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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.
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Accelerate Your Finance Shared Services Transformation and Centralized ReportingJul 16, 2018 — New features have been introduced in SAP S/4HANA 1709 that enable enterprises to leverage the benefits of shared services for certain financial processes along with added reporting flexibilities. In this blog, I provide a quick overview of the innovations in SAP S/4HANA 1709 along with some key considerations and limitations while implementing them. I focus […]
13 minute read
You Can Now Do Realignments in Account-Based CO-PA with SAP S/4HANA 1610Jul 5, 2017 — Learn how you can do realignment of Profitability Analysis (CO-PA) data in SAP S/4HANA 1610. Realignment of CO-PA characteristics in account-based CO-PA was not available in SAP S/4HANA due to a change in database structures. The feature is now available for use. Key Concept As part of the unified data model and real-time integration between […]
10 minute read
Top-7 Finance Features you need to activate when you migrate from ECC to SAP S/4HANAOct 1, 2024 — Click Here to View Session Deck You have been on ECC for all these years and now on the way to transitioning to SAP S4/HANA. Attend this session to learn about the Top-7 major enhancements you are about to collect when you move to S/4HANA Finance. Based on philosophy of delivering superior enhancements with simplifications, […]
1 minute read
SAP S/4HANA Finance 1610Oct 11, 2018 — SAP S/4HANA Finance 1610 provides users with the flexibility of using two main currencies plus eight freely definable currencies. The translation of the user-defined currencies, whether real time or not, is based on the currency configuration completed after executing transaction code FINSC_LEDGER. The eight freely definable currencies allowed by SAP S/4HANA Finance 1610 are available in all ledgers (leading, non-leading, and extension), but they are not available in the material ledger or Asset Accounting (FI-AA). These currency types still follow the traditional three-currency (document, local, and group) setup as in SAP ERP Central Component (SAP ECC).
This article describes the impact on currency from these five processes:
- Currency adjustment postings
- Business application programming interface (BAPI) functions
- Parking
- Foreign exchange (FX) valuation
- Reporting
10 minute read
SAP & BlackLine: Improving the End-To-End Financial Close Process, TogetherJul 29, 2024 — If you’re running SAP or closing with BlackLine, you may have already heard that BlackLine is an SAP Solution Extension. But you may be wondering, what exactly is a Solution Extension? How do SAP and BlackLine work together?
3 minute read
Accelerate Your Financial Closing with New Line Item Transaction Codes in SAP S/4HANA FinanceSep 12, 2016 — Learn about the new line item browser report transaction codes in SAP S/4HANA Finance and how useful they are compared with the current line item report transactions codes. Key Concept Line item browser report transaction codes are available in SAP S/4HANA Finance only. These codes are not even part of the regular SAP system menu. […]
13 minute read
How Avantor Transformed its Finance Function with SAP S/4HANA Central Finance and Group ReportingJul 23, 2024 — The advent of SAP S/4HANA Finance and Central Finance has provided finance and accounting teams with new functionality that can help customers significantly improve their finance and accounting functions. The key to unlocking this potential is understanding these capabilities and how to enable them in the most effective way possible. In this interactive webinar you will go inside Avantor’s unique story and capture lessons learned from their journey. You will:
Understand why Avantor decided to deploy SAP S/4HANA Central Finance and Group Reporting capabilities and what they hoped to gain from this investment.
Learn how they leveraged SAP Master Data Governance along with SAP S/4HANA Central Finance to enable a new and more powerful way to do segment reporting.
Walk through their strategy for implementing Group Reporting, SAP Analytics Cloud (SAC), as well as secondary database for reporting including key updated they made to their GRC toolsets.
See how these implementation strategies created a strong foundation for Avantor to streamline business processes and take advantage of future improvement opportunities.
1 minute read
Strategies for Success: SAP S/4HANA Summit Key TakeawaysNov 30, 2023 — The SAP S/4HANA Summit 2023 provided an immersive educational experience for SAP end-users to explore key topics and ideas on SAP S/4HANA finance, platform and technology. Whether you are just starting planning for the move to S/4HANA, speaking with consultants about change management or are in the weeds of data transfers, this event gave valuable insights that can help your business through the migration process. In this upcoming webinar, experts from Serrala and Sovos will be breaking down their key takeaways from attending the show.
1 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
Plan Your SAP S/4HANA Finance Migration with These TipsSep 16, 2016 — Learn how to plan your SAP S/4HANA Finance migration with some real-life insights. Key Concept In 2014, SAP introduced SAP Simple Finance Add-On 1.0 with many simplifications aimed at streamlining the finance processes at any organization. In 2015, SAP released an updated version, SAP Simple Finance Add-On 2.0, later renamed SAP Simple Finance On-Premise Edition […]
24 minute read