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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
Optimizing the Record-to-Report Process with SAP (IAA, AFC, Group Reporting, Disclosure, Rev Rec)Jul 7, 2021 — Financial Planning and Analysis is one of the biggest pain points of SAP customers according to recent SAPinsider research, and is also one of the largest areas of investment that organizations are undertaking, as they realize how critical this discipline is to their overall success. Attend this interactive session to gain an understanding of how bringing next generation ERP and Analytics together empowers the finance and planning audience to drive better decisions. Obtain a better ability to see the whole finance landscape with the next-generation intelligent cloud ERP suite in SAP S/4HANA.
You will:
-Learn how to use analytics against SAP S/4HANA with SAP Analytics Cloud to drive better business decisions and become a better business partner
-Use SAP Analytics Cloud against SAP S/4HANA actuals data to perform better planning and variance analysis
1 minute read
Ask the Expert | Record-to-Report WorkshopJul 7, 2021 — SAP and partner experts will be available to take your questions on the record to report process - from a central finance approach, to the entity and group close, to financial reporting - this is your chance to get your questions answered.
1 minute read
Maximizing your SAP S/4HANA investment with financial close task automationJun 8, 2021 — Financial close automation can provide insight into how to navigate the current economic environment, while also providing for sustainable transformation within finance & accounting. As teams consider the virtual experience of financial closing, many are finding out that their technology investments to support their process and people are lacking and yet are critical for success. Looking ahead, moving away from the tedious, manual tasks of the financial close process to focus the majority of time and effort on analyzing data will help drive the strategic direction of the business.
Attend this session to hear HP and Trintech discuss:
- How to align your people, process, and technology for full financial transformation
- How to accelerate your SAP S/4HANA transformation
- How to automate Close tasks with ERP Bots
1 minute read
Exercise control and shrink SAP reporting cycles by up to 50%Jun 8, 2021 — Would you like to automate your SAP reporting process and free up more time for data analysis? Are you struggling with inflexible data and time-consuming manual processes that limit your ability to make informed business decisions, fast? In this session, we will demonstrate how you can exercise control over your SAP reporting processes and significantly reduce time spent generating reports by:
- Connecting directly to your SAP data, thus eliminating error-prone, manual data dumps
- Putting reporting ownership into the hands of Finance, not IT
- Automatically create and distribute real-time reports across different departments with drill down to line item and document-level detail capabilities
1 minute read
What you need to know about SAP S/4HANA Cloud for advanced financial closingJun 8, 2021 — The entity close is a key milestone in every company's record to report process. Get a detailed overview of SAP’s new Cloud service for close orchestration that can help your company streamline the close for improved efficiency and compliance. Attend this session to:
- See the solution in action
- Learn how SAP S/4HANA Cloud for advanced financial closing can be deployed in days - and how companies can benefit from best practice content
- Understand the future product direction and the SAP strategy for the intelligent financial close
1 minute read
SAP S/4HANA group reporting as part of a modern finance platformJun 8, 2021 — SAP S/4HANA for group reporting is SAP’s strategic consolidation solution. Learn how it not only provides integration with underlying S/4HANA local accounting but also integration with intercompany, planning, analytics and disclosure. Attend this session to find out more about these integration touchpoints which establish S/4HANA for group reporting as one cornerstone within SAP’s modern finance platform. In addition, this session will include an update on recent functionality. You will:
- Get a detailed recap of SAP’s strategy for consolidation and what it means to you
- Understand important Integrational aspects of SAP S/4HANA for group reporting
- Explore the latest features of SAP S/4HANA group reporting and the potential value they bring to your consolidation process
1 minute read
Navigating SAP solutions for record-to-reportJun 7, 2021 — SAP has a host of solutions that can support various parts of the record to report process from group reporting and consolidations to end-to-end close. This session will clarify how SAP’s solutions fit together for an end-to-end process, provide a roadmap, as well as illustrate how they are using third party and solution extensions to extend their overall capabilities. You will learn:
- How solutions such SAP S/4HANA, SAP S/4HANA for group reporting, SAP S/4HANA cloud for advanced financial closing, and BlackLine solutions come together to bolster SAP’s portfolio
- Key decision criteria so that you make the right decision about what solutions to use for specific scenarios
- What the roadmap is for these solutions and how they work together
- Key pre-requisites and requirements for deployment
1 minute read
Key implementation considerations for Group ReportingMay 11, 2021 — SAP S/4HANA for Group Reporting is one of the key SAP solutions for consolidations and financial close. This session will help you understand where this solution may fit into your plans and offer a real-world perspective on how to evaluate and implement for optimal gain. You will:
- Understand the key business requirements which need to be identified in order to most effectively support implementation
- Learn about key considerations in the design/implementation of the underlying SAP S/4HANA and/or Central Finance environment in order to support a future implementation of Group Reporting
- Hear lessons learned from Group Reporting implementations
1 minute read
Reducing Closing Time and Increasing Data Quality at KMDMay 10, 2021 — Newly acquired companies often face roadblocks in consolidating their financial and accounting operations with their new parent company’s systems. Streamlining financial closing processes, addressing inefficiencies, and automating time-intensive activities with cloud technology can help acquired companies plan for an orderly, smooth transition.
One of the largest IT firms in Denmark, KMD, an NEC Company, proved that possibility with a timely upgrade to SAP S/4HANA Cloud for group reporting and SAP Analytics Cloud.
After being acquired in 2018 by NEC, the Japanese global systems integrator, KMD’s primary aims included reducing closing days by half and implementing more detailed reporting requirements. They had to weigh the pros and cons of moving away from SAP Business Planning and Consolidation, which had been in place at KMD for ten years. Users had acquired deep experience in the tool, and best practices and automated processes were already in place. Ultimately, they decided on moving to SAP S/4HANA Cloud for group reporting, SAP’s strategic consolidation solution.
In this SAP S/4HANA Cloud implementation case study, KMD shares key challenges and learnings from its consolidation approach, which dramatically streamlined workflow efficiencies and enhanced data quality.
Read this customer story and learn:
• How KMD implemented SAP S/4HANA Cloud and SAP Analytics Cloud to reduce financial closing times from 8 days to 4 days.
• The key impacts of shifting intercompany reconciliation responsibilities, including how it can drive dramatic improvements in data quality.
• Automation’s influence in freeing up valuable resources, allowing increased opportunities for more analysis and less time spent on reconciliation.
• About the value of SAP’s support in facilitating an exceptionally smooth implementation in just six months.
4 minute read
The Strategic Role of Finance In Today’s Business LandscapeApr 12, 2021 — Finance teams have always been expected to fulfill a variety of reporting requirements to complete the financial close, also known as the record-to-report process. Today, that expectation has evolved, requiring finance professionals to deliver insights for both operational and strategic decision making. And yet completing operational tasks within the accounting and financial close process cannot be abandoned. In fact, these tasks need to be executed more efficiently than ever before. How can finance teams achieve operational efficiency within the record-to-report process and also become strategic partners to the business?
This article will provide best practices for how the finance department can simplify complexity and increase integration, achieve real-time insights into financial data, and add business value by helping leadership make informed and predictive decisions.
Read the article and learn:
- How SAP customers can achieve a more reliable and accurate view of the organization’s future financial results and move toward predictive accounting;
- Ways to shift focus from shortening time to close, to ensuring a continuous close process that delivers value on a regular basis; and
- How finance professionals can leverage these recommendations and best practices and take advantage of evolutions in financial planning and analysis capabilities to drive strategic decision making for the business.
9 minute read