SAP Simple Finance is the key module in SAP to maintain Finance and Accounting powered by HANA. The data collected particular to finance operations is accounted in real time. BI tools are used for the same. Using the data, an organization financial conditions are analyzed. SAP Simple Finance will reduce the huge cost and save a lot of time for managing the finance, accounts by leveraging mathematics. Good number of positions is available for the candidates. Good knowledge on SAP Simple Finance will boost your confidence. Follow our Wisdomjobs page for SAP Simple Finance interview questions and answers page to get through your job interview successfully in first attempt. Interview questions are exclusively designed for job seekers to assist them in interviews.
SAP Financial and Controlling module (which is one among the core modules of SAP) is a mature submission with attractive depth and width. However, there is a tremendous change in the world with technology. Hence, there is a need to change for the new financial regulation. In addition, there is also a requirement for instant financial reports lighting. Since the world of data is rapidly changing, the financial operations are in need to deal with large volume of data that is processed at higher speeds.
With this strategy and having the benefit of a high-performance feature of the HANA, the SAP software company made its finances as well as next range control module by releasing “Simple Finance” (Finco – in short) with the SAP S/4 HANA. By launching this platform, SAP eliminates some of the inconveniences with the traditional FICO module. It also comprises some influential new features.
The Transaction Manager is responsible for coordinating the transactions in databases and maintains a record of running as well as closed transactions. When the transaction committed or rolled back, the Transaction Manager informs the concerned storage engines regarding the event. Hence, they can run required actions.
In SAP Simple Finance, a modeling studio performs several tasks.
Some of them are included in the following:
The solution of SAP Simple Finance marked the initial step in the customer’s road map of SAP S/4HANA. The solution has verified the assets of instant vision in Finance and simplification like no indexes, no redundancies, and no aggregates. SAP HANA On-Premise edition influences the entire scope of the SAP Accounting driven by SAP HANA comprised in SAP Simple Finance. In addition, the cloud edition of the S/4HANA is also intended to provide a similar scope.
Here are some of the ways that state how the companies can migrate from SAP conventional FICO module to Simple Finance (that is SFINE 2.0).
Those who are on New GL are capable of migrating directly to Simple Finance.
Those who are on typical GL need to migrate to New GL first and then migrate to Simple Finance.
This kind of migration occurs only with SPRO and doesn’t require technical assistance. This migration is different from the central component of Finance that supports with moving data distributed Enterprise Resource Planning landscape and non–SAP Enterprise Resource Planning, utilizing SLT.
The On-Premise Edition of the SAP HANA is designed to suit for the organizations across companies, which require a broad and deep level of functionality integrated with a highly flexible range of personalization. The cloud edition of the SAP S/4HANA is designed to suit for the companies, which require a standardized cloud submissions primarily handling the basic business scenarios of a company or certain business set-up of business lines in industries which are integrated with a rapid innovation cycle. In addition, this edition provides the chance for clients to deploy real world hybrid setup, combine On-Premise and Cloud solutions for extraordinary IT flexibility as well as stimulated business innovation.
The main vision and approach of the SAP are to support customers survive simply in the digital world. In order to deliver this mission, SAP S/4HANA redefining how enterprise software makes value. S/4HANA is mainly designed to power instant value across the business and industry lines with the superior sophistication – Simplicity.
Let us explore the advantages of Simple Finance from the point of business value.
SAP S/4HANA makes the unique chance to redefine business models and power new profits in addition to revenues. With the Simple Finance, companies can easily link to devices, people as well as business networks to present additional value to their clients on any channels. Hence, offers the following benefits:
Big Data and Internet of Things (IOT)becomes accessible to any kind of business.
Companies can simplify their approach, power them in a real world environment and alter them as per their requirement in order to gain new proficiencies. That is, there is no further requirement for the batch processing.
Business users can receive a vision of any kind of data from anywhere, including execution, planning, simulation, and prediction.
Let us explore the benefit of Simple Finance in the view of IT value:
The unique chances created by the SAP S/4HANA simplify the landscape. In addition, support condenses Total Cost of Ownership (TCO) with SAP S/4HANA.
Companies can now lessen their data footprint as well as a task with huge data sets in the seamless system (for instance, CRM, ERP, SCM, SRM, PLM co-deployed) in order to save costs of hardware, the cost of operation as well time.
It also made innovation very simple with the open platform (that is none other than SAP HANA Cloud Edition) in order to power advanced applications like recommending, predicting and simulating while protecting standing investments.
Business users can influence simple as well as role-based experience depending on current design principles that increase training efforts when raising productivity. The simple configuration of the SAP S/4HANA also supports customer by modeling the system.
Enterprise gain opportunity of deployment such as On-Premise, Cloud, and Hybrid to power rapid time-to-value.
There are three compression techniques and they are as follows:
In Asset Accounting, in case there is no data that refers to the both customizing and transactional data that have to be shifted, in such a situation there is no mandatory for doing the migration steps in the Asset Accounting.
If the customer decided to use the Asset Accounting in their new asset accounting later, then they can set up the personalizing in the IMG.
There is no notable difference between the migration to SAP S/4 HANA On-Premise and migration to SAP S/4 Finance from the perspective of Finance. On the other hand, because of the logistics influences, it is suggested to consider several things with SAP S/4 HANA.
The development process of the S/4HANA is to remove entire artifacts, which have been announced as workarounds of performance for traditional row-based RDBMS. Further, these are groups and programmed indexes, which included no value and offered rapid access to data and sums.
When it comes to the downside, these make compilation in the applications as well as difficulty in how to prevent the system to avoid incompatible updates in the groups. In addition, there is a need to develop significant code for the lengthy “Extract Transform Load” (ETL) setups including data preparation as well as exception handling routines initiated by latency.
With S/4HANA, these various kinds of workaround on limitation depends on the technical restriction are no longer needed, as the current details, as well as the time it takes to travel from the store, can be read immediately across entire inserts and updates. Hence, it removes the requirement for any kind of issues of the aggregates and index.
SAP comprises a well-known partner ecosystem (which covers systems integrator and value-added retailers). This ecosystem is ready to service and resell SAP Simple Finance for the available as well as new customers to develop future inventions. Partners handled surprisingly more than 50 percentage of the Business Suite of SAP that is powered by HANA. SAP and Partners will help customers on their digital journey with migration, system shifting in the cloud as well as deployment suites for fast time to value. Entire organization, regardless of the sizes will experience advantage from the ultimate quality service and reseller abilities that partners offer.
In the database of the HANA, each SQL query statement is executed with the transaction reference. For each new transaction, a new session is allotted.
The following are some of the available key features of the SAP Simple Finance:
Financial Planning and Analysis:
With SAP Simple Finance, companies can forecast, budget and plan as an ongoing approach. With the advantage of Predictive Analysis, companies can forecast the influence of business decisions on their organization financial reports.
Finance and Accounting:
With the benefits of advanced Accounting and Finance features, companies can satisfy the legal terms. Further, they can finish the reports of Finance on time.
Financial Risk Management:
With the benefit of Predictive Analysis, companies can determine the risks present in the processes of the Finance at the initial stage itself and take steps to solve them. It is effortless to determine the best feasible investment rates regarding the market standards.
SAP Simple Finance Related Tutorials
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