SAP Advanced Financial Closing

Score7.7 out of 10

7 Reviews and Ratings

What is SAP Advanced Financial Closing?

The SAP Advanced Financial Closing solution helps organizations to meet regulatory disclosure mandates and gain real-time insights to make better decisions and ensure compliance.

Categories & Use Cases

Financial Close

Detailed Audit Trails
Tracing changes to data and processes that were run.
Category average: 8.9
Customizable Workflows
The ability to adapt the software to complete tasks in a particular order according to business needs.
Category average: 8.6
Financial data consolidation
Consolidating data from several entities into a single statement using US GAAP, IFRS or other standards.
Category average: 7.6

Multi-currency management
Ability to handle foreign currency conversions during consolidation.
Category average: 6.7
Journal entries and reports
Ability to enter journal entry adjustments and produce reports showing all journal entries for a specific period.
Category average: 8.3

Pros

Streamlines financial closing processes
Enhances financial statement preparation
Improves cross-team coordination across legal entities

Marina Panadero

Consultor SAP in Information Technology at Imprex Europe SL (51-200 employees employees)

Use Cases and Deployment Scope

We use SAP Advanced Financial Closing to centrally plan, monitor, and execute our financial closing activities across entities and accounting teams.

Pros

SAP Advanced Financial Closing is particularly strong at standardizing the close process.
It gives very good visibility over the status of the close.
It manages dependencies between tasks very well.

Cons

Initial setup and template maintenance can be complex.
Error handling could be more business-friendly.
Reporting and dashboards could be more flexible

Return on Investment

SAP Advanced Financial Closing has had a positive impact on our business

Usability

Nazifa Alavy

manger in Finance and Accounting at Deloitte (10,001+ employees employees)

Use Cases and Deployment Scope

We use this SAP Advanced Financial Closing product for financial statements and closing. This product helped our client with risk mitigations around the month end closing and dependencies. We hope this will reduce the number of journal vouchers that are needed for each month end.

Pros

The closing cockpit
universal journal
advance reporting
automated journal vouchers
integration with treasury

Cons

financial statements footnotes and disclosures
SFIS and GTAS compliant
federal reporting compliant

Usability

Other Software Used

OneStream, BlackLine, Accord Revenue Excellence Platform

Verified User

Manager in Information Technology (501-1000 employees employees)

Use Cases and Deployment Scope

In our organization, SAP Advanced Financial Closing is Brininging in Transparency on the status of the closing . helping us build the automation.

Pros

KPI (Key Performance Indicator)
I think SAP Advanced Financial Closing does transparency well
Walk me

Cons

In my opinion, SAP Advanced Financial Closing has room for improvement with Variants
In my experience, Backend Customization has room for improvement in SAP Advanced Financial Closing

Usability

Verified User

Professional in Information Technology (201-500 employees employees)

Use Cases and Deployment Scope

We are using a variety of business processes module wise where the closing activities are getting stuck as a side effect because the colleagues could not manage the troubleshooting with the upcoming issues on time. Hence the closing activities are on hold

Pros

reconciliation
smooth program running
reporting

Cons

currency handling
handling database inconsistences
handing migrated data

Return on Investment

save time for end users
ease the smooth closing activities
reliable data for reporting

Usability

Alternatives Considered

SAFIO Solutions

Other Software Used

afi.ai

Verified User

C-Level Executive in Information Technology (1001-5000 employees employees)

Use Cases and Deployment Scope

We advise our Customers to leverage this to expedite the financial closing.

Pros

Closing is faster across the different modules
closing is much easier for the business to conduct
closing especially monthly, quarterly and yearly becomes cumbersom

Cons

None

Return on Investment

Usability

Alternatives Considered

AWS Cloud9

SAP Advanced Financial Closing

What is SAP Advanced Financial Closing?

Categories & Use Cases