2 min read
SAP S/4HANA Roadmap: A Definitive Guide for Business Transformation
In today's fiercely competitive global market, we should recognise the indispensable role of dynamic and robust...
2 min read
The SAP Financial Closing Cockpit was available as an add-on to SAP ECC that has now been incorporated into the core S/4HANA product suite, providing tools that enable you to plan, execute, monitor and control the period-end and year-end close cycle. The Financial Closing Cockpit sits on top of the universal journal leveraging the benefits of the single table and source of truth providing a tool that streamlines and accelerates the period-end and year-end close processes.
Key changes to Financial Closing Cockpit in SAP S/4HANA
Sitting on top of the new S/4HANA data model, namely the universal journal, the Financial Closing Cockpit is now part of the core S/4HANA product suite. It provides a hub style approach to monitoring and controlling the period-end close. A single task list for closing each entity can be created, with some automation of tasks, providing governance and compliance.
At any point in time the status of the closing process can be seen and the business has real-time insight into the closing status of the period - from a group level down to a specific task of an individual entity.
What does that mean for the user?
In short, Financial Closing Cockpit for S/4 provides speed, accuracy and visibility of the period-end close, increased compliance, and a record of the actions taken.
The financial close process is optimized through the use of the cockpit. There is greater transparency across the end to end process providing greater control and auditability. Potential problems during the close are reduced as it is clear which closing steps have been successfully executed and which have encountered errors, and it is all visible through the single centralized cockpit.
Scheduling tools allow workflows to be sequenced to promote the efficient execution of the schedule. Tasks can also be automated to accelerate the close. Approvals can be built into the process as appropriate and modeled into the workflow.
Build your S/4HANA migration business case with FusionGraph
We discovered this new S/4 functionality in FusionGraph - the visual ERP roadmapping tool. To find out more about how FusionGraph can support your S/4HANA migration request a demo by clicking the link below.
