Finance on SAP S/4HANA is a set of comprehensive solutions designed to help the office of the CFO meet the demands of a digital economy. It is part of the market-leading, best-in-class finance solution portfolio from SAP, built on a modern digital core that harnesses the benefits of the SAP HANA platform.
Increasing efficiency in operational finance with next generation automation scenarios
With the SAP S/4HANA 1809 release SAP has added multiple new highly automated scenarios lifting the level of automation to the next level:
- The goods and invoice receipt reconciliation process, not only all relevant information is brought together in just one screen, but by integrating our digital assistant into the process, users experience a much more fluent collaboration. All aimed at quicker and more efficient reconciled items. On top of that, we planned for October complementing machine learning capabilities to add pro-active recommendations to resolve specific issues.
- As part of the evolution towards a continuous close, the introduction of a new highly automated process supports us in making the accrual management process not only more efficient but more accurate as well.
SAP further improved our real-time margin analysis with integrating profitability information in the universal journal
The introduction of predictive accounting, which unlike mathematics-based predictions make use of the already available document flow to predict financial results of the future
To cope with a changing organizational view, responding to the need for better insights not only for entity but also at the business unit or group level in a more automated way, new key components are being introduced:
- Group reporting – The need to deliver accurate, up-to-date financial information continuously in a company’s consolidation process is not limited to the level of an individual entity. Therefore, SAP has introduced the SAP S/4HANA Finance for Group Reporting solution which provides direct access to the underlying transactions and detail across the entire enterprise so that a company can confidently and efficiently consolidate their financial and managerial results required in their closing cycles. It enables organizations to extend this evolution towards a continuous financial close on group level. It provides unprecedented transparency by delivering a complete flow of collection, processing, analysis and publication of the information.
- Embedded analytics – Most finance professionals will agree that it is often cumbersome to get interesting information out of their ERP system. Additional capabilities have been added to support business users in getting insights more flexibly and efficiently, so they can concentrate on acting on the information, rather than investing time in number crunching.
- Tax service – Global tax regulations get more diverse, complicated and change more often than ever before. Keeping up with the pace of change, typically in multiple systems, is a challenge. SAP’s response is a central tax determination engine with rules and rates maintained by SAP or its partners. With the SAP S/4HANA 1809 release, emphasis has been placed on enabling self-service tax management, facilitating an organizations chosen approach to reduce the risks and costs of inaccurate calculations and liability from non-compliance.
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