SAP Business ByDesign – Perform Parallel Accounting

See how SAP Business ByDesign can help you manage multiple financial reporting standards.

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    • SAP Business ByDesign: Perform Parallel Accounting Manage multiple standards. How much time do you spend managing multiple financial reporting standards? Does reporting in GAAP and IFRS, as well multiple tax jurisdictions, strain your accounting team? What if your accounting software could manage these standards? By employing the concept of parallel accounting, the SAP Business ByDesign solution provides support for multiple standards at the same time. Whether your business consists of one company in one country, or multiple companies in multiple countries with multiple currencies, our software has you covered. To do this, SAP Business ByDesign provides functionality referred to as sets of books. This functionality provides parallel general ledgers for each legal or reporting standard. Each set of books includes among other things: a chart of accounts, a currency type, a fiscal calendar, and a selected accounting or reporting standard. Every legal entity in your organization is set up with one or more sets of books depending on its requirements. As you conduct business, the software processes operational transactions, like customer invoices, and automatically generates journal entries in the appropriate accounts in each of the relevant sets of books. Along with automatic account determination, the software also handles things like currency conversions and audit-trail generation, drastically reducing manual effort. To simplify the process of reviewing your books, SAP Business ByDesign provides a powerful visual representation of the relationships among all of these different records. This feature helps your accountants trace journal entries back to the original operational transactions in seconds. The visual representations are accessible from almost anywhere in the software. With sets of books, you don’t have to manage various financial reporting and accounting standards manually. SAP Business ByDesign helps you simplify your operations. It also helps you ensure that your business complies with applicable accounting rules, while freeing you to focus on managing your business. The best-run businesses run SAP.
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