What is the best Finance ERP to boost your business?
Are you considering equipping your company with a Finance ERP? Or do you want to maximize the results and productivity of your Finance department?You’ve come to the right place!
In this new article dedicated to Finance and Accounting in business, Evelyn Moussavou Nenet, Senior Project Manager at Ifnilink, presents all the essential features for your future Finance ERP. She deciphers the SAP solutions available to you and explains how they can meet your needs.
But before we begin, it’s customary to ask yourself…
What is a “good” Finance ERP?
The Essential Features of a Finance and Accounting ERP
The scope of your Finance and Accounting department’s work is vast. And to function properly, it needs reliable processes and management tools.
Consideration of the Company’s Specificities
While it seems obvious that the Purchasing, Production, or Logistics functions are impacted by the company’s industry in the ERP, the same applies to the Finance department. Evelyn reminds us: “All the company’s activities have an impact on the financial department. For example, for an import-export company, there are financial risks based on exchange rates. A purely domestic company won’t have this type of issue. We must not forget that finance, by the nature of the data it processes, also tells the story of the company.” Therefore, considering the specificities of the company’s industry in the Finance ERP is essential. That’s why SAP offers industry-specific solutions in its ERP S/4HANA under the “SAP IS” umbrella. These solutions can incorporate very specific core functionalities tailored to the company’s industry. For instance, in the case of an oil company, the SAP IS-Oil Finance ERP integrates material balance sheets or stock management based on temperatures, for example.As well as adapting to changing markets…
Today, everything moves so fast. Being able to perform a “fast closing” (quick account closing) is a challenge for Finance and Accounting teams. But for this, it’s essential to have real-time, up-to-date data, as well as to have software that automates as many actions as possible. Finally, let’s not forget the importance of compliance. With rules that are regularly updated and specific to each country, the ERP plays a vital role in helping the Finance Department comply with local and international fiscal and regulatory obligations.How do SAP solutions meet the needs of Finance and Accounting departments?
Finance is at the heart of all SAP ERP solution developments. And as Evelyn reminds us, “SAP actually started its activities around Finance. And in 2015, when S/4HANA was launched, the Finance module was the first to benefit from these developments. Its embedded reporting capabilities and faster integration with other business areas through Fiori literally revolutionized usage.” That’s why, (good news!) SAP S/4HANA, as well as all SAP ERPs, integrate the essential functionalities we discussed at the beginning of this article.- The SAP S/4HANA Cloud ERP the most innovative SAP management solution for the Finance function.With a unique interface dedicated to reporting and transaction tracking, you will never look at finance and accounting the same way. The integrated data visualization gives a fresh and modern perspective to the presentation and analysis of financial and accounting data.
Features like predictive analytics, artificial intelligence, machine learning, and digital assistance make it a top co-pilot for financial services.
- The SAP Business ByDesign ERP is the intelligent Cloud ERP for SMEs and mid-sized businesses.Equipped with real-time analytics tools, it is a true performance booster for companies. Additionally, with its pre-configured management scenarios, you will find the business process that best fits your finance department.
- The EPM SAP Analytics Cloud (SAC), is an EPM (Enterprise Performance Management) tool.It integrates with your ERP and is specifically developed to:
- Present customized KPIs,
- Manage your company’s results,
- Work on forecasts,
- or revise budgets.
Here, we are at the heart of Business Intelligence (BI). The key challenge of SAC is its ability to process large volumes of data from different sources in remarkable time.
- The “Bank Connector”:
The bank connector allows you to automatically incorporate all bank statements into your SAP ERP. Securing and simplifying banking transactions will become the keywords for your finance teams.Add-ons and ConnectorsSince it’s highly likely that your finance department uses third-party applications, your Finance ERP must be able to integrate them.That’s why at Ifnilink, we developed the ERP Customizer.The ERP Customizer is a platform dedicated to SAP add-ons and connectors for the S/4HANA and Business ByDesign ERPs.
For example, we offer the following in our catalog of add-ons and connectors:
- The “Invoice Integration” add-on:
This add-on allows you to integrate all your invoices received by email into your SAP ERP. Say goodbye to data entry errors or duplicates and reduce paper consumption.
- The “Automated Exchange Rate Update” add-on:
This add-on will ease the work of your finance department by automating the update of exchange rates in your SAP ERP.
- The “Invoice Integration” add-on:
The Importance of Working with SAP Finance Consultants for Your Solution Implementation
Choosing the best Finance ERP for your business is important.
But being supported by experienced and motivated SAP FI-CO consultants is even better! According to Evelyn, there is no doubt about it. For a successful SAP implementation of your Finance ERP, it is crucial to surround yourself with consultants specialized in the field: “Because it speeds things up! They have all the necessary experience with SAP projects combined with technical, functional, and business expertise. This way, you ensure minimizing implementation risks, controlling costs, and adhering to schedules.”
