Increased scrutiny from stakeholders, including regulatory organizations and shareholders, has put more pressure on companies to produce fast and efficient financial closings, with accurate and reliable statements and reports. Many companies still rely on manual processes to conduct the financial close and collect, consolidate, edit and generate statements and reports. These manual processes increase the risk of inconsistencies.
New enhancements to SAP Disclosure Management address critical capabilities such as EDGAR HTML, which U.S. companies must file with the SEC. The application helps companies reduce the time, risk and cost of regulatory disclosures by managing the production, filing and publication of financial statements and reports. It also enables finance departments to manage XBRL submissions, to help ensure a comprehensive audit trail and ensuring the consistency of data across reports.
The latest release of SAP Financial Closing cockpit aims to deliver stronger governance, increased efficiency, better insight and faster execution of the financial close process. SAP Financial Closing is a graphical application that helps accelerate the entity financial closing cycle by standardizing and automating the process. It also gives finance professionals greater ability to monitor, control and analyze the financial closing cycle. Additionally, it aims to help companies record closing tasks for full audit support.
"SAP gives CFOs the visibility to lead with a 360-degree view of their organizations so they can drive financial excellence," said Martin Naraschewski, vice president, Finance Solutions, SAP. "Increasingly stringent compliance regulations and the expanding adoption of financial reporting standards are driving greater financial accountability and internal controls. SAP provides finance professional better insight so that they can develop strategies for increasing total shareholder value, maintaining external and internal confidence by improving finance efficiency."
SOURCE SAP AG