Simplifying, Standardizing, and Automating SAP Close Activities
Key Takeaways
⇨ An SAPinsider survey found over 50% of finance teams are evaluating automated financial close solutions—the highest share of any technology.
⇨ Some of the complexity of the close process is because close activities are performed in different places.
⇨ Smart Close can reduce the time between financial close steps, eliminating costly bottlenecks.
Financial close is consistently highlighted by SAPinsiders as one of the most challenging and complex aspects of their organization’s finance processes. Much of this complexity comes from the fact that many organizations rely on manual processes to address the close, leading to delays and errors that can stack up over time.
For SAP users, the financial close requires actions both in and outside of the ERP. Running T-codes, analyzing and validating results, running additional checks, and other essential functions must be done within SAP itself.
In this article, we will examine the importance of simplifying, standardizing, and automating close activities done within SAP, and the best way to streamline the activities so they are synced with the rest of the financial close process. We will also delve into how this expedited financial close process factors in with the move to SAP S/4HANA and how this streamlining benefits accounting and IT departments, freeing them up to spend time on more value-add work.
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