As a business grows, the need for financial automation becomes clear. However, emerging companies also usually have the least amount of time for setting up backend systems that enable this financial automation. That’s where SAP’s powerful but reimagined ERP solution comes into the conversation, SAP S/4HANA Cloud Public Edition.
Startups and growing businesses often are exhilarating places to work, but they aren’t where you go for more free time. As a business grows, triaging problems and pivoting constantly is the name of the game. This environment does not lend itself to large infrastructure projects or lots of manual tasks.
However, financial management is largely manual tasks without automation in place. Historically, automating financial management requires a large infrastructure project that entails overhauling a company’s backend processes with a giant enterprise resource planning solution (ERP).
Financial automation is what startups and growing businesses need, though. When financial processes are fully automated, growing businesses free up time for more important tasks related to the core line of business. Automating financial processes also enables real-time financial visibility, which can be important for making business adjustments on the fly.
If that weren’t enough, automating financial processes also is part of the process of moving from a small business to a larger organization. Financial automation is part of the growth journey for a rising company.
Good thing there’s a solution to this problem of automating financial processes when time is tight.
Startups and growing businesses should rediscover SAP ERP solutions because a powerful, tier-1 ERP solution such as SAP S/4HANA Cloud Public Edition now can be put in place in as little as 30 days.
How SAP ERP Helps Businesses Quickly Automate Financial Processes
ERP solutions serve as the digital backbone of a company. They are comprehensive, end-to-end business software solutions that power all parts of a company and connect departments back to a central data repository that is accessible and available via the cloud. All data and systems flow through the ERP solution, including third-party software and cloud services via integrations and APIs.
Part of the reason for an integrated backend system is automation. ERP enables company-wide automation, including comprehensive automation around financial processes. Sales, purchasing, employee time sheets, bank statements, and production variables all flow into the ERP solution, enabling robust and sophisticated automation of financial processes. Invoicing, financial reporting, payroll, employee reimbursements, collections, and all other financial tasks get automated.
The SAP S/4HANA Cloud Public Edition ERP solution can help emerging companies quickly put this comprehensive financial process automation in place.
With SAP S/4HANA Cloud Public Edition, a growing business unlocks the following financial management tools and functionality, all of which can be automated.
- General Ledger. G/L configuration with cost and profit center, journal entries including vouchers and recurring, allocations, and reporting and analytics.
- Accounts Payable. Requisitions, purchase orders, and approvals workflows accounts payable 3-way matching, payment processing, and supplier management.
- Procurement. Direct and service procurement, requisition, and purchase order approval workflows, purchase contracts, and procurement analytics.
- Accounts Receivable. Invoicing, inbound payment processing, customer management, receivables management, and reporting and analytics.
- Inventory Management. Inventory tracking including serial and batch tracking, inventory transaction processing, and inventory reporting and analytics.
- Internal Projects. Projects to support R&D and AuC, timesheets, cost collection and posting, and project reporting and analytics.
- Fixed Assets. Asset setup and maintenance, depreciation and posting, and reporting and analytics.
- Treasury. Bank account management, liquidity management, reporting, and analytics.
Growing Companies Can Implement SAP ERP Fast
Since SAP is the ERP market leader (and the original inventor of ERP), business leaders know that SAP solutions power the largest businesses and come with all the advanced functionality that a company needs. But less known is that SAP has reimagined and rewritten its core product offerings for quick rollout and the cloud.
So whereas growing businesses once needed scale before they took advantage of SAP ERP’s automated financial processing power, emerging businesses now can put an SAP solution in place early and take advantage of the solution’s full functionality slowly as the business grows. A smaller business can use SAP ERP for automating financial processes today, and scale production and manufacturing with the system later as sales volume increases.
Quick and affordable Tier-1 ERP solution rollout is possible today because of two reasons.
First, SAP has redesigned its ERP solutions so they are modular. Businesses can turn on just the functionality they need, and roll out functionality progressively. And by making these ERP solutions cloud-native, there’s no longer the need for scaling infrastructure.
Second, ERP solutions such as SAP S/4HANA Cloud Public Edition are built around standardization and best practices. The possibilities for configuration and customization are deep, but growing businesses can lean on best practices that come standard and even take advantage of turnkey ERP packages that come ready out of the box. Instead of having to invest in setup and reinventing the wheel, growing businesses can start with best practices for common backend processes such as financial management automation and focus on the company’s core line of business instead.
The end result is that a growing business can roll out a full-featured, tier-1 SAP ERP for $350,000 and in as little as 30 days. The foundation for financial automation can be set fast, allowing a growing business to stay focused on growth.
Discover Our ERP Startup Package for Emerging Companies
As an SAP Gold Partner that has helped growing businesses implement more than 500 ERP solutions over the past 15 years, we know what it takes to put an ERP solution in place for quickly automating financial management and setting the foundation for growth.
That’s why we’ve developed our ERP Startup Package for Emerging Companies that uses SAP S/4HANA Cloud Public Edition as the backbone.
You can learn more about our ERP solutions and automating financial processes by calling one of our experienced ERP consultants at (801) 642-0123 or by writing us at info@nbs-us.com.
