Accounting and Financial Close - Optimizing Performance and Driving Financial Excellence

Learn how you can streamline accounting and financial close to reduce the time, risk, and cost of regulatory disclosures. See how you can use SAP software to optimize entity close management, simplify loading and mapping processed, and increase reliability and accuracy of consolidated amounts.

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    • Accounting and Financial Close. Optimizing Performance and Driving Financial Excellence.
    • In this demo, you'll see how SAP software supports your accounting and financial close process, allowing you to streamline entity close management,
    • increase the reliability and accuracy of consolidated amounts, and reduce the time, risk, and cost of regulatory disclosures and formal financial reporting.
    • Streamline entity close management. Sally is a controller and is responsible for her entity’s close process, which requires managing many different steps across multiple systems.
    • She opens the SAP Financial Closing cockpit to view all available task lists, and selects the most recent close. A graphical timeline view of required tasks is displayed.
    • A graphical timeline view of required tasks is displayed. Dependencies between tasks are indicated by arrows and the icons indicate the task status.
    • In the tabular view, Sally can easily track each task with information such as type, person responsible, duration, and start and end date.
    • She can execute and schedule tasks that run in SAP or non-SAP software.
    • After the tasks are run, the software automatically updates the end date and duration for later analysis ‒ saving time and eliminating manual processes.
    • Sally can see all relevant job logs, providing a robust audit trail. With a simple click, the detailed information from SAP ERP can be displayed and analyzed.
    • For status monitoring and post-close analysis, the financial closing cockpit comes with several predefined reports.
    • This report can be run for any entity, and it allows Sally and her management clear visibility to the status of all tasks.
    • Sally can also compare the planned-versus-actual duration and start date of tasks easily with color coding. The SAP Financial Closing cockpit streamlines entity close management.
    • Increase the reliability and accuracy of consolidated amounts. Caroline is the corporate consolidation manager.
    • She logs into the SAP Business Planning and Consolidation application and selects “Ownership Manager”: Here she can review which entities she will consolidate at what percentages.
    • Then she selects the “Financial Consolidation” activity to see the detailed steps of her process. She's ready to run the consolidation with all completed submissions.
    • By opening the consolidation monitor she can see which consolidation tasks have been run. The statuses are automatically updated, so she can see that no step was missed or overlooked.
    • After consolidations have been run, Caroline can run consolidated statements.
    • With each one, she has the ability to drill down to dimension-level detail ‒ such as entity, product line, or cost center ‒ to see, for example, a statement of financial position.
    • The software leverages the Microsoft Excel interface to connect to a secure database that stores the data.
    • SAP Business Planning and Consolidation increases reliability and accuracy of consolidated amounts.
    • Reduce the time, risk, and cost of regulatory disclosures and formal financial reporting.
    • Now that the consolidation has been completed Wendell, a financial analyst, needs to create financial reports.
    • Wendell uses the SAP Disclosure Management application to help him collect and produce financial disclosures for internal management and for external compliance requirements.
    • In the data repository cockpit view he sees a list of data files that pull data from multiple sources.
    • In the general view, Wendell can manage the information he wants to pull for the annual report ‒ and where the data comes from.
    • He can manage the data sources, refresh the workbook, edit, apply changes, and compare versions. And, from within Excel, he can apply XBRL tagging and validation.
    • Here is the Annual Report displayed as a hierarchy of chapters in Microsoft Word or Excel. Audrey is responsible for the “Trade and Other Payables” chapter.
    • She can insert data from the repository that Wendell manages. She can insert a table or embed text.
    • She can refresh the data from the repository, apply changes, and save it back to her master document.
    • Rachel, Audrey’s Manager, can now log in and approve or reject the chapter. The cockpit view provides visibility to the status of all chapters.
    • For individual chapters or nodes in the hierarchy of chapters, Rachel can create a preview as a single Microsoft Word or PDF document.
    • With SAP Disclosure Management, you can reduce the time, risk, and cost of regulatory disclosures and formal financial reporting.
    • SAP software lets you have a comprehensive, integrated, end-to-end accounting- and financial-close solution.
    • You can streamline entity close management, increase the reliability and accuracy of consolidated amounts, and reduce the time, risk, and cost of regulatory disclosures and formal financial reporting.
    • No matter what your organization’s close process looks like, SAP has a solution to meet your needs.
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