Through central data storage and processing, SAP Central Finance also offers the opportunity to centralize your financial processes in order to harmonize and optimize the processes and meet compliance requirements more efficiently. Central Finance also enables real-time cross-company analysis and reporting of your financial data.
SAP is constantly expanding its Central Finance and offering its users even more options for optimizing their financial processes. The centralization of financial processes is being pushed further and further. In addition, new features and improvements in operational handling will also be introduced. Here is an overview of the current innovations since 2022.
- Central Revenue Accounting and Reporting (RAR): With the new version, Revenue Accounting and Reporting (RAR) can be seamlessly integrated with SAP Central Finance to centrally process decentralized sales accounting data from local systems. The RAR data is assigned in the inbound processing area of CFIN to ensure proper mapping of the master data and attributes.
- Central payments for intercompany AP/AR: When activating SAP Central Payments, only intercompany AP/AR invoices in the originating system can be marked as ALE external and settled only in the central financial system, while normal external invoices remain in the originating system and are paid there.
- Automated data flow of order information into central accrual management: Transferring orders to the Accrual Engine via the Accounting View of Logistics can now be automated.
- Mass update of CO objects in CFin: Secure and efficient updating of CO objects in the central financial system through mass processing, resulting in improved data quality and consistency.
- Support for different 2nd and 3rd currencies in Central Finance: Previously, companies had to ensure that the second or third FI currency for a company code was the same in both the source and target systems. Different currencies could only be used as non-FI-integrated currencies in CFIN, which had a negative impact on processes that required FI-integrated currencies. With the innovation, it is now possible to specify a second or third FI currency, which can differ between the original and the Central Finance system for a company code.
- Replication of production orders in Central Finance: Replication of production orders in SAP Central Finance is supported in the standard Cost Object Mapping Framework.
- Central management Open item in the general ledger: With the function for central, ledger-specific balancing, open items can now be compared more easily in all ledgers.
- Drill-back for PCA documents: Drill-back allows users to analyze the underlying data for PCA documents. This is an important step in troubleshooting and improving transparency in financial data.
- Planned permanent consistency check: Thanks to the planned permanent consistency check, companies can carry out regular consistency checks in order to identify and correct errors and discrepancies in the financial data at an early stage. This helps improve data quality and compliance.
- Pending and temporary bookings: Simplified processing and control of open and temporary bookings through a central overview and flexible booking options, resulting in improved transparency and accuracy of financial data.
Is SAP Central Finance interesting for your company? Then book one now free initial consultation!