Replicating success: How SAP Central Finance can streamline finance functions
Meet the Authors
Key Takeaways
⇨ Financial management systems streamline operations and provide real-time access to crucial data, enabling quicker, more informed decision-making.
⇨ While implementing financial systems like Syniti's SAP Central Finance can enhance productivity, organisations must navigate challenges such as data security and regulatory compliance.
⇨ Syniti's CFIN Accelerator offers benefits including project transparency, faster migration, and automated code generation, facilitating a smoother transition to central finance systems.
A financial management system can streamline financial and accounting operations, automating routine tasks and processes which allow users access to real-time financial and non-financial data to make data-driven, informed decisions quickly and more efficiently.
However, financial management systems come with their risks and challenges. They include issues with data security, regulatory compliance, and cultural shifts.
Solutions like Syniti’s SAP Central Finance (CFIN), tailored to enhance financial management, can help organisations streamline operations and boost productivity. This solution enables users with more than one older SAP ERP system to replicate financial accounting documents from these systems into a central finance system running on SAP S/4HANA. Utilising SAP CFIN, users can leverage the capabilities of SAP S/4HANA to achieve an organisation-wide financial view with real-time reporting capabilities.
Explore related questions
Syniti can help organisations implement SAP CFIN, purpose-built within SAP Advanced Data Migrations and Management (SAP ADMM), Syniti’s SAP CFIN Accelerator can drive projects from initial data load to real-time data replication.
Syniti’s CFIN accelerator can benefit users with:
- Collaboration – Syniti’s built-in capabilities can help users automate business partners’ harmonisation in SAP S/4HANA.
- Faster migration waves – with a learning platform that allows users to reuse mappings, harmonisations techniques and more.
- Full project transparency – allowing users to maintain complete insight into their Central Finance migration project.
- Automated code generation – to reduce development hours with automated code generation for data mappings.
Recently, an enterprise worked with Syniti to implement SAP CFIN and harmonise its organisational data in SAP ECC systems from 20+ countries to provide the business with real-time financial reporting on transactions and payments.
With the company’s existing SAP ECC systems remaining in situ, the solution would need to ensure data collected in the SAP S/4HANA Central Financial solution was up to date. Syniti deployed a package of SAP Advanced Data Migration, along with its CFIN Accelerator and Syniti Data Replication to deliver the organisation’s program.
The solution was implemented in two phases: the first was master data harmonisation and the second included on-going real-time replication and validation of data utilising SAP ADM and Syniti Data Replication from the multiple countries’ ERPs.
These phases were accelerated by Syniti’s Central Finance accelerator to support the project. Utilising Syniti’s expertise, the organisation has reaped the benefits of SAP CFIN with payments and transactional posting fully operational.
Businesses don’t have to struggle with their financial management systems, as leveraging solutions such as Syniti CFIN accelerator can help them boost productivity and get the most out of their financial systems.
Premium
