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Financial reporting regulations can be overbearing and stressful. In today’s world, the question isn’t whether or not you need a system to support accounting, the question is which system to choose in order to most efficiently and accurately comply with the numerous and ever-changing demands of accounting regulations. The answer to this question is SAP Business ByDesign Financials. The Financials component of SAP Business ByDesign supports regulations such as the International Financial Reporting Standard and the International Accounting Standard, as well as facilitates management decision making.
An important function of ByDesign Financials is cash flow management. This function supports the positive cash flow essential to survival. Business ByDesign enables organizations to minimize the risk of non-payment and reduce days sales outstanding through the use of sophisticated and automated financial processes, leading to expedited and transparent payment. Business ByDesign also closely monitors liquidity status and liquidity forecasts in order to help companies safeguard liquidity and avoid critical situations.
Significantly increased international accounting information requirements make it difficult for companies to maintain compliance. ByDesign separates operational and accounting functions in a way that allows for parallel accounting. The operational process is given top priority while the posting within ByDesign Financials simply follows the process. This means that a single action on the operational side of the business, such as making a payment, results in all necessary actions on the accounting side without complicating operational processes.
The need for converged accounting data results from the trend towards merged management and accounting figures. ByDesign addresses this trend by providing an accounting system that is streamlined, multi-purpose and multi-dimensional, as well as integrated. These features are extremely helpful when it comes to decision making, but most importantly, the ByDesign accounting system makes sure data is in compliance with all pertinent regulations at all times.
All business transactions within Business ByDesign are recorded according to a one document principle. This means that each accounting-relevant posting results in one accounting document which tends the general ledger as well as all corresponding sub ledgers, ensuring that these – including controlling – are always inherently reconciled. This one document principle provides a complete and direct audit trail from financial statements to the individual documents. In addition to this simplified accounting method, consistent and binding structures for accounts, periods, and currencies eliminate the need for special ledgers.
Closing is a crucial part of accounting, and is a very time-critical and interdependent process involving many members of a company. ByDesign Financials is specially geared towards helping companies deal with the hardship of tight external and corporate requirements as well as complex legal requirements.
As an integrated system, SAP Business ByDesign provides the financial processes with real-time, reconciled data from individual operational functions. The solution facilitates a fast close by providing a readily available, up-to-date and comprehensive overview of the period end closing process. All tasks relevant to closing are available via one central closing cockpit, showing the actual status for each single task.
Through automated processes and supportive collaboration, SAP Business ByDesign enables the user to plan, monitor, and optimize relevant activities. Users can define closing tasks and their sequence well in advance, thereby aiding compliance and minimizing the risk of omitting or mistiming important closing steps. The solution’s parallel accounting capabilities allow users to create financial statements that quickly draw upon each of the required representations.
With fast close principles that speed up the closing process as a whole, accountants gain more time for analysis by moving, reducing, or eliminating the non-value adding procedures inherent in the closing process. As a result, financial statements are more accurate and timely than ever before.