SAP Financial Consolidation: Providing Continued Maintenance to Protect Customers During a Rocky Economic Recovery
In its April 2023 report titled “A Rocky Recovery”, the International Monetary Fund (IMF) states that the economic “outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia’s invasion of Ukraine, and three years of COVID”.
To protect customers during this rocky recovery, provide them more peace of mind in their digital transformation, today SAP announces an extension of mainstream maintenance for SAP Financial Consolidation release 10.1 until the end of 2030.
SAP reiterates its publicized consolidation strategy focusing investment on SAP S/4HANA for group reporting, available in both cloud and on-premise editions.
SAP Financial Consolidation extending maintenance
SAP S/4HANA for group reporting is SAP’s strategic solution for consolidation, available for both cloud and on-premise deployments. At the same time, SAP also recognizes that SAP Financial Consolidation is currently in use at hundreds of companies for their corporate close process, and that this product is mission-critical for their external reporting. To safeguard customers’ investment in SAP Financial Consolidation, provide stability in these challenging times, and allow customers enough lead time to transition to SAP S/4HANA for group reporting, SAP decided to provide mainstream maintenance for SAP Financial Consolidation 10.1 until December 31, 2030. As SAP Financial Consolidation is a mature solution, SAP does not plan any new functional investment in this solution.
Continual investment in SAP S/4HANA for group reporting
SAP S/4HANA for group reporting is confirmed as SAP’s strategic solution for financial consolidation and management reporting. SAP S/4HANA for group reporting unifies companies’ entity close and group close processes on a single system, providing end-to-end transparency from accounting documents to consolidated financial statements. This is the foundation for fast analysis, better decision-making, and an accelerated group close process. For customers not targeting a unified landscape, the solution can be used as a traditional stand-alone consolidation system with data collected from manual data entry apps, data mapping apps, or API’s. Moving forward, SAP will focus all development investment on SAP S/4HANA for group reporting to better serve our customers.
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