The CFO is the financial gatekeeper and the economic strategist of a company. To meet the expectations of the CEO, shareholders, creditors, and other stakeholders, the CFO needs to be able to obtain accurate, timely data to report efficiently, define the necessary capital structure, and determine the company’s economic strategy. Obtaining the information, however, is often a matter of manually merging items from many different sources and systems within the company.
Due to the way data accumulates over time, companies often face complex, decentralized structures in which a broad variety of legacy systems collected through activities such as mergers and acquisitions make the data collection process a challenging task for the CFO. Consolidating data across multiple SAP systems is one matter, but how do you gather the information from local entities that use non-SAP legacy systems, and how do you standardize processes across the company to obtain comparable figures for your reporting and planning?
Companies must connect the systems throughout their organizations to the central SAP system to facilitate the data consolidation process. More often than not, the systems are connected via risk-prone interfaces that could easily be manipulated or bear the risk of errors in data transmission. Time is crucial to a CFO, making the risk of data loss a major threat when trying to complete a company’s financial overview and reporting.
Quickly and Securely Access Financial Reports
There are enormous benefits to avoiding such risks and optimizing financial processes within the SAP landscape.
Hanse Orga Group has developed a holistic approach by combining specialized SAP add-ons and in-depth SAP treasury consulting to help CFOs access their financial figures quickly and safely.
The key benefits of this approach include:
- Using SAP functionality to its fullest potential
- Integrating SAP and non-SAP-based entities
- Obtaining a group-wide, real-time overview of data
- Enhancing security
- Automating and customizing company-specific financial reporting
Customized Reporting Tools
With processes optimized and all systems connected to the central SAP system, a CFO has full control: Just the click of a mouse provides solid, real-time financial reports. Individual solution customizing options such as Hanse Orga FinanceSuite enable a tailor-made reporting design. A CFO can decide how detailed the financial reports need to be, and then can flexibly define which data is required, whether the reports are for internal management purposes or for compliance with external regulations.
With processes optimized and all systems connected to the central SAP system, a CFO has full control: Just the click of a mouse provides solid, real-time financial reports.
For example, one of the external regulations CFOs may have to consider concerns foreign bank account reporting, which is relevant for signatories and organizations in the US that hold accounts outside of the country. If the total approved amount exceeds $10,000, these accounts have to be reported to the Internal Revenue Service (IRS) in the US. With the FinanceSuite eBAM (electronic Bank Account Management), this reporting can be performed automatically, and for local entities as well. The required master data is consolidated and the corresponding report fields in report TD F 90-22.1 are filled automatically.
To learn more about how you can optimize your processes with a holistic approach to SAP systems, visit www.hanseorga.de/en/about-us/hanse-orga-group.