When it comes to keeping track of our finances, my husband and I couldn’t be more different. I like to pay a bill the same day I receive it, while my husband waits until the day before a bill is due to send in a payment. And I log in to our checking account every day to make sure there isn’t any unusual activity, while my husband barely looks at our monthly statement. Our different, sometimes disconnected, approaches work fine for us on a personal level, but they would be disastrous if we were trying to run a company.
Taking an integrated approach to financial and management accounting
When a company’s financial and management accounting processes are running on various, disparate systems, the business suffers. That’s because poor visibility into financial data and inconsistent processes lead to slow financial closes, inaccurate reporting, and reduced compliance.
By integrating financial activities with a comprehensive finance and controlling solution, a company can give its business users the insights they need to drive efficiency, reduce costs, and comply with regulatory and corporate requirements, according to an information sheet from SAP. With finance and controlling software that provides enterprise resource planning functionality, a company can:
- Automate processes and reporting functions
- Collect and distribute real-time accounting information
- Support multiple geographies, divisions, subsidiaries, general ledgers, and currencies
- Streamline general ledger, accounts payable, accounts receivable, and asset accounting
Realizing business benefits quickly and affordably
Because time is money, a rapid-deployment solution can help companies implement finance and controlling software on time and within budget. Further, by working with an implementation partner, like SAP Consulting, companies can reduce implementation risks with hardware, hosting, and financing options aligned with their on-premise or cloud deployment.
Interested in improving your company’s financial and management accounting processes?
For more insights on the value of selecting an ERP solution for finance and controlling that can be implemented quickly and affordably, read "Building a Foundation for Financial Excellence."