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FINANCIAL MANAGEMENT
– SAP ERP Financials Review
Product Snapshot
Technology
SAP ERP Financials is built on SAP NetWeaver technology and is made to be easily integrated with SAP BusinessObjects.
Customer Focus
SAP ERP Financials is a flexible financial management solution that can be tailored to meet the needs of a variety of industries.
Select Customers
Achmea, Cargojet Income Fund, Colgate-Palmolive, ING Real Estate Finance, Zappos.com, Zurich Financial Services Group
About SAP ERP Financials
SAP ERP Financials is a type of SAP accounting software made to help companies adapt to changes in financial management and accounting expectations like the convergence of accounting standards, greater expectations for transparency and increased demand by business partners for clarity. There are over 30,000 business in over 120 countries that are running 45 country-specific versions of SAP solutions. SAP ERP Financials is a modular application that can be tailored to the specific business needs of a company. SAP ERP Financials can also be integrated with SAP BusinessObjects solutions for performance management and governance, risk and compliance.
About SAP
SAP is one of the world’s largest business software companies and the third-largest software supplier overall. Founded in 1972 as Systems Applications and Products in Data Processing, SAP has a rich history of innovation and growth that has made them a leader in providing collaborative business solutions for all types of industries – in every major market. The company, headquartered in Walldorf, Germany, employs more than 51,800 people in more than 50 countries, and serves more than 76,000 customers in more than 120 countries.
SAP has leveraged their extensive experience to deliver a comprehensive range of solutions such as in to empower every aspect of business operations. SAP has created software solutions like SAP accounting software and SAP ERPÂ that can be used by companies of all sizes to use to reduce costs, improve performance and become more agile to respond to changing business needs.
SAP ERP Financials Key Features
Accounting and Financial Close
- Complete financial accounting integrating accounts payable/receivable, fixed assets and other sub-ledgers into a comprehensive general ledger.
- Provides management accounting tools for contracts, projects, products, profit center, profitability and cost center accounting.
- Includes comprehensive valuation, reconciliation, closing automation and reporting tools like master data governance.
- Enables the central oversight of the close cycle to increase accuracy and credibility of financial statements to improve transparency.
- Improves monitoring of internal controls to help ensure accurate financial reporting that is critical for compliance and regulatory guidelines.
- Improves data integrity and optimizes integration of SAP and non-SAP financial close processes through centralized scheduling processes.
- Provides ready-to-use governance and control, preconfigured to support all major financial control data in the system, from GL accounts to profit and cost centers.
- Provides complete and verifiable audit trail that covers all initiators, reviewers, approvers and maintainers of corporate financial data.
- Predefined and extensible data models and workflows with full validation and data-replication control capabilities available by scheduling or ad-hoc processes.
Treasury and Financial Risk Management
- Helps companies set up internal banking operations to help reduce external financial transactions and costs.
- Companies can reduce unnecessary external financial accounts and transactions and streamline external banking relationships to maximize efficiency and control.
- Helps companies to net all intercompany activity before turning to external financial service providers and concentrate working capital while reducing related carrying costs.
- Companies can improve the visibility and monitoring of cash from sales and purchase orders within integrated SAP financial solutions.
- Provides tools for companies to accelerate receipts and control expenditures and optimize control over working capital.
- Helps companies make more informed investment and borrowing decisions based on reliable, accurate liquidity data and lower costs to improve returns in treasury operations.
- Companies can integrate cash management and liquidity planning with a comprehensive debt, investment and hedge management platform.
- Companies can use sophisticated risk analyzers to track and manage all enterprise financial risks.
- Helps streamline in-house banking and communication with external banks to simplify financial transaction flows and reduce related financial transaction costs.
- Reduces and simplifies bank interfaces while streamlining external financial transactions across the enterprise.
- Improve transparency into payment flow with a system wide payment sales monitor with a full history and drill-down capabilities.
- Improves compliance and control with personal digital signatures and full audit control on all outgoing payments.
- Helps companies to establish a standardized payment gateway that enables communication with multiple banks via SWIFT messaging platform.
- Provides access to over 8,900 financial institutions in 208 countries with a single, standard payment protocol.
- Companies can achieve real-time exchange of payment and settlement messages with full redundancy and advanced recovery mechanisms.
Invoice to Pay
- Improves productivity and performance by reducing manual accounts payable processes through integration and automation.
- Streamlines payment processes to improve cash management and shorten closing cycles.
- Optimizes the process of creating, managing, monitoring and routing purchase orders and invoices for accounts payable personnel and suppliers.
- Improves employee productivity by viewing content from multiple SAP and non-SAP sources on one screen.
- Captures electronic and paper content and stores it in a secure archive, reducing system administration.
- Ensures the integrity and authenticity of electronic invoice transmissions through digital signatures, security certificates and e-invoicing archiving regulations.
- Improves compliance with regulatory authorities by using legally compliant e-invoices.
- Companies can strengthen relationships with trading partners by connecting them and offering discounts for early payments.
- Improves communication with banks to increase operational efficiencies and strengthen compliance.
- Reduces maintenance costs by using global payment standards with better management and control over the release of payments.
- Provides greater visibility into cash flow and improves working capital by lowering liquidity requirements through improved real-time analysis of payment status information.
Receivable Management
- Target improved customer sales, service and satisfaction with a real-time credit workbench that enables timely evaluations and enforcement of consistent credit policy.
- Establish a company wide view of credit relationships and outstanding credit exposures, integrated with third-party credit information and scoring.
- Integrates collections and dispute management to help companies make credit decisions based on current standings.
- Enables collection and dispute managers to collaborate more efficiently on past-due accounts.
- Leverage sophisticated workflow and online document and conversation sharing capabilities throughout the collection and dispute resolution process.
- Reduce cost of collections, bad debt write-offs and days-sales-outstanding with a highly automated, effective collection environment.
- Present Bills and accept payments more efficiently through a Web-based portal environment.
- Companies can help customers serve themselves with live, online access to their current account balances, bills, credits and payments.
- Enables portal-based collaboration for all receivables and payment payment processes with document sharing and workflow enabled conversations.
- Provides an integrated service delivery platform for all financial and other administrative with complete incident and service tracking.
- Reduces costs, improves services and builds strategic platform for company growth.
- Helps companies to better utilize their resources and reduce workforce risk/
- Standardizes and syndicates best practices for improved profitability and compliance.
- Realize savings by better managing travel policies and improve compliance.
- Increase productivity by reducing administrative tasks for travelers and managers.
- Helps companies create easier processes for travel management and reduces the time to reimbursement.
- Help improve efficiency and quality through optimized and automated processes for managing travel receipts.
- Works for multinational and shared service centers.
- Reduces processing time with one-time entry and electronic self-service expense reporting.
Highlights
- Provides financial management features that are crucial to helping business take control of their finances
- Helps companies manage their invoice to pay process including invoice management by reducing manual data entry
- Includes access to over 8,900 financial institutions in 208 countries with a standard payment protocol
Overall
SAP ERP Financials is a flexible solution that can be customized to fit the needs of a variety of businesses. SAP ERP Financials helps companies manage a variety of financial management tasks including travel receipt management and invoice management. SAP ERP Financials can also be integrated with SAP BusinessObjects to provide companies with even more financial management and accounting features.
SAP ERP Financials Videos
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