SAP Accounting
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SAP Accounting: An overview and key considerations
What Is SAP Accounting?
SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.
SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.
For many organizations, SAP Accounting manages transactions across these core financial functions:
- Accounts payable/accounts receivable
- Bank accounting
- Cash journal
- Financial close
- Financial statements
- Fixed asset accounting
- General ledger
- Inventory
- Master data governance
- Multiple charts of accounts and parallel valuations
- Tax accounting.
Key Considerations for SAPinsiders
SAP Accounting: An overview and key considerations
What Is SAP Accounting?
SAP Accounting consists of two core modules that represent separate accounting books. SAP customers utilize SAP Financial Accounting (FI) for external reporting with financial statements and SAP Controlling (CO) for internal reporting purposes.
SAP Accounting enables organizations to deliver financial performance information necessary for effective decision-making by consolidating data from functional modules with powerful reporting tools. It is critical to ensure all aspects of an organization’s financials are integrated in a way that makes it easier for finance and accounting managers to access the information they need when they need it. SAP accounting modules are designed to make managing and reporting accounting data easier across organizations, teams, and roles, to support the generation of income statements, balance sheets, and cash flow statements.
For many organizations, SAP Accounting manages transactions across these core financial functions:
- Accounts payable/accounts receivable
- Bank accounting
- Cash journal
- Financial close
- Financial statements
- Fixed asset accounting
- General ledger
- Inventory
- Master data governance
- Multiple charts of accounts and parallel valuations
- Tax accounting.
Key Considerations for SAPinsiders
Prioritize industry-specific and business process-related compliance needs across accounting and finance requirements. SAP Accounting is an essential component of SAP ERP that provides organizations with global processes and information to account for the new standards of accounting, while maintaining flexibility to incorporate regulatory updates. SAP Accounting solutions can help organizations effectively meet global accounting and financial reporting standards to enforce compliance.
Consider opportunities to modernize accounting workstreams and provide operational visibility across virtual teams.The transition to a fully remote working environment has caused difficulties for accounting professionals, particularly as it relates to their dependence on spreadsheets, inability to access data, limited process documentation, and daily manually intensive tasks. Organizations can automate their workflows with SAP Accounting tools, freeing them to do more optimization and customization.
Leverage SAP Accounting products to enable accounting teams to do more with less. COVID-19 variants, virtual work, supply chain disruptions, inflation concerns, and the Great Resignation, represent some of the major challenges creating uncertainty for organizations across the current operating environment. With the uncertainty of this economy, accounting is required to give more up-to-date information to make smarter decisions in real time.
32 results
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What’s the Better, Faster and More Efficient Approach to Intercompany Operations?
October 19, 2023
While the arithmetic of intercompany operations seems simple—everything should tally to zero—the reality is anything but. In a landscape plagued by fragmented data, tedious manual processes, and disjointed workflows, companies are facing more than just numerical discrepancies. The price? Inefficiencies, reporting delays, and missed revenue opportunities. Join us for our upcoming webinar, where we reveal…
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Desire for Modern F&A Skills to Support Financial Close Transformation
Published: 02/March/2023
Reading time: 4 mins
As digital technologies continue to evolve, the transformation of the financial closing process represents a crucial priority for finance and accounting professionals and organizations. Automating routine closing cycle tasks can enable F&A teams to drive enhancements across the financial closing cycle. This is one of the key takeaways from the SAPinsider Financial Close Transformation benchmark…
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Accounting & Finance Expands Its Influence
Published: 30/July/2021
Reading time: 7 mins
Accounting & Finance Expands Its Influence Across the Enterprise Utilities that are publicly traded companies are subject to various audits under the Sarbanes-Oxley (SOX) Act. Beyond recordkeeping and reporting, accounting & finance deliver an important strategic function across the enterprise. For UGI Utilities, a wholly owned subsidiary of UGI Corp., continued transformation is a key…
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- SAP Accounting
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Make the move to modern accounting with BlackLine Solutions for SAP
Spreadsheets, disparate systems, and limited resources. In today’s uncertain economy Accounting is called to provide more real-time information and to do more with less. But their traditional manual processes are standing in the way .Many F&A leaders are using disruption as a catalyst for change. Controllers are turning to cloud technology like BlackLine’s solutions for…
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- SAP Accounting
- Premium
2021 Customer Journeys in Finance and Accounting: An executive perspective
2021 marks a year of recovery and optimism. Understand how finance teams are gearing up for the coming year and how they are tackling challenges and making the most out of key opportunities. In this session we will discuss the latest trends related to Finance journeys to SAP S/4HANA, the cloud, the digitization of tax,…
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- SAP Accounting
- Premium
Troubleshooting FI and MM integration
Put an end to the perennial battle between FI and MM functional analysts over the responsibility of FI/MM integration configuration. Empower your FI team and take control of the critical configuration and integration points between these areas to ensure clean postings in General Ledger Accounting (FI-GL). You will: - Examine the fields that drive the…
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An International Beverage Company’s Roadmap to a Solid Foundation Using SAP Solution Extensions by BlackLine
Published: 12/April/2021
Reading time: 2 mins
A large global beverage company needed to ensure its software systems were depend¬able, automated, and properly integrated to support its plans for sustained growth. With a focus on business transformation, the company decided to hone in on its record-to-report process, which included journal entries, balance sheet reconciliations, financial reporting and analytics, forecasting, and budgeting. The…
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- SAP Accounting
- Premium
Things to Know about Capital Accounting in SAP S/4HANA
The changes in SAP S/4HANA covering the capital accounting area are far-reaching. SAP has greatly tightened the integration between new asset accounting and SAP General Ledger. In this session, review the changes that SAP has introduced between these 2 modules and what’s required to ensure proper alignment with the Universal Journal and the optimal ledger…
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Optimizing Existing Finance Data and Applications
Published: 14/January/2021
Reading time: 1 mins
Whether your company moves to SAP S/4HANA or maintains your current system, organizations need to clean up their financial systems and processes. Sessions in this track will help you get the most out of the features and technology you currently have so that you can generate quick wins as well as prepare for your eventual…
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6 Reasons Why People HAVEN’T Automated Their CAPEX Process in SAP
Published: 17/July/2020
Reading time: 1 min
Capital Expenditure processes should be automated, delivering business benefits like data integrity, audit compliance and efficiency. Find other insightful content from IQX Business Solutions on their Vendor Showcase.
Featured Experts
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Carles Lamas Martinez
PARTNER, CUVIV BUSINESS SERVICES SL
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Clifford Seckman
President, Virginia Software Group, Inc.
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