SAP S/4HANA Finance is a financial ERP system that works on SAP HANA’s in-memory architecture and allows users to generate real-time reports on financial and operational data. Data is saved and processed in memory, just like other HANA platform products, so you may examine data rapidly and with few restrictions.
With SAP’s S/4HANA Finance solution, users can now rethink finance. This ERP financial software, which is based on SAP HANA’s in-memory platform, enables financial planning and accounting, among other functions. SAP S/4 HANA Finance is used in nearly every industry because SAP S/4HANA Finance is a component of the S/4HANA Suite, it’s important to know that S/4HANA is made up of four parts:
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SAP S4HANA Components:
Core components – SAP’s core components include a number of finance-related functions and upgrades. To be able to contemplate a migration project or upgrade to S/4HANA, you must be running SAP NetWeaver 7.4, SAP ERP Central Component (ECC) 6.0 Enhancement Package 7, and SAP HANA version 1.0. The conversion of transactional tables from ECC 6.0 to S/4HANA is a functional upgrade.
User Experience (UX) component — This SAP Fiori-based GUI component allows you to interface with the core component through user-friendly Fiori displays. SAP NetWeaver 7.4 and SAP Gateway 2.0 are required. You can utilize your existing SAP GUI or NetWeaver Business Client as your user interface if you don’t want to use this component.
Reporting component — Using pre-packaged HANA Live views, this component allows real-time reporting and analytics. SAP HANA Live 1.0 for SAP ERP and SAP HANA are both required for installation. This is also an optional feature.
App component: The Financials suite’s App component is a set of analytical applications for important financial decision-makers in an organization.
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Other Important SAP S/4HANA Finance Terminologies:
There are a few key SAP S/4HANA Finance words you should be aware of in addition to the material presented above. Here’s a list of them in alphabetical order:
Actual costing: Actual costing is a method of attributing a value to materials used in the manufacture of a product based on the circumstance. Actual costing with SAP S/4HANA gives a more accurate value for establishing the cost of products sold than traditional accounting techniques.
Blockchain: Blockchain is a distributed ledger and decentralized database that can improve accounting transparency by replicating data throughout a peer-to-peer network.
Material ledger: A sub-ledger that gives a thorough view of inventory transactions is known as the material ledger.
SAP Analytics Cloud: SAP Analytics Cloud is a cloud-based planning, analytics, and predictive tool for SAP S/4HANA that allows users to examine and analyze historical financial data.
SAP Concur: SAP Concur is a travel and expense management system that allows employees to get reimbursed for business-related expenses.
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SAP Financial Closing Cockpit: SAP’s current entity close solution, simplifies and speeds up reporting.
Universal Journal: A single repository of financial and other important information that provides quick insight into a company’s finances is known as a Universal Journal.
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