Did you know that you can save a lot of time and stress by using SAP S/4HANA Accruals Management?
A lot of businesses still face challenges with traditional approaches to getting their period end closing done. Accruals Management is an important part of this process. And the correct postings of accruals are essential for financial reporting.
Finance teams currently have high manual efforts because they must look for the original data (in disparate logistics systems, contracts, etc.), calculate accruals in a spreadsheet, post the related financial accounting document, and then ensure that the correct reversal documents are generated when required. Many errors arise in this outdated process, and it takes a lot of time to get the potentially thousands of individual processes done. It is also difficult to find out where mistakes were made, because there is no transparency. All of these factors combine and lead to a suboptimal accruals management process.
SAP has developed SAP S/4HANA Accruals Management to help finance teams resolve these problems. Accruals Management automates and supports the customers during the whole process to overcomes the related challenges. In total, SAP is offering a coherent, automated process with a reliable outcome.
SAP S/4HANA Accruals Management creates the accruals objects from various inputs (e.g. purchase orders, manual accruals or spread sheets). It unifies the accrual data into a pre-defined structure and can then apply rules to determine how to calculate and post the approvals flexibly. Workflow-based approvals ensure that accountants can review the calculated accruals prior to posting. In addition, for purchase order-based accrual processes, source logistics details like delivery schedules can be combined with machine learning capabilities to ensure higher accuracy and efficiency.
All in all, SAP S/4HANA Accruals Management helps to optimize accrual postings – with a focus on automation and error elimination. With this solution in place, this particular hurdle in the period end closing process shouldn’t slow your finance team down.
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