Research Paper Assignment - Difference between SAP S/4HANA Finance and current SAP ERP FICO
Added on 2020-10-04
11 Pages3748 Words305 Views
FinanceWeb Development
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Research Paper
Table of ContentsINTRODUCTION...........................................................................................................................1Historical overview of SAP S/4HANA Finance.........................................................................1Difference between SAP S/4HANA Finance and current SAP ERP FICO................................2Benefits of SAP S/4HANA Finance for businesses....................................................................4Case Studies of companies and the issues they faced migrating to SAP S/4HANA Finance....7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONFinance is the department which works in order to deals with monetary aspects oforganisation. It is important that this department must perform operations in effective waybecause finance is important for smooth running of business. These days, there is use of differentsoftware which is effective and significant for working of association. SAP S/4HANA Finance issoftware used by financial department. As there are many financial transactions which has to beentered to maintain records for accounting purpose (Herićko, 2018). With the help of software itis easy to access records and make fast decisions in organisation. In this report, KPMG, Ernstand Young are covered. In this report, there is discussion about overview of SAP S/4HANAFinance, its benefits, difference between SAP S/4HANA Finance and current SAP ERP FICO.At last 2 companies using SAP S/4HANA Finance and facing issues. Historical overview of SAP S/4HANA Finance SAP S/4HANA Finance is a financial application used in ERP platform. This is theapplication which provides real time information. Primarily, SAP S/4HANA Finance known asSAP Simple Finance. It was launched in order to deal with problems which arise in initial dayssuch as transactional, analytic problems. SAP Simple Finance is important technique to managefinancial and accounting position of organisation. With SAP module, managers of organisationare able to analyse performance of organisation in industry. This benefits in competing withother firms and aims at improving organisational position. In order to deal with financialproblems of organisation, SAP HANA can be used as projection problems and implementingsolutions. SAP HANA S/4 is the technology works on the basis of cloud technology which helpsto store data under one roof which can access by stakeholders (Jacobs and Matiana, 2017). This software works through online sources. It is the software which complies differentdepartments of organisation in one single cloud. SAP HANA is the software which provideshuge information instantly. This system supports planning related to financial department, assistsin accounting, closing books of accounts, etc. this also provides knowledge about event whichmay happen in near future. This software is flexible and consumer friendly, this is effective andsignificant for making changes in plans working style. With this software, if manager wants toexpand business, then they are able to perform planning with forecasting of financial needs. 1
With the help of SAP S/4HANA Finance confidential informations can be transferredfrom one place top another. This system launched with aim to assist financial professional. Thereare some risk associated with business operations, so this can be identified with this software andcorrective actions can be taken to deal with them. This is the software which helps inmaintaining books of accounting in systematic manner (Kalaimani, 2016). There are variousbudgets which has to prepared in order to give appropriate information. This is effective andsignificant for framing budget aperiodically and they can accessed by stakeholders also. There are three transition scenarios which motivates organisation to move into SAP S/4HANA-This is new implementation which helps to perform business operations in effective andefficient manner. This technique is important an significant for performing business operationswho do not have HANA ERP. System conversion can be done in order to improve working style. With use of SAPHANA there is no need of up-gradations, but there is requirement of transformation of data. Landscape transformation could be done with implementing SAP HANA S/4finace. Thisis effective for consolidation of operations. Difference between SAP S/4HANA Finance and current SAP ERP FICOSAP Business Suit4 HANA or SAP S/4HANA is next generation ERP because itworks on HANA in memory computing platform. It was previously called SAP Simple finance,is the first business application developed for SAP S/4HANA platform. SAP S/4HANA coversall day to day process of an enterprise like plan, product, cash, request, service and other corecapabilities. This software is digital core of enterprise of the future, it allows make use of internetof things so one can connect devices to digital core (Khatri, 2016). It simplifies data by storingdata in form of columns instead of rows. Simpler data model and improved user experienceresults new business capacities and improve productivity of business. This is design to overcomethe traditional barriers between transactional, analytics and planning systems to provide betterinsights. For example, a business decision maker can use this software to model data and createforecast of potential decisions using real time financial data from various systems. The mainadvantage of the software is, processing speed combined with integrated features for the variousfinancial functions , such as financial accounting and management accounting. Due to this, SAPS/4 HANA allows for a much faster reconciliation of financial processes such as the quarterly2
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