02 Feb SAP financial management software: At a glance
Intelligent process automation is key to gaining speed and efficiency. AI and machine learning in finance can streamline operations, improve workflow, and increase productivity across closing, cash management, compliance reporting, and monitoring controls.
In today’s fast-changing business environment, it’s late to wait for year-end – or even month-end – to get a clear view of your financial status. With real-time and flexible reporting, decision-makers are equipped with relevant actionable business insights.
In this article, I have listed six (6) major improvements of SAP ERP solutions in the financial management of organizations. Let us take a glance.
1. Financial planning and analysis (FP&A)
Boost business agility with financial planning, budgeting, and
forecasting across your entire organization. Our FP&A applications go
beyond traditional boundaries to provide real-time integration into your SAP
cloud applications for lines of business.
2. Accounting and financial close
Take advantage of leaner accounting practices. With automated
workflows, you can streamline reconciliation and consolidation processes and
close your books faster. And you can simplify compliance and ensure appropriate
regulatory reporting.
3. Tax management
Governments are increasingly pushing new regulations
endorsing the digitization and transparency of data. SAP solutions not
only support local compliance but also
reduce the burden of tax by automating processes and enabling better
tax choices.
4. Treasury management
Real-time visibility is critical for cash management. Our integrated treasury solutions help you reduce your financial risk by providing immediate data views. Automate treasury tasks, manage regulatory compliance, access market data, and more.
5. Accounts receivable, billing, and revenue management
New business models – including subscription and usage-based billing – are disrupting traditional billing management. SAP solutions not only support these innovations but also simplify workflows by automating accounts receivable processes.
6. Governance, risk, compliance (GRC), and cybersecurity
Intensifying compliance violations, fraud and cyberattacks have made managing risk more challenging than ever. Use predictive insight to take early preventative measures against anomalies and potential risks with embedded intelligent controls and risk management.
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