SAP Group Reporting
SAP’s latest consolidation solution, Group Reporting, is specifically built for S/4HANA and combines various SAP consolidation features for the finance professional. Because data consolidation takes place directly in the S/4HANA environment, Group Reporting applies the principle of “Continuous Accounting” – the future for accounting. As a result, internal variations and interesting findings can be made transparent in real time, and in more detail and with higher quality.
Benefits of consolidation solutions
With the right consolidation software, you can make great strides in the reliability, speed, and effectiveness of the reporting and consolidation process within your organization. With the implementation of a new consolidation solution you achieve the following benefits:
- Faster financial close cycles
- Easier to create consistent and reliable reports
- Less error-prone and one version of the truth
- More insight into the origin of the data
- Higher productivity of financials
- Cost savings in the closing process and the financial audit
Benefits of consolidation with SAP S/4HANA for Group Reporting
SAP S/4HANA plays a critical role in providing information to an organization by compiling a “Universal Journal”, a place where financial data comes together from both SAP and non-SAP databases. This ensures that data conflicts are avoided, data input is limited, and less data has to be stored. With this strong ERP as a foundation, Group Reporting is a logical and future-proof next step in the modernization of the financial function. Entities can perform their consolidation tasks in real time, supplement the figures with qualitative information or make any manual adjustments, all within the same ecosystem. The benefits of Group Reporting can be divided into three parts:
1. Continuous Accounting
Because Group Reporting works in the same database as the accounting process, it is no longer necessary to replicate data to a separate consolidation or BI tool. As a result, Group Reporting integrates seamlessly with all business units – one unified reporting process, experience, and template.
Normally, the time pressure is quite high just before a financial close: all entities must send their individual reports so that they can be consolidated. Group Reporting ensures that many of these tasks are automated or pulled forward, providing a more pleasant experience internally, while also reducing costs and saving time.
One of these efficiency improvements is related to intercompany transactions, which are automatically detected and can be processed immediately. At the same time, the currency conversion is also performed continuously, and together this speeds up the loading of data. By shifting and automating a large part of the regular reporting process, a lot of time can be saved.
Another advantage of this SAP S / 4HANA + Group Reporting collaboration is that the available data is not limited to what is delivered, as the consolidation takes place directly in the ERP system. This makes the data available down to the line item and variations and results can be viewed in extreme detail; this saves time and provides more insight into finances.
2. Collaborate in real-time
Group Reporting allows everyone to adjust their data simultaneously, if necessary, and also gives the option to add notes and qualitative information. This is all recorded in a detailed audit trail, so it is always possible to dive deeper into the data input at a later point. Moreover, because all data is available, the changes can be viewed at line item level, which immediately brings more clarity. This promotes collaboration within a company, allowing financial professionals to focus on the content of the report.
3. Cloud capabilities
Analysts predict that by 2020, 60% of companies will fully switch to the Cloud. This ensures the security and stability of data while offering more mobility to support the digital transformation of industries. Once the data and consolidation are in the cloud, the possibilities are virtually endless.
The link with SAP Analytics Cloud, among others, ensures that you can seamlessly perform complex analyzes, build beautiful dashboards and that you also have access to these real-time findings everywhere.
Would you rather not have a cloud? No problem! SAP S / 4HANA is also available on-premise.
Finext and SAP S/4HANA for Group Reporting
How does Finext support you around SAP Group Reporting? We are the largest independent consultancy in the Netherlands that guides, advises, and supports the implementation of SAP Group Reporting. We have been working closely with SAP since 2007 and have been steadily growing to cement our foothold in the market. For example, you can find us in the “partner port” at SAP in s-Hertogenbosch and we regularly organize knowledge sessions and webinars to further support our clients.
More than 80 organizations have chosen our expertise to optimize their financial processes with SAP. Our specialists can help you with:
- Software selection
- Software licenses
- Installation & hosting
- Advice, implementation & roll-out
- Maintenance & management
As independent specialists, we believe that the right consolidation solution depends on your situation. What is the context, what are your goals, and what does the business need? We are happy to advise you on this, also during the selection process.