SAP Accounting Software Review
SAP offers a full-featured suite of financial management functions available in its SAP ERP Financials platform as well as a number of other modules. SAP ERP Financials enables businesses to improve insight into their fiscal processes by streamlining accounting procedures and better managing risk. Your company also has the option to integrate this platform with one of the vendor’s BusinessObjects solutions for a complete business management system. Read on to learn more about SAP’s financial management solutions, or check out other business accounting software reviews.
SAP Accounting Software
SAP ERP is a comprehensive software platform that enables open communication within and between all company functions. It provides real-time visibility into your company’s processes, which helps reduce errors, improve communication, and generally streamline your financial operations. SAP ERP is part of SAP’s Business Suite enterprise application package, which also includes modules for Customer Relationship Management (CRM), Product Lifecycle Management (PLM), Supply Chain Management (SCM), and Supplier Relationship Management (SRM), all of which can be interlinked if you so desire.
A popular choice for thousands of companies worldwide, SAP ERP isn’t right for everyone. Licensing and maintenance are costly, and implementation can be time-consuming and requires a robust IT environment.
SAP Business One is an affordable, easy-to-use business management system designed specifically for small and midsize businesses. It enables you to manage your critical business functions across sales, distribution, and financials, all in a single integrated system. With SAP Business One, you can instantaneously access a complete and up-to-the-minute view of your business, so you can respond to customers faster and grow your business more profitably.
As the core functionality of SAP’s accounting software, financials management incorporates all key accounting processes, such as journal entries, accounts receivable, and accounts payable. Real-time accounting functions automatically trigger accounting postings when relevant business events occur. SAP also supports automatic tax calculations as well as multi-currency transactions. Posting templates and recurring postings further streamline and simplify your accounting processes. SAP’s accounting software allows you to define and manage budgets and compare actual and planned figures at any time to get an accurate and up-to-date picture of your business. Profit or cost centers are easily created and let you allocate revenue and expenses according to distribution rules, which are customizable and specific to your business.
Although SAP is traditionally an on-premise solution provider, the company is in the process of making some of its solutions available as Software-as-a-Service (SaaS). In early 2012, the SaaS version of SAP Business One was launched – SAP Business One OnDemand – aimed specifically at small businesses. This launch was preceded by Business ByDesign, SAP’s SaaS solution for midsize companies.
SAP Accounting Key Strengths
SAP Business One
- SAP Business One offers a comprehensive and integrated set of tools to effectively manage all financial processes in your organization.
- As the core functionality of SAP Business One, financials and accounting management incorporates all key accounting processes, such as journal entries, accounts receivable, and accounts payable.
- Real-time accounting functions automatically trigger accounting postings when relevant business events occur. SAP Business One supports automatic tax calculations as well as multi-currency transactions. Posting templates and recurring postings further streamline and simplify your accounting processes.
- SAP Business One offers powerful financial reporting tools such as balance sheets, profit and loss statements, cash flow statements, and aging reports. The XL Reporter tool in SAP Business One enables the seamless integration of financial reports into Microsoft Excel templates.
- The banking software in SAP Business One provides all the tools and functionality necessary to manage your payment processing. The reconciliation tool allows you to easily harmonize incoming and outgoing payments with vendor and customer invoices.
- Profit or cost centers are easily created and let you allocate revenue and expenses according to distribution rules, which are customizable and specific to your business.
SAP ERP Financials
- The SAP ERP Financials solution is a comprehensive financial management solution engineered for the most complex, multinational companies across a broad range of industries. As the leading enterprise software solution, SAP ERP Financials enables companies to thrive in a business environment characterized by intensified competition, uncertain market conditions, and increased regulatory oversight.
- A seamlessly integrated solution, SAP ERP Financials combines core accounting and reporting capabilities with financial supply chain, treasury, compliance, and performance management applications. These applications help streamline finance business processes, reduce operating costs, manage risk, ensure compliance, and gain timely business insights.
- SAP ERP Financials simultaneously supports global financial reporting standards, multiple currencies, and languages with over 45 country-specific versions. The solution powers the highest-performing finance organizations in the world.
- Supporting a broad range of industry-specific processes, SAP ERP Financial’s scalable and open architecture can help extend existing financial system investments. It helps customers transform their finance organization into a strategic business partner – one that provides critical business insight and helps drive higher performance and increased shareholder value.
SAP Corporate Information
Founded in 1972, SAP is the leader in enterprise application software, with a #1 market share worldwide. The company develops solutions to manage accounting, distribution, human resources, and manufacturing functions – with a focus on six industry sectors: process industries, discrete industries, consumer industries, service industries, financial services, and public services. SAP’s best-known products are its Enterprise Resource Planning application (SAP ERP), BusinessObjects (analytics), Business One (business management for SMBs), and, most recently, their in-memory computing application SAP HANA.
SAP boasts a rich history of innovation and growth that has made the company a true industry leader. Today, SAP employs thousands of people in over 50 countries. Its professionals are dedicated to providing the highest level of customer service and support. SAP has leveraged its extensive experience to deliver a comprehensive range of solutions to empower every aspect of your business operations.
SAP is the world’s largest business software company and the world’s third-largest independent software provider overall.