This is the fourth of a series of LinkedIn posts where Stampa & Partners answers the question: “How CFOs can use tools to achieve goals and overcome challenges?”
One of the most time-consuming, routine tasks for finance teams is the regular periodic reporting (i.e. monthly, quarterly and yearly close). This is a time when accountants face a significant increase in the workload to collect and process basic data. A better use of their time would be to dedicate it to analyse this data and by doing it support CFOs in the decision-making process.
In the past several solutions supported Finance teams in the consolidation and reporting process (i.e. SAP FC, SAP BPC, SAP SEM-BCS). SAP S/4 HANA for Group Reporting (Group Reporting) is replacing those tools, combining the best of its features and capabilities into a single solution. The tool supports the computation, creation and disclosure of consolidated reports. This is SAP’s strategic consolidation solution, moving forward. Group Reporting is used by:
- Customers using SAP S/4 HANA → added value for these customers is the out of the box integration feature of this tool (i.e. there is no not need to build reports from ERP);
- Customers looking for a public cloud stand-alone offering.
Among other features, this solution can be used independently from operational accounting or other ERP functions in SAP S/4 HANA, is leveraged and well-integrated with SAP Analytics Cloud. The integration between the two tools can be done by using live data connections which enables CFOs, Finance Managers and other finance professionals to produce an extensive set of reports and analysis. This feature empowers them to quickly connect its reporting and consolidation tools with planning capabilities. This means, a user can create its financial planning and budget analysis within SAC and then consolidate this data within Group Reporting.
Please stay connected to access next week’s the last of four challenges identified in current CFOs Agenda → “Reduce burden to adapt to a new regulation”.
We at Stampa & Partners have an extensive track record working with CFOs and supporting organisations in Europe successfully digitalise finance functions, leverage analytics and ensure compliance with new accounting standards. Therefore, we can advise your business with the best solutions to fulfill your goals.
By André Almeida