Financial organizations are under huge pressure to accelerate their accounting close and reporting cycles — an especially complex process for sizable organizations with a large variety of ERP instances. SAP users seek the power of S/4HANA Central Finance to tap into business insights, but Central Finance needs an effective and efficient way to interface data from these multiple source systems.
And that’s just the tip of the iceberg. We partnered with SAPinsider on their Benchmark Report: Central Finance and Improving the Financial Close, which surveyed 222 members of the global SAP community. This in-depth research examines changes in SAP users’ approaches to financial data and closing processes, plus benchmark strategies and results across the market.
Among the key discoveries:
- Respondents’ organizations run an average of 6 ERP instances, and only 12.5% of respondents run 100% of their financial activities on SAP systems
- In the long term, 42% of respondents plan to consolidate all of their ERP instances onto a single instance of SAP S/4HANA
- Respondents’ organizations take 8 days on average to complete the monthly financial close period, including management adjustments
- Only 12.5% of respondents run 100% of their financial activities on SAP systems, but 64% run at least 60% of their financial activities on SAP ERP systems
Bringing these ERP systems together is extremely difficult, making it near impossible for organizations to consolidate onto a single SAP S/4HANA instance. To overcome this hurdle, SAP’s key recommendations include standardizing and automating financial close processes, and streamlining master data integration processes. That’s where Magnitude comes in.
Magnitude’s Z Option GLSU solution simplifies SAP financial data entry and automates transactions right from Microsoft Excel. From simple recurring general journal entries to allocations thousands of lines long, GLSU solves many common SAP data entry problems.
Magnitude also offers solutions within the SAP Solution Extension portfolio designed specifically for SAP Central Finance. Learn more about our SourceConnect solutions for SAP Central Finance here.
- SAP Central Finance Transaction Replication by Magnitude for SAP S/4HANA makes it easy to integrate non-SAP ERP data into your SAP S/4HANA Central Finance implementation
- SAP Central Finance Data Harmonization application by Magnitude for SAP S/4HANA swiftly integrates and harmonize raw source data to enable intelligent finance across your enterprise and support data governance initiatives
Access your copy of the full SAP Insider benchmark report here, and don’t hesitate to reach out to us to learn more about the Magnitude solutions for created SAP finance users.
Request information on Magnitude SourceConnect solutions for SAP Central Finance
Request information on Z Option GLSU finance solutions for SAP users