SAP in Finance

Hi!
Is there anybody to let me know, how SAP would be helpful in Financial Management?
Also want to know the scope of career with SAP learning.

regards
Hemant

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Sharing what is Shared with me

Hi Hemant..

SAP is one of the company and the product name is ERP.. which is really very useful in work enhancement... The details of advantage of the same are given below-

ERP Advantage:
The online availability of data enhances the productivity and analysis ability of Finance department, in lack of which it is mainly indulge in accounting activities.

Some of the features of ERP that will make Finance department more efficient and help them to handle information better are:

1. Online accounts postings (Account Receivables & Account Payables):
This will reduce the manual work at will increase accuracy.

2. Online Statutory Reports Generation:
The statutory reports generation will be online, thus this will reduce the month end, period end data reconciliation and thus some times manipulation of data. This can help to obtain the correct data for Income, Expenses, Liabilities and Assets and thus future projections will be much accurate.

3. Online Tax Audit and Tax audit Report generation:
With the help of ERP online tax audit is possible. The system maintains the record of all types of taxes online and the scanned copy of the bills can be attached to the transaction, which will help to view them online and make the audit easier.
System also helps to generate the tax audit reports online thus reducing the manual job.

4. Fixed Asset Management:
The system helps to manage the fixed assets of the organization in better manner.
The finance, purchase, sales and production modules are integrated together to maintain the fixed asset register.
When the Fixed asset purchase entry is made in Purchase module, it will update the fixed asset register under the head Addition of Assets, when the sales of assets take place then Sale of assets will be updated.
When the fixed asset is installation transaction occurs the in finance module then only that fixed asset will be available for use in production module. The production data is available machine wise in production module; this helps to find the accurate efficiency of particular machine (FA).
The Fixed asset register is maintained online.

5. Depreciation Calculation:
The system calculates the depreciation online, as per IT act as well as Companies Act. And based on this depreciation is posted online.


6. Investment Management:
The investment made by the organization can be defined in the investment master and Provisional JV will be posted by the system based on the rules of investment (like rate of interest, installment amount, etc.). The user will authorize that PJV and it will be posted in the respective accounts.

7. Foreign Exchange Fluctuation:
The system can handle the foreign exchange fluctuation online and the foreign exchange fluctuation account is updated online. The integration between the sales/purchase voucher generation (bill posting) and Realization in ERP helps to adjust the fluctuations online.

Hope now you must have got the information that how useful it is to improve the work system..

The scope is really very good.. as now a days most of teh manufacturing company as well as Retail organisation are implementing ERP tosmoothen their system.. and definitely having a knowledge to work with SAP will be an extra advantage to get recruited with such organisations..

Regards,

Amit Seth.