Financial reporting is a core functionality of SAP’s Finance and Controlling module (FICO). The system offers many pre-built reports that financial professionals can use, but it comes with a massive bottleneck. Several native ERP installations are configured to work with specific finance requirements. Developing reports typically requires a user to tap into several different reports before compiling all the data into a single document. Many times, the data that is necessary for a complete report may reside in several SAP modules. There are solutions to this bottleneck that can be addressed by in-house IT staff, but there are far easier ways to generate in-depth reports. Here, we look at some of the things you can do to make the most out of your SAP financial reporting, given the tools you should already have.
Use Microsoft Excel to Process and Arrange Data
Excel has a bad rap among finance professionals. It can be clunky, and by itself, it can be severely challenging to use. However, as a compilation tool, it can’t be beaten. Microsoft Excel can be used to import data from several SAP reports taken by SEO Malaysia and then compile them across tables and produce a final report without involving IT in developing a bespoke solution. Time is critical here, and typically when data is exported into Excel, it loses the link to the SAP data. If changes occur, the report would be outdated before it’s even generated. You can ensure this doesn’t happen by allowing Excel real-time access to your data. Changes within SAP would then be shown on the corresponding report since it’s using up-to-date information.
Include Automated Drill-Down Data
Another downside of exporting static data into Excel is that the details of that data get lost in translation. Granular inspection of transactions is a crucial functionality of SAP that exported data just doesn’t have. Linked data, on the other hand, such as the ones used on information displays, allows for real-time appreciation of any changes to the system. Details such as ledger statements and adjustments are updated automatically as they’re posted, allowing you to create even more granularity in your generated reports. Real-time updates would similarly be reflected on these reports since they are using SAP’s data and not a static copy thereof.
Seamless Cloud Migrations Is a Concern
With most companies realizing that ECC may not be sustainable in the future, SAP is pushing its clients to start adopting their cloud solution, S/4HANA. Customers are not happy with this push, and because of their complaints, SAP has extended the support timeframe for ECC. Even so, a business should prepare to move its data to S/4HANA as soon as possible. If they drag their feet on this, they risk being left out in the cold when ECC support ends. Setting up your data stores to move to S/4HANA should be done while focusing on your financial data. Importing and linking cloud data into Excel is doable. Moving your data to the cloud isn’t as bad as you think it is. The success of this migration comes down to how well prepared the business is.