SAP S/4HANA Finance is a module included in SAP S/4HANA–an innovative enterprise resource planning (ERP) tool developed by the multinational German software development company SAP. The company has many ERP solutions and special packages to help you implement enterprise solutions effectively and quickly.
If you’re looking for ways to streamline your manufacturing processes and reduce waste of resources and errors in your processes, you should investigate the advanced manufacturing ERP functionalities within SAP S/4HANA.
What Is an SAP Module?
An SAP module is a component of an SAP ERP system designed to help you streamline a specific area of your enterprise. For example, the SAP S/4HANA ERP suite comes with components that target specific areas of business.
Essentially, SAP modules are meant to facilitate the organization, analysis, and optimization of the critical processes in your company. SAP modules are the backbone of the entire ERP suite because they enable the system to perform its intended functions effectively.
In this case, the SAP S/4HANA Finance module is the application in the ERP suite that handles processes related to finance.
What Does SAP S/4HANA Finance Do?
The SAP S/4HANA Finance module is meant to eliminate obstacles that may exist between financial, planning, and valuation systems so you can obtain instant and practical insights into your finances.
This module provides you with on-the-fly scrutiny of your finances by analyzing different levels of financial information in your enterprise. It features a wide range of interrelated financial management and accounting capabilities.
It can process real-time financial and accounting information from the other business modules in the SAP S/4HANA suite. For instance, you can use it to model different financial scenarios in your enterprise and determine which are the correct forecasts for your particular circumstances and business environment.
The Finance module was the first specialized module to be added to the SAP S/4HANA suite. It is ideal for financial professionals in different industries, including manufacturing, life science, pharmaceutical, etc.
It’s built on SAP HANA, the company’s special in-memory database facility, which stores data in a computer’s main memory platform, allowing faster queries and analysis of data.
Comparison to Other ERPs
Traditional databases are the data repositories of many ERP systems. This can make it difficult for businesses to analyze large volumes of data, but SAP S/4HANA Finance addresses this issue by integrating cross-organizational capabilities like accounting and procurement.
It brings all these functions into a single system where important transactional records and analytics are combined for faster and more effective analysis. The module’s front end is built on SAP Fiori.
This design can be viewed on both desktop and mobile screens. Another unique feature of SAP S/4HANA Finance is the Universal Journal, which is a data table designed to store large volumes of financial data in the ERP suite.
Traditional ERP systems generally come with several general ledgers that only allow you to change a few fields. With the Universal Journal, ledger data is centralized into one chart of accounts, allowing you to combine numerous ERP systems.
This means that you can easily modify the fields and have as many records as needed to record all your financial information. Your company can literally have billions of financial records in your Universal Journal, depending on the size of your business.
This feature also allows you to normalize data sets to avoid later reconciliation of information. This simplifies financial reporting in your company, and it’s based on machine-learning technology that was trained on large datasets.
For instance, this module can learn the mistakes often made when approving payments, helping you to avoid the mistakes before you complete all the steps involved in the payment process.
In addition to the Finance module, SAP S/4HANA offers two packages to assist with the implementation process: GROW with SAP and RISE with SAP. Before you start implementing your SAP Cloud ERP system, make sure you understand how these packages can improve your experience.
What does GROW with SAP do for scaleups? The good news is this package is specifically designed for midsized companies that want to implement ERP solutions that can address future needs quickly and cost-effectively.
GROW with SAP gives you access to preconfigured best practices that you can adopt to implement your ERP and start enjoying its benefits immediately. These solutions enable you to expand into new markets and introduce new product lines without disruptions.
Implementing an ERP system like SAP S/4HANA can be complex, but the potential benefits are immense. Partnering with an experienced SAP implementation partner like Navigator Business Solutions can ensure your project stays on time, under budget, and optimized for your specific business needs.
If you're considering SAP S/4HANA to transform your financial operations, contact Navigator Business Solutions for a consultation on the best approach for your organization. With deep SAP expertise and a proven track record, Navigator can guide you through a smooth and successful implementation that maximizes return on investment.