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What is SAP S/4HANA Finance?
Initially released in 2014, SAP S/4HANA Finance is the core financial solution for SAP customers, designed to leverage the SAP Fiori user interface and in-memory computing power of HANA. Previously referred to as SAP Simple Finance and SAP ERP Financials, SAP S/4HANA Finance provides multiple innovations, such as the Universal Journal single source of truth, allowing organizations to streamline financial processes, with real-time updates and reporting, across a simplified data model for storing financial and managerial accounting information.
What is SAP S/4HANA Finance?
Initially released in 2014, SAP S/4HANA Finance is the core financial solution for SAP customers, designed to leverage the SAP Fiori user interface and in-memory computing power of HANA. Previously referred to as SAP Simple Finance and SAP ERP Financials, SAP S/4HANA Finance provides multiple innovations, such as the Universal Journal single source of truth, allowing organizations to streamline financial processes, with real-time updates and reporting, across a simplified data model for storing financial and managerial accounting information.
Many SAP ERP customers utilize SAP S/4HANA to manage core business functions that enable timely and accurate financial operations and reporting, such as accounting and finance, financial planning and analysis, financial risk management, and risk and compliance management. SAP S/4HANA Finance is a powerful and versatile system that can be deployed in multiple ways to suit your organization’s needs.
Key features of SAP S/4HANA Finance include:
- Unified real-time data model for storing all finance-related information
- Enhanced financial closing capability
- Centralization of account payables and account receivables
- Predictive accounting
- Embedded analytics
Key Considerations for SAPinsiders
Start thinking about your SAP S/4HANA Finance journey now. In 2027, SAP expects to cease all new development for the core ERP and sunset support, requiring organizations to transition to S/4HANA Finance. Organizations that have yet to make the move to SAP S/4HANA Finance need to begin planning and develop a viable roadmap or risk falling behind their peers.
Reduce compliance risks by properly archiving financial information prior to SAP S/4HANA Finance transition. The size of your financial database directly impacts both the complexity and cost, which often leads to long timelines for moving everything over as well potential compliance risks that need addressing before they can be done. Achieve a high level of data protection by archiving critical financial information before it impacts performance, cost, or availability. Evaluate requirements for data cleanup to transfer historical data securely.
Leverage Central Finance in transition to SAP S/4HANA Finance as an opportunity to optimize core finance functions.Consolidating data from multiple sources and creating a single summary of the information is difficult. Central Finance can make this process easier, as it simplifies everything into one easily accessible place for greater visibility. Organizations can empower SAP S/4HANA Finance modules, applications, and extensions end-to-end with more accessible financial information.
127 results
Business Partner Creation for Intercompany Customers and VendorsAug 14, 2020 — This article provides step-by-step instructions for setting up Intercompany Vendors and Intercompany Customers using the required Business Partner object in SAP for new SAP S/4HANA customers. Detailed screen shots and Best Practice proposed naming conventions are provided. By following the recommended approach, you will benefit when building the foundation for your cross-company scenarios with a(n):
- Simplified naming convention that mirrors your company code creation and nomenclature
- Easy to follow configuration steps for core S/4HANA functionality
- Understanding of the delta between the historical and new approach for creating I/C Customers and I/C Vendors
5 minute read
SAP S/4HANA 1610 Material Ledger Actual Costing: Understand the Fundamental Changes and the Impact on ConversionNov 21, 2017 — Learn and understand the massive changes in material ledger actual costing with SAP S/4HANA 1610. See how the technical and functional changes to this version of SAP S/4HANA affect organizations that use actual costing in a source system and are migrating from earlier SAP S/4HANA releases to SAP S/4HANA 1610. Key Concept Significant functional and […]
27 minute read
SAP S/4HANA Finance: Revolutionizing and modernizing your financial processesJan 20, 2021 — Although SAP S/4HANA has been available for over five years and been deployed at thousands of customer sites, not everyone is aware of all the potential benefits that it brings to finance departments that are currently using SAP ECC. There is much to learn and many questions to be answered. Attend this session for an easy-to-understand primer covering everything finance needs to know to make the transition. Topics include:
- What SAP S/4HANA is
- How it differs from SAP ECC
- The various options that organizations have when moving to SAP S/4HANA
1 minute read
Technical Guide: Add Currencies using S/4HANA Finance 1809Oct 25, 2018 — Traditionally, once you have gone live in a production system, the SAP system gives you a warning message (Figure 1) when you try to add a currency in the ledgers definition, and you then need SAP System Landscape Optimization (SLO) service for such a change in your currency setup. Figure 1 – Issue when adding […]
10 minute read
SAP Solution Roadmap for Supporting Financial ManagementJul 7, 2021 — The state-of-the-art financial management applications are always evolving with the availability of new technologies. Join this session to learn about the key areas of investment and innovation for the SAP engineering team, across the record-to-report and financial planning and analysis processes in SAP S/4HANA. Understand how the latest solutions related to SAP S/4HANA (Group Reporting, Margin Analysis, and Planning) are evolving and where these solutions can bring value to your finance and accounting organizations.
1 minute read
Photonics Manufacturer Transformed Its Financial OperationsJun 28, 2021 — On a mission of “enabling the future through light,” Excelitas Technologies Corp. is a global technology leader focused on manufacturing photonics components.
To support the company’s heavy acquisition strategy, Excelitas needed to embrace the 21st century, says Vice President for Global Business Services Robert Ersoni, by addressing the organization’s greatest challenge — integration. Excelitas needed to keep up with its own growth agenda and in early 2019, the company set out to examine how it could adopt and implement a Global Business Services (GBS) structure.
“The fundamental question becomes how to shift away from being transactionally oriented and toward being an effective business partner, providing analysis so that the business can make better informed decisions,” Ersoni says. To answer this question, Ersoni partnered with Excelitas’ Chief Financial Officer (CFO) and CFO staff to create an operating model that would set the direction of the company going forward.
Excelitas set out to meet an aggressive timeline to unify its landscape and update its legacy systems -- including a mix of disparate SAP ERP systems and non-SAP ERP systems -- by implementing SAP S/4HANA for central finance. Learn how Excelitas has achieved the first wave of its transformation and its future plans to go live with SAP S/4HANA for central finance and SAP S/4HANA for group reporting globally for its SAP and non-SAP systems by the end of 2021.
Read the full story and learn:
- Why it is important to embed organizational change management from the beginning of an implementation project;
- The steps necessary to achieve transformational results in a short amount of time and in a remote work environment; and
- Lessons learned from Excelitas's Vice President for Global Business Services Robert Ersoni about communication and collaboration from clerks to C-suite.
5 minute read
Tips and Tricks to Ease SAP S/4HANA Finance Migration ChallengesJul 15, 2021 — Your SAP S/4HANA Finance budget is approved, but are you ready to start your SAP S/4HANA Finance project? Is your existing data consistent enough for you to successfully migrate? Understand the key data objects (including customers/vendors, consistent items and balances, and consistent FICO setup) that you need for a clean and safe transition.
By attending, you will learn:
- Why extensive data clean-up efforts may be required for you to be ready for your SAP S/4HANA Finance migration
- The pre-migration consistency checks and validations that you must perform to be ready for SAP S/4HANA Finance, as well as post-migration validations
- Options available to you to fully exploit the power of SAP S/4HANA Finance parallel currencies
- Some of the most common challenges faced while migrating from classic to new asset accounting
1 minute read
SAP S/4HANA Finance: What’s in a Name?Dec 28, 2017 — SAP S/4HANA Finance has received much attention since it was announced at SapphireNOW in 2014 under the name SAP Simple Finance. In 2015, SAP Simple Finance was renamed to SAP S/4HANA Finance. This article defines the scope of the SAP S/4HANA Finance solution, as well as how the innovations built on SAP HANA fit into […]
15 minute read
Optimize Your Statutory Reporting Tasks Using SAP S/4HANA for Advanced Compliance ReportingDec 30, 2017 — In multinational organizations, reporting requirements are increasing day by day. Keeping track of all the reports generated and submissions can consume a lot of time and resources. The reporting format also changes over time due to changing regulations, and compliance with this format is of the utmost importance. Learn how to use SAP S/4HANA for […]
20 minute read