Is SAP Accounting Software the Best Solution Out There?

Among a vast sea of accounting software solutions available today, you are likely considering the benefits of SAP accounting software. The software remains a top vendor and is utilized by thousands of organizations worldwide. By exploring four of the software’s key features, general ledger, accounts receivable, accounts payable and contract accounting, you may gain a clearer picture of how SAP accounting software can help you track your business financials and reach your strategic goals.

SAP Accounting Software and General Ledger Functionality across Divisions

The general ledger function of SAP accounting software builds a strong base for a more streamlined approach to your data. It offers functionality for your managerial operations as well as your reporting and accounting needs based on unique segments. The software is built to help you manage several parallel ledgers for taxes, IFRS, US-GAAP and more. You won’t need to worry if your data is reconciled or about the accuracy and timeliness of your reports which means less time is spent analyzing your results and completing your accounting cycle.

The SAP accounting software general ledger tools also allow you to make allocations of specific costs to the right business divisions, allowing for functions like splitting documents. This means any level of your organization can create a balanced and reconciled statement, built specifically upon their unit, location, profit center and more. With SAP accounting software, your need for keeping track of several sets of accounting books according to your business locations or multiple divisions is eliminated. Everything is built into one single lead-based ledger, integrating managerial tasks and accounting tasks.

SAP Accounting Software Focuses on Big Picture, and Capital Efficiency

The accounts receivable function of SAP accounting software is built to help you orchestrate your cash conversion cycle within the context of gaining efficiency toward your total working capital. Automated functions mean enhanced cash flow, fewer incomplete or waiting sales and fewer delays associated with working capital.

Your total process for recording and managing your invoices and collections are managed within the system, and fully integrated into the SAP General Ledger (as well as the SAP Financial Supply Chain Management tool). In terms of dispute resolution, SAP accounting software uses electronic-based invoicing tools and strong collaboration across divisions to speed up the resolution process and allow you to turn your attention to other goals.

Accounts Payable with a New Perspective from SAP Accounting Software

Accounts payable can also be simplified within the SAP accounting software solution with high-level recording and managing tools for your invoices that are sent to suppliers. The software integrates into the SAP Treasury and SAP General Ledger modules allowing for a streamlined process for managing your payments. Following national trends for accounts payable tools that allow you to put in place automations in your back-office operations, the SAP accounting software accounts payable functionality allows you to aim for cutting costs and enhancing your relationships with your suppliers.

For example, you can use the software to link up your financials with multiple banks, allowing for a more efficient and error-free cash management and timely payment process cycle. Multiple approval functions and audit trail components are also helping many organizations streamline back-office tasks for greater cost reductions.

Simplify Contract Accounting with Recurring, Volume Based Solutions from SAP Accounting Software

If you have several repeated and volume-based billing needs, SAP accounting software is able to help you manage these processes and allow for higher functionality for customers who want to use a debit-billed process. What’s the overall impact of the accounts payable tools from SAP? Lower operational expenses because you’ll have reduced needs for manual labor and quick access to billing processes from a centralized sub ledger.
The Bottom Line: Collaboration Stands Out with SAP Accounting Software

Collaboration is the glue that holds the SAP accounting software together and one of its strongest advantages. This collaboration across general ledger, accounts receivable and payable and contract accounting reaches from division to division on one central platform, resulting in a start-to-finish level of accounting efficiency and quality. The tools can be directly integrated into an SAP ERP module, providing a faster cycle for reporting, better compliance adherence and data across divisions that are fully reconciled. This means with these core functions of SAP accounting, you can close an accounting cycle in just a couple of hours’ time, rather than a few days of manual effort.

Is SAP accounting software the best solution out there? It’s a complex question to answer, but the automation, integration and centralized reconciliation features of SAP accounting software continue to turn the tables in its favor.