Computerized Accounting Systems (PDF)

   

Added on  2021-01-01

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COMPUTERIZEDACCOUNTING
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Historical Overview of SAP S/4 HANA Finance.......................................................................1Difference between SAP S/4 HANA finance and Current SAP ERP FICO..............................4Benefits of SAP S/4 HANA Finance for any business...............................................................5Issues Faced in Migrating to SAP S/4 HANA Finance..............................................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONIn the present world where Enterprise Resource Planning software plays an importantrole, a German Company had provided SAP for data management programs. They have startedwith single ERP's software and now they had updated there versions and providing the best ERPsolutions in the world. This project reports consists of an overview of SAP S/4 HANA Financeabout its working and implementation and benefits in business of any company. It providesdifference between older version of SAP FICO and SAP S/4 HANA had been discussed. Therehad been taken two case studies of Metcash, who is a wholesaler of FMCG Products and BHP,they work in extraction and processing of mineral resources, in which discussions had been maderegarding problems that are faced in migrating SAP S/4 HANA Finance.Historical Overview of SAP S/4 HANA FinanceSAP is an Enterprise Resource Planning Software which enables any company forcapturing different opportunities in today's world of digitalization (Maheshwari, 2017). SAPsoftware removes obstacles that are associated with other ERP applications such as complexity,batch latency and complex manual driven process. The software of SAP HANA is available from2010, and different business suite of SAP are used to run SAP HANA. In New York stockExchange the launch of new software called SAP S/4 HANA took place on 3rd February 2015. Ithad been called as biggest update in the world of ERP software. In March 2015 they had comewith another update which is known as SAP S/4 HANA Finance. This software is provided in 39languages and having versions of 64 country. When this software is launched it was known asSAP Simple Finance (Kepczynski and et. al., 2018). As it covers all matters of financialmanagement which includes financial accounting, compliance and risk management, financialplanning and analysis etc. SAP ERP was based on SQL, ORACLE, DB2 etc. whereas SAP S/4HANA Finance is based upon HANA database which are created by themselves.SAP S/4 HANA is a financial application that is developed in SAP S/4 HANA ERPPlatform. This software consists of different sets of function of financial management whichprovide real time data form different ERP applications (Missbach and et.al., 2016). This softwarecan be said as part of SAP S/4 HANA that is built on memory database of SAP HANA platform.It integrates all organisational functions in one system and combines all transactions into a realtime applications (Overview of SAP S/4 HANA Finance, 2018). This software was previously1
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known as SAP simple finance, but as it is designed to integrate modern analysis by removing alltraditional barriers of planning, data entry etc. and also provide analysis of data at all levels ofmanagement. This software is one of important update that had been created for managingfinance and accounting that is powered by SAP HANA. It helps in performing different financialoperations and reporting of transactions in real time scenario (Riesner, Frank and Klaus-PeterSauer, 2017). It helps in analysing different financial conditions of any organisation in market.This updates include new features such as real time analytics, provide universal journals andstreamlined design. This has been developed for increasing efficiency process for a life cycle ofany asset. SAP S/4 HANA Finance can provide analysis using react time data even in livestrategy meetings. The innovations that had been done SAP Cash Management are-:1.It provides real time visibility for bank balances as data are maintained in real time basis2.The finance operations that are done are of collaborative nature. The SAP S4/ HANA Finance consists of four components-:1.The functional core component of this update is it provides various enhancements andfinancial capabilities that allows business to make there income statements in an easiermanner. 2.This Software is based on SAP Fiori which is an graphical user interface which helps ininteracting there core components through Fiori screens which are very much userfriendly(Nica and et. al., 2017).3.The analytics component that been provided in this software enables an real timereporting and also provide systematic analysis of data.4.It helps in providing key financial decisions at all level of management because itprovides data at every level.This software can be implemented in any premises, in cloud and even in hybridenvironments and they are regularly updating their software for better features.Process for switching to SAP S/4 HANA Finance-:1.Greenfield Approach which is also known as implementation of new system with help ofdata migration from previous system2.Brownfield Approach-: It is up-gradation of older version of SAP by converting fromolder software to new software. 2
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