March 13, 2023 10:30 AM

SAP Financial Accounting (FI) Drives Your Business Growth

SAP Financial Accounting (FI) tracks financial data across different business units in an organization and combines it for effective strategic decision-making. It's the essential module in SAP Enterprise Resource Planning (ERP) for managing a company's finances. The Financial Accounting module helps generate financial statements like the balance sheet and profit and loss statement for external reporting purposes. The Controlling (CO) module is used for internal reporting and provides management with supporting information for planning and performance management. 'FI-CO' is a combination of both modules, integrating data from both.

Components of SAP FI (Sub-modules) General Ledger (New G/L)

The General Ledger module analyzes all accounting entries and regroups the data from accounts receivable, accounts payable, fixed assets, management control, articles, treasury through balance sheet reports, and profit and loss analysis.

Accounts Payable (AP)

The Accounts Payable module analyzes supplier-related entries and has lists of balances, journals, balances, and transactions for all amounts.

Accounts Receivable (AR)

The Accounts Receivable module allows for entries related to sales, payment forecasts, balance monitoring of receivables, late payments, and analysis of all these entries.

Asset Accounting (AA)

The Asset Accounting module allows for analysis of fixed asset management, income value analysis, and asset overview.

Bank Accounting (BA)

The Bank Accounting module allows for tracking of bank transactions and cash flow, receipts and disbursements, cash flow by liquidity condition, by paying company, and payment requests.

Special Ledger (SL)

The Special Ledger module allows for defining ledgers for reporting purposes, which can be general or subsidiary ledgers with various account assignment objects. The Special Purpose Ledger allows for reporting at various levels using values from different application components. Using the Special Purpose Ledger does not affect the functions of other SAP applications.

SAP in Banking and Finance Automation

Banks are using SAP Finance to automate and integrate all their banking processes, including financial markets, stock evaluation, risk management, and financial capital in investment, to transform their operations and prepare for future growth. Banks can improve their profitability by utilizing the benefits of digital transformation, like SAP solutions, for the banking industry. Banks can manage their customer service through One Window Commerce Personalization Consent-Based Marketing and Self-Service facility for Digital Banking.

SAP Conversational AI Enhancing Banking Customer Experience

SAP Conversational AI combines natural language processing (NLP) services and is part of the SAP Business Technology Platform. It enables power users to build and monitor intelligent chatbots in one interface to automate tasks and workflows with low-code or no-code drag-and-drop blocks in the SAP ecosystem. The chatbots enable customers to interact with business applications as they would with other humans, providing a helpful customer experience.

At Web Synergies, we're a trusted partner and consultant who analyzes your business operating environment and implements the right SAP FI solution to boost your business value. We use analytical frameworks to evaluate the impact of factors affecting your company's systems, technology, business process, and environment. With our deep domain expertise, our SAP consultants engage effectively with customers to share everything SAP offers in designing, building, and testing winning SAP business solutions.

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