“Fast and Furious” What’s new in Financial Accounting?
I know what you are thinking. “New” in Financial Accounting?
As accountants, analysts, and IT professionals that deal with Financial Accoutning we are accustomed to a slower pace of change than in some other corporate areas. After all it would be difficult to do any type rational accounting with an ever changing financial reporting landscape.
As those of who deal with this area know this ever changing landscape has been upon us for quite some time. The change in reporting standards and reporting tools has been mainly driven by the need and requirements to adhere to multiple accounting standards across the globe. Although the requirement for many of these standards is regional, for a global company that reports in multiple regions this requires some planning and IT strategy to fulfill all the reporting needs.
SAP has been and continues to be an innovator in various areas of Accounting IT. Back in 2004 we introduced the concept of the NEW General Ledger and have continued to add new functionality ever since. The New General Ledger offers a flexible reporting table that can be used to get financial statements using different accounting standards without expanding your General Ledger. You can add your own custom fields for financial reporting and we have made reconciliation between Financial Accoutning and Controlling seamless.You can learn about these and other innovations in our AC210 course. http://www.sap.com/education
In addition to the New General Ledger concept we have also made some existing programs run faster and better. For example our Foreign Currency valuation program has been updated to handle a larger number of transactions and easier to use selection criteria. In the area of closing we can use the closing cockpit to automate many of the closing steps in accounting and even monitor the process so we stay on track. We have also updated some of our reporting functions in accoutning so they can be used on mobile devices.
These are just some of the things that are new in Financial Accounting. FI (Financial Accounting) tends to be an area that acts with some conservatism, but with SAP accounting even FI changes and adapts to an ever more complex global financial situation.
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