Areas to establish better controls
Most often during the implementation the goal is to achieve the Go-Live date and thereby many good to haves are pushed to the post go live stage. Further, the audit perspective is usually missing in order to make the system business ready. Some of the areas which can be considered for making systems better
– Sensitive fields addition for AR/AP would make changes go through the SAP route and would entail a maker and checker involvement
– Automatic payment program has multiple functions which is not effectively utilised one such example is the debit check during payment to vendors
– Bank Reconciliation also can be automated again based on whether the banks support formats which would allow automatic bank reconciliation easy
– The usage of field status groups in GL accounts has to be well thought of so as to not link the incorrect field status group with the GL further leading to opening of fields which are not relevant
– Master data field status also has to be well though of and reviewed to avoid scenarios where important fields are missing
– Tolerance keys are usually defaulted and not well structured. There are tolerance keys for employees which allow posting up to a certain extent at the document level and at a overall level
– Period closure has to be formalised and adhered to effectively
– Cash payment limits can be set effectively so as to restrict cash payments
– The financial statement version needs to be well structured to avoid GL accounts hanging without assignment
– The automatic account determination area usually gets backed up with GL accounts adequately set up with auto posting. But in many cases the same is not considered adequately.
– The productive indicator for company codes is usually missed out. This is another area which has grave consequences.
While I think of some more, would love inputs from anyone else working in this arena.