Are you going to manage all your accounting with SAP? The decision could not have been better. The implementation of SAP in a company significantly improves its management processes.
For this reason, the ecosystem of solutions offered by the software brand is often integrated by SMEs and large organizations in Spain. In fact, one of its modules, precisely the one that favors the accounting with SAPhas become a key element in many companies. There are several reasons for this and they go beyond the simple automation of processes such as the posting of accounting entries, the calculation of asset depreciation or the management of payments and collections.
Advantages of doing your accounting in SAP
The accounting in SAP gains in efficiency, decreases the margin of error and provides vital data for strategic data collection. These are some of the advantages of taking on the accounting with SAP:
- Integration of departments, data and processesSAP allows unifying all departments involved in corporate accounting, integrating data from all financial functions under a single system. This makes it possible to collect, in real time, information from different areas and modules to keep it always updated in a consistent manner.
- Speed and error reductionAutomation of many repetitive accounting tasks significantly reduces the risk of human error (which can even lead to fraud) and speeds up the closing of accounting periods. In other words, it reduces time and allows accounting staff to focus on more strategic and value-added activities.
- Higher level of securitySAP allows you to set up specific user roles and permissions, limiting who can access and modify certain areas of the system. This ensures that only authorized personnel can make changes to accounts or approve financial transactions. In other words, it provides greater security and control over financial data and reliability of accounting information.
- Real-time control of financial activity: Accounting accounting with SAP provides a real-time reading of financial data and this allows the company to continuously monitor its situation and act on the basis of updated data. In fact, the system allows financial and accounting reports to be generated and customized for specific disaggregated analysis. This greatly facilitates decision-making, reduces financial risks and improves planning and responsiveness to unforeseen events.
- Regulatory complianceSAP accounting is supported by national and international accounting regulations, as it is able to adapt to local tax regulations, which facilitates the work before internal and external audits by companies or public authorities. In addition, every modification or financial movement is recorded, allowing full traceability.
However, before taking on an SAP SAP accounting software accounting software to improve the management of financial processes, certain factors must be taken into account to ensure the successful implementation of the SAP accounting software in the business ecosystem.
Implementation of SAP accounting software. Previous steps
Before implementing a SAP accounting software in a company, it is necessary to assess the risks and suitability of the operating system in which it will be integrated, to ensure a successful implementation. Some of the key aspects to review are the following:
- Financial processes. The objective is to identify which ones need to be automated or improved and in what way: to improve efficiency, to reduce errors, to produce financial reports… It should be remembered that SAP offers different modules related to accounting and that it is necessary to determine which ones are necessary to achieve the business objectives.
- The capacity of the current systemFrom the technological structure, in order to find out if it supports the load of the SAP software (servers, storage, connectivity, etc.) to the work teams.
- The level of staff training. It is necessary to ensure that the work teams that are going to rely on this tool have the necessary training to use the system efficiently. If necessary, it is possible to develop a training plan for the use of the system that also addresses the possible resistance to change of some professionals.
- Costs and return on investment. This is a convenient point before the acquisition of any technological solution. All costs associated with the implementation, training, maintenance, etc., of the system must be taken into account and be certain that all of them can be met. Not only that, but also that you will reap the expected return on investment.
- The possibility of integration with other systems already in place. Inventory management, purchasing, sales… Interoperability is important, i.e., verifying the capacity of the SAP accounting software for interact with the systems that the company already uses. The level of customization that will be demanded from the new tool and whether this is possible should also be taken into account.
Other important details to consider when purchasing SAP accounting software SAP accounting software are:
- The ability to plan the implementation and integration project of the new tool, as this is a complex process that requires several well-defined phases.
- The possibility of hiring consultants specialized in SAP who can handle the entire implementation process and, subsequently, technical support.
- Ensure the security and protection of sensitive financial data in compliance with the regulations applicable to accounting and management of personal and confidential data.
SAP FI module. A true ally
As we have noted, the SAP accounting software has several modules that can be used by the company. One of the most successful is the SAP FI within the SAP accounting program.
The FI module (Financial Accounting) is one of the key components of the system. Designed specifically to manage and monitor a company’s accounting and financial functions, it ensures accuracy and compliance in financial and accounting processes. Among the main functions of the FI module module stand out:
- General accounting: records all financial transactions of the company in detailed accounting accounts and allows the generation of financial statements such as balance sheets and income statements.
- Accounts Payable AccountingSupplier Management: Manages all supplier-related transactions, including invoices, payments and credit notes. Automates payment approval processes and reconciliation with incoming invoices.
- Accounting Accounts ReceivableManages customer accounts, including invoicing, payments received and outstanding accounts. Provides tools for debt tracking and reporting.
- Fixed asset accounting: allows the integral management of the life cycle of fixed assets, from acquisition to disposal, facilitating the calculation of depreciation and its integration in the financial statements.
- Bank management: for the integration and reconciliation of bank accounts, including the management of bank statements and the automation of payments and collections.
- Tax management: calculates national and international taxes, ensuring compliance with tax regulations and facilitates their declaration.
The FI module module integrates with other SAP modules such as Management Control or Sales and Distribution. It is capable of working with multiple currencies and in different languages, provides instant and complete financial reports that allow management to make informed decisions and provides greater transparency throughout the company’s financial operations.
