SAP Simple Finance Tutorial | Ultimate Guide to Learn [Updated]
Last updated on 11th Aug 2022, Blog, Tutorials
Introduction of SAP Simple Finance:
SAP Simple Finance offers an accounting solution powered by SAP HANA. S/4 HANA finance comes with various finance and accounting management processes and supports operations efficiently.
What is SAP?
SAP is an acronym for System Application Products in the Data Processing. It is a system that provides users a real-time business application that could be utilized in multiple currencies and languages. SAP solutions include a variety of functional modules, it supports transactions to execute key business procedures. It has a reputation for having excellent data management and enterprise resource planning (ERP) systems. It has evolved to replace all company spreadsheets with an individual user accounting package within the business management system of the particular company. SAP is extra known for developing Graphical User Interface (GUI).
SAP Simple Finance ─ Key Features:
- Financial Planning and Analysis.
- Using SAP Simple Finance, enterprises can use it to forecast, plan, and budget as an ongoing process.
- With the use of Predictive Analysis, can forecast the impact of business decisions on the financial reports of the enterprise.
- Finance and Accounting
- With the use of advanced Finance and Accounting features, organizations can meet the legal terms and finish the financial reports on time.
- Financial Risk Management.
- Using Predictive Analysis, organizations can search the risk in financial processes at an early stage and device ways to mitigate them.
- It is simple to find the best possible investment rates as per market standards.
- Risk and Compliance Manages.
- Using strong financial processes, it is simple to prevent unauthorized access to sensitive data in the organization.
- It is simple to detect fraud and abuse, and organizations can proactively balance the risk for all the financial processes.
- Technical System Landscape.
- SAP S/4 HANA Finance is developed based on the SAP NetWeaver and SAP ERP Business suite
In a migration project to SAP Simple Finance to perform the following steps −
Step 1 − System Preparation Phase: The first phase in the migration project is the system preparation phase, where precheck, data cleanup, consistency of data, closing tasks, and reporting.
Step 2 − Setting up the SAP Simple Finance Add-On and other components: The next step is the installation of SAP Simple Finance Add On component, setting up HANA Live and SAP Fiori implementation to offer better tile based UX.
Step 3 − Customizing for Migration: Customize the General Ledger, Asset Accounting, and Controlling.
Step 4 − Data Migration: Performing data migration to move data from the legacy system to SAP S/4 HANA system.
Step 5 − Post Migration Activities Once the migration is performed, it is required to perform cold storage and add further information to documents.
Step 6 − Data Checks: The final step is to perform the checks on migrated data, report validation, and test the processes.
Types of Projects in SAP
The various SAP project types involved are as follows:
- 1. Implementation / Development Project
- 2. Support and Maintenance Project
- 3. Roll Out Project
- 4. Upgradation Project / Migration Project
- 5. Enhancement project
1. Implementation Project: It is an entirely development of the project, where the map and design client business requirements in the SAP system for the first time by using ASAP methodology. The period of the implementation project can be – 6 to 24 Months depends on the company.
2. Support and Maintenance Project: After successful implementation of SAP for the client, next is to provide the support and management to the client for day-to-day business transactions. The most important roles and responsibilities in the Support project includes :
- problems and errors resolution.
- Provide assistance to the users periodically during the month and year-end activities.
- Configuration in the existing system as per needs of a client.
It can 2 types of supporting projects :
1. Ticket Based Support: depending on the Tickets, provide help to the clients’ businesses.
2. Production Support: The support team will be available for 24/7 support in the production system.
3. Roll Out Project: Company is already using SAP, but wants to implement SAP for other countries/plants or legal entities based on the existing country.
Roll Out project can implement:
- To follow a single method of transaction recording.
- To create consolidated financial statements within the SAP system.
The various types of Rollout projects are:
- 1. Country Rollout: In this Rollout project, copy the data from the existing company to a new country.
- 2. Company Code Rollout: In this project, copy the data from an existing company to a new company.
4. Upgradation / Migration Project: It consists of upgrading from the old version to the new version of the SAP system. The period of the upgrade project can be For Example: – Migrating from SAP ECC Systems to the S4Hana system. It also entails the development of additional functions such as
- Implementation of New G/L Accounting functionality.
- Adapting Material ledgers, etc.
5. Enhancement Project: In this SAP Project, add the extra features and modules in the existing data.
- For e.g. Adding GST (Goods and Services Tax) to the current tax.
What is SAP Hana?
SAP HANA (High-Performance Analytic Appliance) is an In-Memory Database that uses column-based, row-based, and object-based database technology.It deployed on-premises and cloud. It is a complete solution for all business needs and its users too. With its advanced HANA technology and In-memory database system, it is more simple to use and implement.
Components of SAP Hana
he important components of SAP Hana that offered by SAP are follows:
- 1. Hana DB
- 2. Hana Studio
- 3. Hana Appliance
- 4. Hana Application Cloud.
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