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This Insights post provides an overview of these new medical device product/service offerings and an exploration of how SAP Cloud ERP can help optimize and unify back-end systems for managing them. This ensures proper financialreporting and avoids discrepancies in recognized revenue.
Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. For any public company, the goal of successfully complying with periodic financial reviews by external auditors cannot be overstated.
SAP Universal Revenue Management (SAP Universal RevRec) is a cutting-edge solution engineered to elevate and simplify the complexities of revenue recognition. Increased Accuracy : By automating calculations and providing advanced reporting tools, it improves the accuracy and reliability of revenue recognition.
Initiatives such as CIBA’s Climate and Sustainability Reporting License are equipping CFOs to navigate this complexity. The AFE lays out clear lines of responsibility, documenting who approved what and ensuring departments are held accountable for financial decisions. The CFO’s role in this energy transition is multifaceted.
Globalization CFOs have long needed to assure compliance with two different standards-setting bodies. The first is the Financial Accounting Standards Board (FASB) in the United States. More details on climate issues below.)
India’s HDFC Bank has teamed up with Mastercard and SAP Concur to manage corporate travel and expense management, according to a report by The Economic Times. Mastercard and SAP Concur, an invoice management company, will provide support for the card.
In addition to highlighting trends such as the Digital Solutions Economy (DSE), industry-focused solutions, and SAP initiatives like artificial intelligence and S/4HANA cloud, this Insights Series will also periodically provide answers to the top questions that we hear from our clients and partners.
Listed companies (on the stock exchange) They must meet strict financial disclosure rules, often set by stock market regulators like the JSE (Johannesburg Stock Exchange). Knowing the specific rules for your industry helps you prepare in advance and avoid compliance issues.
This new update focuses on the progress of regulatory requirements and software solutions for tangible accounting and reporting of ESG, along with a look at how ESG management can help drive corporate value. At Sapphire 2023, SAP also introduced a new component called the Sustainability Data Exchange within the SAP Business Network.
This important issue was previously explored last year in Are You Ready for "Carbon Accounting" Compliance? From a global perspective, the International Sustainability Standards Board (ISSB) is also working on developing uniform financialreporting rules. and also identified as one the Five Key Trends to Watch in 2022.
Management and Performance Reporting - Integrated dashboards, analytics, and disciplined reporting methods are vital tools for both C-level decision-makers and frontline operational managers to stay ahead of emerging trends in their DSE programs, as well as providing a cost-effective mechanism for timely compliancereporting.
Problem 1: Using Old and Cumbersome Excel Models Many of us have developed a financialreporting process that uses workarounds for limitations in our ERP software and to ensure we can meet our deadlines without accidentally breaking something. These processes vary. This makes what is likely an already time-consuming task even slower.
The financial landscape is evolving at breakneck speed, driven by big data, globalisation, and digitisation. The pressure on finance leaders to deliver strategic insights and ensure compliance is mounting in this dynamic environment. CFOs can drill deeper into their insights into areas like ESG metrics and potential compliance risks.
Gartner says finance transformation encompasses strategic initiatives designed to revolutionise the way the corporate finance function manages its strategy, processes, internal controls, and financialreporting. Firms should make compliance easier for employees by simplifying processes through improved policies and automated solutions.
SAP Business Planning and Consolidation (BPC): SAP BPC is part of the SAP ecosystem and offers comprehensive financial planning and consolidation capabilities. It integrates with other SAP solutions and has strong reporting and analytics features.
Financial Modeling Software: Tools like Microsoft Power BI, Tableau, or specialized financial modeling software can be valuable for data visualization and creating interactive financial models. Expense Management Software: Expense management tools like Concur or Expensify can assist in tracking and managing company expenses.
FP&A teams are responsible for a variety of activities, including periodic financial close and consolidations, strategic and annual planning, monthly forecasting, cash flow forecasting, financialreporting, financial modeling, and what-if scenario planning and analysis. Very Good). 3 Key Pointers.
According to Payscale.com , skills such as leadership, and financialreporting and strategic planning, won’t elevate your take-home pay much. What makes for a sought-after chief finance professional (CFO)? These days, strong computer skills, as are advanced knowledge of accounting, budgeting, and finances.
Investing in innovative technology, such as a cloud-based planning and consolidation platform, gives your finance teams the support they need for financials. Eliminate manual tasks, overcome information silos, and ensure compliance while creating these statements, even as the company scales. Transform the Finance Consolidation Process.
The financial close process, also known as the accounting close process or month-end close, is a series of steps undertaken by an organization to finalize its financial records for a specific accounting period. The financial close process is crucial for ensuring accurate and reliable financialreporting.
Problem 1: Using Old and Cumbersome Excel Models Many of us have developed a financialreporting process that uses workarounds for limitations in our ERP software and to ensure we can meet our deadlines without accidentally breaking something. These processes vary.
These new leasing standards represent more than just an accounting change, with far-reaching and profound implications on lease/buy decisions, internal process coordination and financialreporting. SAP Contract and Lease Management (CLM) is a leading end-to-end solution for managing contracts for both lessors and lessees.
“In this world, nothing can be said to be certain, except death and taxes” and the burden of calculating, reporting and complying with these taxes falls to the Office of the CFO. These tax departments face challenges with compliance, governance and infrastructure, caused by complex tax codes, siloed data and manual processes.
Robust subscription management is always important however, depending on each telco's particular business model, they may need sophisticated processes for building and/or leasing infrastructure, bundling in mobile devices or other equipment, licensing third-party content, and compliancereporting for complex revenue sharing scenarios.
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