Over 30,000 companies, spanning 120 different countries, are using SAP ERP Financials to conduct their financial management. Noteworthy names include General Mills and Office Max. SAP ERP Financials is a part of SAP’s Business Suite, an application that acts as a horizontal solution for nearly any vertical industry or company size, including multinational corporations.
Functionality includes financial management, risk analysis, and compliance. The modules of SAP ERP Financials perform core accounting and reporting, management of accounts receivable, shared services, and other functions. Receivables management is particularly effective, as this component of SAP ERP Financials allows companies to investigate the causes behind late payments to claim revenue more quickly and decrease days sales outstanding. This boon to revenue is a concrete example of how the system delivers return on investment to its users.
With its management accounting functionality, the system also allows analysts and managers to interact with the same data as company accountants. This improves financial communication across the enterprise. The standard financial accounting capabilities of the system allow financial statements, fast close functions, and parallel valuations in addition to the usual General Ledger support.
SAP ERP Financials conforms to the most important industry standards, including GAAP and IFRS. Treasury applications support risk management functions and integrate with the General Ledger to ensure compliance with regulations and financial reporting standards. The system can support internal banks and payment centers to perform sophisticated cash allocation and analysis. There are 45 country-specific versions of SAP ERP Financials available - a testament to its widespread popularity.
Mike from RigMaster power international
Employees number: 21 to 50 employees
ERP functionality is easy process and covered all aspects of the process
Extremely weak taxes and accounting functionality
Seprate model and different supplier for payroll
Many bugs in printing
Limited number of letters for items descriptions
Limited to no warranty functionality
Customer service and support is poor
Limited control over the purchased licences.
Do not listen to anyone sales people. They claim many things that is not true. Read and talk to more than five of their customers in similar industry.
Juli from Servco Pacific Insurance
Employees number: More than 1,001 employees
Robust system; powerful features. Was able to provide efficiencies with the payment process, easier to research and identify the underlying transactions when performing analytical reviews. Had strong capabilities for complex consolidation structures and multi-country currencies.
Complex and time consuming conversion process. Required a lot of time during the testing and researching mapping issues phases of the conversion. Important to have a well-trained superuser in each location that can assist other team members during and after the conversion process. Because the system has so many features, there are also a lot of new things to learn.
Hire conversion resources who are dedicated and have prior knowledge of this system. Implement in phases due to its complexity and tendency to overwhelm finance team members. Prioritize what can be done in later phases so that that users are not ovewhelmed with too many changes. Once the system is in place, it delivers what you need.
Linda from Tennant Company
Employees number: More than 1,001 employees
SAP is fairly easy to learn and use. It meets my needs for getting my job done.
The user guides could be improved to make it easier to find out how to accomplish a certain task.
Although I did not have any control over the implementation of the software, I would recommend it for manufacturing companies. It can be customized for the individual needs of the company.
David from Eclipse Aerospace
Employees number: 101 to 500 employees
It allows a lot of flexibility because of the complexity of the setup. Revenues and costs can be tracked in many dimensions.
The complexity also takes quite a bit of setup, maintenance, and training.
You need an integrated ERP system so that real P&L analysis is possible. SAP is one of the first that comes to the top. They are all complex and expensive, but take into account the skills you'll be able easily hire. Not all software has a large available pool of talent.