The use of accounting software is becoming even more important in organisations today. Not only does it help to improve accuracy but also it is able to create financial management that is much more efficient. As well as helping to streamline processes, accounting software is ideal for forecasting and managing risk, as well as ensuring that businesses comply to relevant regulations.
SAP accounting software is just one part of the SAP business management ERP (enterprise resource planning) software. Also known as SAP ERP Financials, its financial solutions allow integration with many other SAP solutions.
At its most basic level, SAP accounting software records transactions, reports and analyses operating data for businesses. However, because SAP ERP Financials operates as a modular system, its accounting solutions can expand to meet all financial requirements of a business.
Modular solutions available in SAP ERP Financials include:
- Accounting and Financial close: This module allows integration of accounts, fixed assets and other sub-ledgers into one general ledger. By using a general ledger, it ensures that both financial and managerial accounting is supported in one application.
- Treasury and Financial Risk Management: This module allows businesses to manage not just their cash but also liquidity and financial risk. Components of the module include the ability to set up internal banking operations and use risk analyser to track and manage financial risks.
- Invoice to Pay: Managing invoices becomes easier with a module that allows both automation and integration, producing cash management that is more effective. The use of electronic invoicing and improved banking communications also helps to create efficient invoicing and payment processes.
- Travel Management: For those businesses that rely on travel, this module controls business travel, right through from planning the trip to expenses and reimbursements for the trip.
- Receivables Management: This module allows businesses to operate a powerful credit workbench that assists with credit-making decisions as well as the billing and collections.
- Shared Services: This module allows implementation of shared financial services by businesses. This not only reduces costs, but also improves services.
One solution known as SAP Business One incorporates all core business functions, including accounting software. SAP Business One is specifically designed for small to medium-sized businesses, allowing them to fully manage and integrate their accounting and financial functions.
These are just some of the many solutions that SAP ERP Financials can offer to businesses and more information on business benefits is available at SAP.com.