and spreadsheet utilization requirements to determine the best use cases for SAP Financial Closing Cockpit. Finance and accounting managers using SAP Financial Closing Cockpit in ECC 6.0 can also automate manual processes and collect spreadsheet information easier by creating custom-developed tables to capture tasks and information.

Accelerate closing tasks in SAP Financial Closing Cockpit with updated closing templates. Finance managers can configure the closing template in SAP Financial Closing Cockpit to update important parameters automatically based on the closing hierarchy and the critical date of the task list. As a result, SAP customers can reduce the number of variants needed to run a single scenario in various programs, which helps reduce the number of closing tasks.

944 results

  1. Configure SAP Financial Closing Cockpit to Start Close Tasks in Multiple Systems

    Reading time: 12 mins

    See improvements made to SAP Financial Closing Cockpit in Enhancement Package 3 that allow it to integrate with SAP Central Process Scheduling by Redwood and to create close tasks in other systems. Key Concept SAP Central Process Scheduling by Redwood (SAP CPS) is designed to integrate process automation for SAP and non-SAP applications across distributed…...…
  2. How to Enhance Task Information in the SAP Financial Closing Cockpit in ECC 6.0

    Reading time: 11 mins

    Learn how to enhance SAP Financial Closing Cockpit task information to leverage and strengthen this tool to store additional information. If this information is captured in manual applications, such as Excel, or left to user memory or understanding, your period-end closing could be disrupted by errors. Key Concept The SAP Financial Closing Cockpit is a…...…
  3. How to Use Selection Variables in SAP Financial Closing Cockpit

    Reading time: 6 mins

    Explore the use of selection variables provided by SAP Financial Closing cockpit. If used correctly in the closing process, selection variables reduce the steps of maintaining the variants in various programs and thus help speed up the closing task. For example, if a business has 100 company codes and wants to schedule the depreciation run…...…
  4. Automate Task List Creation in the SAP Financial Closing Cockpit

    Reading time: 9 mins

    Many organizations now use the SAP Financial Closing Cockpit for making the period-end closing activity faster and more integrated. Organizations create a task list for each period-end closing from the template defined in the SAP Financial Closing Cockpit. See how you can automate the creation of the task lists from the template defined in the…...…
  5. Streamline Communications During a Period-End Closing via Email Notifications in the SAP Financial Closing Cockpit

    Reading time: 20 mins

    Learn how to enable email notifications in the SAP Financial Closing Cockpit for various scenarios, including release of a task list to have an integrated approach in period-end closing. If this approach is not implemented, then persistent communication gaps may occur during period-end closing, resulting in delays, confusion, and redundancy in task processing. Key Concept…...…
  6. Mitigate Foreign Trade Payment Compliance Risk Using the Cockpit for Documentary Payments

    Reading time: 33 mins

    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…...…
  7. Accelerate Your Financial Close to Support Strategic Decision Making

    Reading time: 17 mins

    Establishing an efficient financial close is a challenge for many businesses due to the number of people and complexity of tasks involved, and yet it is key to a best-run finance organization. By understanding how financial transformation—including the use of automation to increase operational efficiency—can support finance teams in the close process and add more…
  8. Integrate Period-End Processes by Linking Custom-Developed Programs to the Closing Cockpit

    Reading time: 10 mins

    See how you can link the custom-developed programs to your Closing Cockpit and follow a discussion on the special settings and prerequisites related to this process. Learn how to:• Link your custom-developed solutions to the Closing Cockpit for better integration with period-end activities to receive full reporting capabilities for executing custom-developed programs inside the Closing…...…
  9. Cross Task List Monitoring in the SAP Closing Cockpit in ECC 6.0

    Reading time: 8 mins

    Learn how to monitor the status of various tasks from multiple task lists in the SAP Closing Cockpit with SAP ERP Central Component (ECC) 6.0. Key Concept The Closing Cockpit is a standard SAP tool to monitor and control the entire period-end closing cycle. In this tool the templates are first defined and then the…...…
  10. Set Up SAP Closing Cockpit for Speedier and Better-Controlled Financial Closings in 5 Steps

    Reading time: 19 mins

    See how to configure the newly updated SAP Closing Cockpit to assign individual tasks and hierarchies properly. Key Concept SAP recently redesigned its ERP-based SAP Closing Cockpit and plans to deliver it with an add-on option of a new task scheduling tool, Central Process Scheduler (CPS). SAP plans to make this generally available to customers…...…