You cannot run a business without money. A business lives and grows on money. The core dependency of the business is on the amount of profit it is making and the amount of loss it is running into. This decides the life and death of the business. Profit and loss calculation is all to do with accounts, reports and ledgers. A more comprehensive and all-inclusive term would be finance management. The finance of a company forms the base of a company. The team that looks after the finance is one of the most important teams in the company. The responsibility of the finance team includes looking into both the internal affairs like salary of employees as well as external affairs like revenue generated at the end of each fiscal year.
As finance is such an integral part of a business, there should be proper management of it. Competition is increasing at a rapid pace and each company thrives to increase its revenue. Hence the finance function has to be modeled in such a way that the company achieves a cutting edge over the other companies. The finance team should be skilled enough to handle and negotiate with stakeholders and ensure maximum profit for the business. However, with so many teams working in a company, it often becomes difficult to streamline all the process. This is where enterprise resource planning comes into the picture.
SAP ERP software:
One such software is the SAP accounting software that takes care of the finance is SAP ERP Financials suite. It takes care of functionalities like compliance, financial management risk analysis. The modules of this SAP accounting software take care of accounting and reporting, management of accounts payable and accounts receivable, and shared services. As there is one unified platform with all the information regarding the company’s accounts, it becomes easier for managers and business analysts to discuss the financial issues of the company. This software conforms to industry standards like IFRS and GAAP. Thus this software helps to create one version of financial statement for a company by integrating various financial processes and applications.
Thus it is a very useful software that comes in multiple languages and is easily available all over the world in various currencies and time zones. However, it is adaptable to the local issues and gives local solutions by translating the solution to a local language and making it accessible to the team members of the finance department.