Product Management Update: SAP S/4HANA Cloud 1805 for Finance
This blog provides you an overview of innovations in our SAP S/4HANA Cloud 1805 release for Finance. This includes the new SAP Multi-Bank connectivity in conjunction with SWIFT, the Asset Accounting Overview Page, intelligent Goods Receipt / Invoice Receipts Account Reconciliation with SAP Leonardo, and much more.
Check out my video below that covers three significant innovations:
The innovations for finance which are available with SAP S/4HANA Cloud 1805 and which you can look at in the video are:
1.) SAP Multi-Bank Connectivity in conjunction with SWIFT. SWIFT is joining forces with SAP SE to offer treasurers a comprehensive, out-of-the-box integration with financial institutions, connecting to the SWIFT network of more than 11,000 financial institutions worldwide. SAP Multi-Bank Connectivity, a new integrated connectivity solution based on SAP Cloud Platform technology, enables corporate-to-bank connectivity for SAP S/4HANA Cloud customers who need to connect with multiple banks, while lowering on-boarding costs and increasing transparency and control. Companies can choose between an embedded connection to the SWIFT network, and bank connectivity through their usual banking partners. This corporate cloud banking network provides measurable improvement to the accounts payable and accounts receivable functions through automation of all the manual and error-prone steps associated with the execution and reconciliation of payments, order-to-cash applications, and order entry documents. The use of SAP Multi-Bank Connectivity results in improved control, efficiency, and transparency of the financial accounting process. The onboarding to the solution is very straight-forward and delivered through a private cloud owned and managed by SAP that is secure and partitioned by each customer and their network of banks.
2.) Asset Accounting Overview Page. Efficient management of fixed assets during their full life-cycle is vitally important, as errors can lead to inaccurate valuation of your business or incorrect reporting. To make the most of your assets, you must record and value them accurately. With the new asset accounting overview page you can easily access key information and KPIs within the Asset Accounting area, and gain insight into current trends. The app provides a central source of information for the asset accountant, and offers a range of filters and built-in navigation to related apps. With the 1805 release we completed a variety of important tiles for example the asset master work-list, asset balances, asset acquisitions, asset retirements and many more.
Fig. 1: App ‘Asset Accounting Overview’
3.) Intelligent Goods Receipt / Invoice Receipts Account Reconciliation with SAP Leonardo. The GR/IR account reconciliation process is an exception handling process for all purchase order items with differences between goods receipts and invoice receipts. The root cause for the difference needs to be solved usually through collaboration of Accounting, Buying Center, Logistics and supplier or the difference is written off. It is a high manual effort for creating reports, gathering all relevant information, investigating the root cause and solving the issue and for communicating between departments. Intelligent GR/IR Account Reconciliation with SAP Leonardo provides a ML service to learn from decisions taken in the past and to apply the learned knowledge to the new business situation to make recommendations for the next meaningful steps for each purchase order item.
Fig. 2: App ‘Goods Receipt and Invoice Receipt Reconciliation Overview’
Many more innovations for finance can be found in two important documents:
1.) What’s New PDF document in SAP Help Portal (Section 1, Finance) and
2.) What’s New Scope Item Table in SAP Best Practices in SAP Help Portal (Enter Line of Business Finance)
For more information on SAP S/4HANA Cloud, check out the following links:
- Sven Denecken’s SAP S/4HANA Cloud 1805 Release Blog
- SAP S/4HANA Cloud release info: http://www.sap.com/s4-cloudrelease
- Feature Scope Description here
- Best practices for all the cloud editions here
- New SAP S/4HANA Cloud User Community: register here
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