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SAP S4HANA Finance:
SAP S/4HANA Finance is the successor to SAP ERP Financials and is SAP’s premier financial solution. First published in 2014, it boasts various process enhancements for the financial industry, including the introduction of a single source of financial truth, real-time financial close, and predictive accounting. It was built to run on the SAP HANA platform and makes heavy use of the SAP Fiori user interface.
SAP unveiled its new SAP S/4HANA enterprise resource planning platform, which is divided into business segments such as finance, supply chain, and sales.
Finance Innovations in SAP S/4HANA
The process and reporting advantages made possible by SAP HANA are at the heart of the SAP S/4HANA Finance solution’s unique selling proposition. While some of these were just speed improvements, the SAP HANA database promises 1800x quicker analytics and reporting capabilities than SAP ERP, and many were new to SAP S/4HANA Finance. The Universal Journal, centralized processing, data drill down, and the ability to combine several ERPs into one area for data collecting are all examples of this.
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SAP ERP Financials Modifications
SAP was clear from the start that the “simple” in the first generation of SAP S/4HANA Finance was multilayered. Users of the new solution will benefit from a streamlined data model and lightweight design, as well as automatic, up-to-date financial reporting.
The initial FI-CO feature enhanced the ERP system. Financial planning and analysis were upgraded, as well as accounting and financial close, treasury and financial risk management, collaborative finance operations, and enterprise risk and compliance management.
SAP S/4HANA Introduces New Features
The tangibility of a single source of truth that is, an aggregated sum of all financial data across departments, ledgers, and even continents was introduced to the financial sector with SAP S/4HANA Finance. This was made possible by SAP HANA’s capacity to store vast volumes of data in memory and generate analytics reports for anyone with access who desired them at any time. This was immediately useful to accountants looking at current and previous activity, project managers managing complex projects on tight budgets, and planners attempting to estimate future expectations using past and present data.
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Release Cycle for SAP S/4HANA Finance
Every year, SAP S/4HANA Finance receives several updates. On-premise deployments will be updated once a year, usually in September, while cloud-deployed instances will be updated quarterly.
The SAP S/4HANA releases are named in the following four-digit format: year/month. The 1909 release of SAP S/4HANA, for example, refers to the release that was released in September of 2019 (19). (09).
Closing note:
This SAP S/4Hana Finance course is designed for beginners and professionals who want to understand SAP Hana finance and put it into practice in a real-world setting.
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