Tuesday, 11 November 2014

Explain how ‘mySAP ERP Financial’ is Better/Different than ‘R/3 Financial Accounting?

Answer


‘mySAP ERP Financials’ is built on the NetWeaver platform, which is the foundation for service oriented business solutions, for deploying financial processes at a faster pace. Irrespective of the business type, mySAP ERP Financials is designed to support financial accounting requirements to provide a single complete platform to achieve excellence in accounting, performance management, financial supply chain, and corporate governance.

The features include:
1.    Industry-Specific Financial Management
mySAP ERP Financials provides a comprehensive and robust analytical framework to
consolidate and/or dissect business information generated in industry solutions or core

enterprise processes: all managers in all operations have an improved visibility with a single
integrated solution.
1.    Performance Management
mySAP ERP Financials provides a single solution for the entire life cycle of Corporate
Performance Management by delivering real-time, personalized measurements and metrics
to improve business insight and productivity of non-technical users. Executives, managers,
and business workers will now have access to information such as business statistics and
Key Performance Indicators (KPI) presented in the context of business tasks for better
insight and faster decision making.
mySAP ERP Financials encompasses:
1.    Consolidated financial and statutory reporting
2.    Planning, budgeting, and forecasting
3.    Strategy management and scorecards
4.    Risk management
5.    Financial analytics
2.    Financial and Management Accounting
mySAP ERP Financials helps companies comply with global accounting standards (such as
the United States’ Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). With the ‘New FI-GL’ functionality (Refer to Q.181 for more details) you will now have the ability to generate financial statements of any dimension of the business (unit, profit center, geographical location, etc.). This offers greater flexibility to extend a chart of accounts and allows an easier method of reporting by individual management units and segments. This feature helps companies reduce the complexity and costs associated with parallel accounting or managing a set of books by region, industry, or regulatory reporting statute.
3.    Corporate Governance

With a set of applications and tools, mySAP ERP Financials assists in meeting the specific
requirements of today’s financial regulations such as the SarbanesOxley Act. You now
have an intuitive mechanism to collect, document, assess, remediate, and attest to internal
control processes and safeguards to ensure transparent business activity. By configuring
controls and defining rules and tolerances for your business, you can easily customize
internal processes for security, reporting, and error prevention. In addition, you can now
document all your internal control processes and make them visible to corporate executives,
auditors, and regulators.
1.    Financial Supply Chain Management
Provides the tools to help you manage your financial supply chain and cash-flow cycle more
effectively, through end-to-end process support of:
1.    Credit Management
2.    Electronic Bill Presentment and Payment
3.    Collections Management
4.    Dispute Management
5.    In-house Cash Management
6.    Cash and Liquidity Management
7.    Bank Relationship
8.    Treasury and Risk Management Processes

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