Financial Closing and Consolidation
This is the last part of this three part blog series. Part one can be found here, and part two here. In the final part, we have a look at the financial closing and consolidation of accounting. Moreover, how itelligence can support you in the digital transformation.
A key benefit of S/4HANA is the accelerated closing, which can reduce time spent with 50 %. Prior, closing had time-consuming batch-jobs and reconciliation, leaving no time to check and correct errors or simulate the effects of the corporate strategy. S/4 provides continuous accounting and streamlines the closing process with automatic intercompany reconciliation and currency conversion, amongst others. The universal journal enables routine tasks in closing to be automatic because there is consistency between the data. This decreases time and cost and allows you to focus on value creating activities, such as Capital Budgeting.
In S/4HANA consolidation and reporting consolidated accounting statements is embedded in the solution. Thus, there is no need to transfer your transactional data into a consolidation tool. It is ready and available to use, and by design you can report on every dimension you want. Simply – you only need one tool for daily operations and consolidation. You have local and group reporting, and everything you expect of a consolidation tool. You can also do management accounting consolidation, reporting, analytics and predictive accounting. Real-time consolidated numbers for the group at all times is an innovation and adds to the benefits of why you should consider moving to S/4HANA.
The primary role of the ERP-system is to support the core business; however, the potential is greater. S/4HANA can empower you as a business to become the intelligent enterprise, leveraging a real-time single source of truth and the latest technology. At itelligence we have 30 years of experience supporting the CFO, and with both business and S/4HANA competence, we are the perfect partner for you. If you are interested S/4HANA and want to see a demonstration, please get in touch so we can discuss your transformation.