“SAP Business One is a very stable system and gives us the reporting time frame that we wanted. Month end is three times faster with less people to complete the operation. It used to take seventeen days to complete month end, it now takes five days and delivers improved reporting tools and documentation.” Stephen Trillo, IT Manager, Lotte Chemical (UK) Ltd.
Handling International Financial Reporting Standards (IFRS)
As IFRS becomes more prevalent in small and midsize companies users are looking for simple ways to handle the challenges of using parallel general ledger accounts to support reporting in both local and IFRS standards. SAP Business One provides the functionality to support the need of recording and reporting transactions in parallel general ledger accounts and then provides the reports you need to create your financial statements in accordance with IFRS.
Multi-dimensional cost centres
SAP Business One allows the management of cost centres in multiple dimensions providing the ability to analyse financial information the way your business needs to. Businesses can easily structure their cost centre structure in hierarchies for sophisticated and accurate reporting.
SAP Business One Accounting
SAP Business One features a chart of accounts template for every country, which can be adapted to your business requirements. A user defined chart of accounts can be created to reflect your business.
Journal entries in SAP Business One
The solution allows users to create new journal entries and search for existing ones. Note that most journal entries are posted automatically from the sales, purchasing and banking areas. In addition, users can automatically allocate each transaction to a project or a cost centre.
Journal vouchers in SAP Business One
Users can save multiple manual journal entries to a batch and process simultaneously. This allows verification and collection of postings before they are entered in the general ledger.
Posting templates in SAP Business One
Users can define general ledger (G/L) account assignment models, which saves time and helps avoid mistakes during the manual posting of journal entries.
Recurring postings in SAP Business One
Users can define their own postings for regular execution in accounting and specify a frequency for each recurring posting. In this case, the solution automatically reminds them to enter these postings.
Reversing journals in SAP Business One
SAP Business One allows users to reverse month-end accruals postings automatically. By default, reversal of specified postings will occur on the first day of the following calendar month, but if necessary, users can specify a different reversing date for each posting.
Exchange rate differences
The SAP Business One solution lets users periodically evaluate their open items in foreign currencies, then identify differences and choose the appropriate correction transaction.
SAP Business One Financial report templates
Users can quickly and easily generate any number of financial report templates. A user can create templates for any purpose, such as additional profit and loss statements.
This feature helps users define and manage budgets against accounts. Users can configure budget allocation methods, define budget figures in any currency (local, foreign or both), and display a summarised budget report that compares actual and planned figures. In addition, users can define an on-line alert that notifies them whenever a transaction is about to exceed a monthly or annual budget.
Define cost centre
This function allows users to define different cost centres or departments. Users can allocate the corresponding revenue and cost accounts to a pre-defined cost centre in the chart of accounts.
Define distribution rules
Based on defined costs and experience, users can define different distribution rules to characterise business activities, and then allocate revenue or cost accounts to the corresponding distribution rule.
Table for cost centres and distribution rules
This function allows users to display cost centres and distribution rules in table form. All figures are displayed clearly and can be adjusted as necessary. Users can also define additional cost centres and distribution rules here. Once all cost factors have been defined, the system automatically allocates them to the individual cost centres in each transaction, giving rapid access to detailed cost information.
Cost centre report
This profit and loss statement is based on revenues and costs – both direct and indirect – as defined in the allocation rules, and it can be run for any cost centre. Users can choose between annual and monthly display format and compare the results with figures for the previous period.
SAP Business One Finance Features
Fully integrated financials
SAP Business One features fully integrated financial and banking management. When transactions are posted, the software creates a journal entry in the general ledger. SAP Business One automates virtually all key transactions. No formal posting or batch processing is required.
You can easily drill-down to information at the posting level. For example, while viewing the journal entry for a sales transaction, you can drill-down to see the chart of accounts information.
Complete chart of accounts
In the chart of accounts, you can drill-down on the balance field to see transactions that make up a particular balance.
Accelerated closing features
SAP Business One helps to accelerate the month-end close process. In the activity window, you can assign tasks to individuals or create reminders to accomplish certain aspects of the close process.
Establishing control accounts
SAP Business One can identify accounts as control accounts. You can assign control accounts as default posting accounts for the increase or decrease to the customer or supplier balances. This ensures synchronisation between the general ledger and the subsidiary ledger.
You can use posting templates to allocate costs or transactions for several departments based on fixed percentages. Recurring postings allow you to create transactions with fixed amounts. Reversing transactions allows the reversal date to default to the first day of the next month, or you can override this date if desired.
Multi-level reporting is also enhanced by the flexibility provided in the configuration of the chart of accounts and multi-dimensional cost centres.
SAP Business One offers extensive integrated reporting tools for compiling business, accounting, warehouse and financial reports, as well as account statements. You can export reports to a variety of different formats including Microsoft® Excel®, Microsoft® Word® and PDF.
XL Reporter tool
The XL Reporter tool provides real-time views of data within SAP Business One with all of the powers of Microsoft Excel for report formatting.
Download the SAP Business One Financials Brochure | PDF | 302KB