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Financials: Advanced Financial Closing with SAP S/4HANA #SAP User Group Webcast Summary

This was a SAP User Group webcast from last year.

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February 4: Introduction to Planning in SAP Analytics Cloud

February 20: Use Search to Insight on Mobile Devices to Have Access to Information Faster

February 25: Multilingual Support for Geographic-Wide Engagement in SAP Analytics Cloud

The legal disclaimer applies that things in the future are subject to change.

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Source: SAP

In memory data base, enables analytics and transactional processing

Real time status is available at all times

Finance management is on the go, and wants to see status close at all times – available on mobile and desktop devices

This closing solution is a cloud solution, integrates with on-premise solution

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Source: SAP

Many of us track year end close and month end close on spreadsheets

Many are complex, describing sequencing, but it doesn’t provide real time status and does not execute processes in your SAP system

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Source: SAP

Repeatable tasks, automate tasks, use workflows so it works at optimal times

Collaboration with co-pilot

Monitoring (not want to look at outdated Excel file)

Ensure standard operating procedures are being followed

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Source: SAP

Benefits of closing the books “faster” are shown above

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Source: SAP

Automation tool that “keeps everyone on track”

Documented for governance and compliance

Transparency with S/4HANA

Notifications for approval, built-in escalation rule

Template for close, that can be re-used

Deliver analytical views as part of the product

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Source: SAP

Broader look at the process at bottom of above

Tasks need to be performed in certain order by several people

GR/IR tasks visible in finance close

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Source: SAP

This is a role based finance closing process

Accounting expert creates template for close; use Fiori application to define tasks and watch over the process

Accountants see tasks they are responsible – notified of their tasks by notifications, Outlook reminders

Accounting Manager approves closing tasks

Head of Finance sees current status; has dedicated monitoring apps

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Source: SAP

Related Fiori apps are shown above

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Source: SAP

Key part is setting up the template; some attributes valid for entire template, such as notification configuration

Store factory calendar

Different hierarchies supported

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Source: SAP

Best practice content is provided, including relationships between tasks, interdependencies

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In an on-premise system you can add your own jobs/variants

Notes for manual tasks

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Source: SAP

Attributes for a particular task are shown; depreciation posting run

Is an approval required? You decide at the task level

Users are associated for it – who is processor, who is responsible.

Task scheduling, start time, how long, what is the closing type (month end, etc)

This is like the header for the task

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Source: SAP

Technical details are shown for task – which conditions job should be run, and what are the dependencies – predecessor and successor tasks

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Source: SAP

You can make mass changes to the template

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End define phase by generating a task list

Process Entity Close

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Source: SAP

App to close – accountant

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This is what the general ledger accountant sees

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Source: SAP

Accounting manager to approve closing tasks, if set up that way

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Source: SAP

KPI’s for the close, reporting for the close, can be filtered by company, etc.

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Source: SAP

Financial close overview is shown above

Completion rate of close, where errors are, closing manager can see what is going on

Technical Details

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Source: SAP

This is a closing hub solution

Quarterly releases; ship best practice content

Access to latest functionality in the cloud

Deploy in days; back end systems needs an SAP Cloud Connector; do not need to deploy additional software

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Source: SAP

Configuration settings are shown above

Segregation of duties, privacy settings

Road map

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Source: SAP

In 2020 – 3rd party scheduler integration is planned

Integrating RPA – so a bot can be started from closing, and execution of bot can be reported back

KPI balance sheet validation – compare fields in balance sheet – set threshold, if exceed, send alert

Steering – more best practice content for internal and external auditors

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Source: SAP

Above shows plans for intelligent closing

Today GR/IR can be executed in the solution

Manual journal entries – robot can do uploads and bot can mark task completed

Link to slides can be found here

Link to recording is here

 

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