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What is SAP Financial Consolidation?
SAP Financial Consolidation is SAP’s real-time consolidation solution integrated with S/4HANA Finance, deployed on-premise or in the cloud, and referred to as Group Report with S/4HANA. It is a crucial SAP application for consolidating financial data from multiple legal entities into a single company.
What is SAP Financial Consolidation?
SAP Financial Consolidation is SAP’s real-time consolidation solution integrated with S/4HANA Finance, deployed on-premise or in the cloud, and referred to as Group Report with S/4HANA. It is a crucial SAP application for consolidating financial data from multiple legal entities into a single company.
SAP customers can leverage a unified reporting framework for local and group currencies. The solution can help SAP customers achieve greater visibility into consolidated financial positions, optimize fiscal performance, and comply with financial reporting requirements. In addition, central management and consolidation process automation can help organizations generate insightful management reports.
Key capabilities include:
- Provides visibility into underlying financial transactions with the ability to aggregate trial balances from multiple companies
- Supports accounting document principles and logs for transparency into transactions and reconciliation activities
- Process monitors to actively manage the execution of the consolidation process, identifying those processes that aren’t started, in progress, completed, or failed
- Automatic consolidation of investments and intercompany eliminations
Key Considerations for SAPinsiders:
Confirm critical business needs driving Group Reporting for SAP S/4HANA implementation. SAP customers leveraging SAP Financial Consolidation in the core SAP ERP and considering a transition to Group Reporting for SAP S/4HANA can enhance financial consolidation capabilities empowered by technology that enables real-time access to information. A pre-packaged Group Reporting solution can help organizations streamline the consolidation process, with solution extensions by third-party vendors such as BlackLine to address specific business requirements with additional functionality.
Evaluate SAP Central Finance and Group Reporting for SAP S/4HANA as an initial roadmap for a finance-focused digital transformation. The finance team at Perrigo outlines in this case study how they arrived at this initial roadmap to successfully build the foundation for a gradual migration to SAP S/4HANA.
Prioritize financial consolidation function to facilitate more robust planning and forecasting. In this case study, Matthew Hertling of National Vision outlines how consolidation functions in core SAP ERP can enable more comprehensive planning and forecasting for finance teams.
44 results
Overcoming Consolidations Hurdles with SimpleFi SolutionsSep 12, 2024 — Finance teams are under more pressure than ever to operate with improved efficiency while also delivering real-time, actionable insights to guide decision making and improve performance. Despite the need for streamlined operations, just 18% of SAP users are actively leveraging group reporting and consolidation solutions, according to SAPinsider research. While many SAP organizations have used […]
2 minute read
Leveraging Digitalization Tools to Achieve Efficiency in Financial ConsolidationFeb 29, 2024 — SAP users know that when it comes to financial planning and analysis (FP&A), precision, accuracy and speed are crucial for a company’s overall financial health. Many will find that some of their processes may not be fast or precise enough to match the demands of a company’s needs and the digital transformation. Therefore, businesses embark […]
2 minute read
Simplifying Statements with BlackLine’s Financial Reporting AnalyticsJul 11, 2023 — Financial reporting is an essential business function, yet all too often this process can be delayed by manual processes that also introduce the risk of human error. BlackLine’s Financial Reporting Analytics allows users to analyze and validate data sets with real-time visibility.
The solution provides end-to-end transparency and automates ledger-to-ledger, statutory-to-GAAP, tax-to-GAAP, and system-to-system reconciliation. This can insulate organizations from audits and reduces the chances that an organization will have limited time to investigate exceptions.
As more and more companies adopt automated solutions for validating and analyzing financial statements, teams may need assistance in upskilling workers and learning best practices for these solutions.
BlackLine recently released a guide helping companies best leverage its new Financial Reporting Analytics solution. Financial Reporting Analytics to centralize group-level data while ensuring accuracy and saving time. It does this by offering real-time views of balance sheets and income statement reports, streamlining and accelerating the entire process.
In this article, we will explore some of those important tips discussed, what role this FRA solutions plays in the market, and the needs it addresses.
2 minute read
Performing Period-End Close in SAP Group ReportingMar 6, 2023 — Financial consolidation can be a complicated process for SAP users. When it comes time to perform period-end close procedures, finance teams must ensure that they have taken all necessary steps to avoid audit by correctly performing all closing activities.
In this article, SAPinsider expert Dr. Marco Sisfontes-Monge walks you through some of the crucial steps you must take when performing period-end close processes in SAP Group Reporting. He will also offer key insights into potential issues and important reminders for how best to minimize risk throughout the process. He will also guide you through important tools in the financial close arsenal, like Data Monitor, SAP S/4HANA Finance for Group Reporting, Consolidation Monitor, and more.
7 minute read
Working with SAP Group Reporting S/4HANA Finance 2022/2021Nov 4, 2022 — Solutions like Group Reporting are long-term investments on which improvements are continuously made, unlike products that are in support mode and receive no maintenance support when they reach the end of their life cycle. In this article, you will explore the key functionalities of SAP Group Reporting and the recent new additions to it.
21 minute read
Benefits of Bringing Consolidation and Financial Reporting Processes OnlineOct 28, 2022 — As businesses grow more complex, the need for accurate and timely financial reporting has never been greater. Unfortunately, legacy and manual methods for financial reporting often need help to keep up with the pace of business. Early findings from our Financial Close Transformation benchmark report, exploring the strategic priorities of SAP organizations across the financial […]
5 minute read
Transformation in the Enterprise Benchmark ResearchJan 31, 2022 — In This Report: Transformation is an integral part of organizational planning today. It has expanded beyond the goal of reducing legacy debt by replacing outdated hardware to cover everything from infrastructure changes to broader organizational structure and cultural changes. But what does transformation mean to the SAPinsider Community? How important is it to what they […]
1 minute read
Automation in Finance Benchmark ResearchJan 31, 2022 — In This Report: Organizations are investing in financial process automation with the goal of driving efficiency across end-to-end business processes to enable real-time insight. The growing availability of automation solutions from SAP and third-party vendors, provides a catalyst for SAPinsider organizations to align best practices with intelligent automation technologies, such as robotic process automation (RPA), […]
1 minute read
Driving greater efficiency, visibility and control with an automated record-to-report processAug 12, 2021 — Today, the Office of Finance is heavily relied upon to be an essential strategic part of the organization by providing real-time data to shape critical business decisions. However, many organizations struggle to provide these insights due to outdated processes and technology.
Because of this, organizations are now focused on adopting technology to automate those tedious, manual tasks of the Record to Report process, to empower their teams with time needed to analyze data that will help drive the strategic direction of the business.
Join this session to:
-Identify where you are in the maturity of your automation initiatives for the financial close against a recent Global Benchmark Report
-Discover key areas to focus on first for financial automation to see valuable ROI
-Learn from best-in-class examples, such as Siemens and GSK, who have successfully automated their R2R processes
1 minute read
BlackLine and Kyriba Combine to Improve Financial Close ManagementJul 28, 2021 — by Ogo Nwanyanwu, Research Director, SAPinsider BlackLine partners with Kyriba to deliver greater cash visibility BlackLine Inc. and Kyriba, announced a new partnership to provide organizations with greater collaboration between Finance, Accounting, Treasury and Risk teams. The partnership offers mutual customers of their respective solutions, the capacity to accelerate bank connectivity and enhance cash visibility. […]
2 minute read