Finance is changing for the better. When I started my first Finance job as a fresh-faced graduate in a badly-fitting suit back in 2006, the ERP systems I worked with were ugly, slow, and required a master's in computing to navigate. We still worked with a surprising amount of paper, and I spent many hours, weeks, and months ticking and bashing numbers from one printout (or spreadsheet) to another.
Thankfully, today, both my suits and our Finance systems are better tailored to what we actually need. Today's ERP systems are generally more user-friendly, but Finance still has some catching up to do. We’re struggling to keep up with the tidal wave of data that has been coming our way for quite some time.
Faced with a deluge of data, many Finance departments' initial focus was to take the bare minimum needed to get the right postings in the general ledger. But our needs have grown. Now, we need to know how sustainable our business is, what our greenhouse gas emissions are, whether our tax liability aligns with BEPS requirements, and our financial result under the many different GAAPs that could well apply to a single multinational.
So, how do we ride the wave?
To ride the wave, we need to harness the power of this data in a flexible, scalable, but, of course, auditable solution. Enter SAP PaPM's Accounting Rules Engine, the Cloud-based solution exclusively available on the Profitability and Performance Management Cloud Universal Model.
Takeoff with SAP PaPM's Accounting Rules Engine
The Accounting Rules Engine is sample content included within the Profitability and Performance Management Cloud Universal Model subscription. It can unlock the power of data by enabling customers to homogenize complex data sets in one flexible sub-ledger solution and apply accounting logic to this data at a very granular level. This beautiful, organized data can then be sliced, diced, and aggregated in many different ways for external and internal reporting and analysis purposes.
Rise above the Excel wipeout
As an Accountant, I have a love/hate relationship with Excel, often the temporary spreadsheet solution that saved the day when a ‘quick’ analysis was needed would return year after year until the formulae became so complicated, the links so convoluted that the file was slower than dial-up internet in the 90’s. With the Accounting Rules Engine, we have a single source of truth for all financial data, which can utilize the power of HANA to cope with high data volumes and the ingenuity of SAP PaPM to perform custom calculations and enhancements. The Accounting Rules Engine can eliminate the need for yet another spreadsheet, its highly customizable nature can enhance data using logic that is transparent, auditable, and easy to update as assumptions change.
Supported by the latest features available in the SAP PaPM Universal Model, the Accounting Rules Engine is a Finance-friendly, future-proof solution with scalability, flexibility, and traceability at its core.
Ready to catch the next wave?
Why not paddle out with our top-tier solution designers and implementers from msg? Leveraging our close ties to the development office and extensive experience implementing financial sub-ledgers, we're here to guide you on your journey. We can work with you to understand your pain points, identify the competitive edge the Accounting Rules Engine could bring, and help you move beyond the massive spreadsheets…
To dive deeper:
- Connect with msg global to discuss how the Accounting Rules Engine could revolutionize your business.
- Check out the Accounting Rules Engine information on the SAP Help Portal.
- Stay tuned for upcoming updates on how the Accounting Rules Engine can give businesses a competitive edge.
