After the release of SAP S/4HANA Simple Finance, there has been great interest in the new, next-generation finance solution of SAP. If an organization wants to simplify its finance function, then it is best to get the HANA capabilities of SAP. SAP S/4HANA Simple Finance is a faster, smarter, and simplest implementation strategy.
Financial Functional Challenges
New regulations of finance across the world are requiring change. In addition to this, the requirement for quick financial reporting has made countless opportunities for a chance for perceptive enterprises. In situations in the past, conventional financial accountants didn’t have up-to-date knowledge of the operations of a large range of enterprises. However, the current finance departments should have enterprise-wide information readily available.
The data world is continually changing and the operations of finances must require dealing with massive amounts of data at higher speeds. In addition, the entire range of processes, which deal with the transaction of closing finance, has required faster closing as well as reporting.
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Benefits of Simple Finance on HANA for Organizations
In this competitive market, speed matters a lot. The users of simple finance will experience greater execution speeds. SAP S/4HANA offers a thousand times faster implementation when compared to the normal method. This approach removes bottlenecks existing in the closing processes, removes the effort and time required for reconciliations, and offers real-time business action details to stakeholders.
Importance of SAP S/4HANA Simple Finance Shift
Finance organizations require holding the digital age in order to retain up with new as well as evolving business models. With the support of SAP S/4HANA Simple Finance, organizations can make a common approach to entire operational and financial data, offer flexible and easily expandable reporting, and automate processes. It also supports instant validation of the business options' financial implications with real-time prediction, analytics, and simulation. It also offers an astonishing user experience.
Innovations of SAP S/4HANA Simple Finance
It is an inclusive set of accounting solutions as well as financial management. It covers accounting, financial planning, financial analysis, treasury, financial closer, collaborative finance operations, financial risk management, compliance management, and enterprise risk management powered by the in-memory database of the SAP HANA.
The solutions of this leading platform remove the conventional boundaries between analytical, transactional, and planning systems in order to offer immediate insights with on-the-fly evaluations across entire dimensions of the financial data.
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Even though the SAP S/4HANA Simple Finance is the complete management portfolio of finance, there are some important enhancements and new innovative actions available in each area of finance. Some of them are explained below.
New Innovations in the Finance Planning and Analysis
- It is possible to increase profitability, accelerate planning cycles, and made functions of finance more efficient with the support of SAP S/4HANA processes for financial planning and analysis (FA & A).
- The SAP BPC (SAP Business Objects Planning & Consolidation) version for SAP S/4HANA simple finance allows your planners to access the real-time accruals and master data in SAP Enterprise Resource Planning without data replication. With this platform, the organization can run faster-planning cycles and end-to-end simulations with a single common model of financial planning.
- It eliminates the time lags as well as redundancy by embedding the end-to-end planning process and using real-time operational data.
- It supports the complete lifecycle of financial planning, including development, reporting, and updates.
- It is possible to create ad-hoc simulations of changes or new business models in the organization directly into the Enterprise Resource Planning system.
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Innovations in the Financial and Accounting Close
- With the support of SAP S/4HANA Simple Finance, an organization can improve control and compliance, close the books quickly and minimize closing costs as well as workloads.
- It combines management and financial accounting as well as profitability data into one common universal unit. It eliminates indices, totals, and other aggregates.
- There is no data redundancy since the fixed asset accounting is combined into the common journal architecture. In order to ensure the exact values, multiple parallel documents are displayed in real-time.
- It is possible to execute inter-period processes and closing tasks in real-time
- It supports running real-time reporting along with the entire drill-down.
- It utilizes a common unified data model to increase productivity, simplify processes and minimize risk.
- Organizations can easily execute their depreciation runs with the support of simplified data structures and processing logic.
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Innovations in Collaborative Finance Operations
With SAP S/4Simple Finance, organizations can respond to the changeable market dynamics as quickly as possible. In addition to reducing costs, it revolutionizes streamlined travel management and shared services delivered with the payable processing, and automates receivables.
- It enhances financial health and working capital by utilizing real-time receivable data in order to evaluate and streamline billing, and customer credit risk, prioritize customer collections and resolve disputes.
- It monitors real-time customer payment behavior.
- Utilize real-time, relevant data to structure customer interactions.
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