Companies everywhere feel pressure to deliver a faster close – and the new advanced financial closing solution provides best practice, workflow-supported processes to support the planning, automating, processing, and monitoring for the entities of the group – which will speed closing. The solution also has an aggressive roadmap to add even more intelligent automation to further accelerate the close.
Process orchestration and automation accelerates the Close
But how can companies adopt these innovations as fast as SAP can deliver them?
SAP is delivering advanced financial closing innovations as part of SAP S/4HANA Cloud. This means that SAP will be able make new features available to customers with quarterly releases, and SAP takes on the responsibility of managing the technicalities of the upgrade process. Companies interested in next-generation closing can simply subscribe to the Cloud service. This will give all users involved in financial closing access to advanced analytics, task lists, and audit logs for a perfectly controlled process.
The closing tasks are executed in the “source” system where the enterprise is managed. In many cases, this is the “headquarters system” which is an SAP S/4HANA on premise* system. The SAP S/4HANA Cloud system with advanced financial closing would orchestrate, schedule, execute, and report on activities taking place in the on premise system.
In some customer set-ups, while the headquarters is on premise, subsidiaries run SAP S/4HANA Cloud; SAP refers to this architecture set-up as “2-tier”. In this case, a centralized financial close solution in the subsidiary system can be used by the central closing team to get a complete view of all closing activities for the entire enterprise – for the entities in the Cloud as well as the entities in the SAP S/4HANA on premise system.
* SAP S/4HANA Cloud for Advanced Financial Closing supports financial closing processes in on premise systems with release SAP S/4HANA OP 1809 FPS1 (or newer).
Want to learn more?
See how manual tasks in the close process are accelerated with analytics and workflow in Processing and Approving Closing Tasks, and see how the central closing team can create a best practice game plan in the video: Define Closing Tasks. And, as always, you can view this innovation in the Innovation Discovery tool or via the SAP S/4HANA Cloud Roadmap here.