Modern Finance Automation Empowering The Office of CFOs

  • 04 July 2023
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Years ago, CFOs resorted to using outsourcing, offshoring and shared service centers to lower costs and improve financial advantage. Then came ERP, that unified, centralized and standardized the business processes – reducing costs. But today, the office of the CFO is again looking to transform operations using modern finance technology.

So, what does the future look like?

In the world of AI, CFOs and their teams need to be able to analyze data volumes at lightning speed. They are finance geniuses that now have the role to guide their business with the insights it needs to achieve cost efficiencies and economies of scale. This means empowering the office of the CFO with IT modernization and 360-degree automation.

The focus on relentless automation will help finance organizations in not just the most accurate financial closings but also better forecasts and predictions. But what does this ‘automation’ or ‘modern approach of finance function’ really mean?

It’s no secret – every CFO knows about SAP’s modern finance function. This blog will enlighten and enrich your knowledge further to help you choose the right tech stack for your modern finance function.

Record-to-Report: SAP S/4HANA Cloud Drives the New-Age Finance Automation

As we explain the importance of finance in modern business, the difference between the traditional and modern concept of business finance is the simplified architecture. SAP S/4HANA Cloud, the modern approach of finance function has the latest technologies embedded – leveraging stable pre-defined integration points within sub-processes, such as journal entry postings. Additionally, AI and machine learning capabilities help optimize purchase order accrual calculations and automate the matching of goods and invoice receipts, as well as payables and receivables documents, facilitating seamless intercompany reconciliation. Let us understand this better.

SAP S/4 HANA Cloud’s role in the Modern Finance Function

In addition to generating routine reports and data visualizations, CFOs perform essential tasks such as conducting profitability analysis. This entails projecting future profits and providing insights into questions like “Which products and services are expected to be the most profitable in the upcoming year?” or “Should we opt for outsourcing production or maintain it in-house?” Here is where the modern finance technology SAP S/4HANA Cloud comes into play. While you already know how SAP ERP can guide your finance function, here are the advantages of new-age SAP S/4HANA Cloud ERP:

Why is SAP S/4HANA Cloud every modern CFOs best bet: An overview

  • Innovative reporting capabilities based on advanced analytical models
  • Support for local, national and international accounting standards
  • Cloud scalability, security and flexibility
  • AI and machine learning as embedded technologies
  • Low TCO – reduced CapEx to OpEx
  • Robotic process automation for FP&A

Innovative reporting capabilities based on advanced analytical models: SAP S/4HANA Cloud supports modern finance as it seamlessly consolidates master data, reporting attributes, and organizational entities from various upstream systems into a single, global reporting structure. This integrated framework encompasses essential elements such as general ledger accounts, profit centers, cost centers, and much more. By streamlining these crucial components, SAP S/4HANA Cloud empowers organizations to efficiently manage their financial reporting processes and gain valuable insights with ease. Advanced analytics models such as AI and ML support faster reporting with 100% accuracy.  

Support for local, national and international accounting standards: MNCs and large enterprises that are engaged in the import-export of goods or services across borders need to adhere to GAAP accounting standards of the respective territory. SAP’s S/4HANA Cloud has a universal journal to support global reporting from a single journal.

Cloud: SAP S/4HANA Cloud connects to more Big Data sources faster than its on-premise counterparts, enabling anytime, anywhere data accessibility and easier company-wide collaboration – at a more affordable rate. The latest advancements in cloud security have also made enterprise financial data more secure.

AI and machine learning: With SAP S/4HANA Cloud having AI and ML features, CFOs and not only can analyze volumes of Big Data from varied sources, but they can also uncover patterns, trends, correlations, and insights beforehand. Embedded technologies (AI & ML) dramatically supercharge self-service reporting and multi-scenario planning.

Robotic process automation: The CFO office usually needs a lot of time to undertake financial planning and analysis – from sourcing and formatting data to compiling and reporting. Process automation, powered by AI automates FP&A tasks – speeding up processing times and enabling better forecasting through predictive modelling capabilities.

Undoubtedly, SAP S/4HANA Cloud-powered FP&A can change the game for finance leaders, and it’s easy to see how. Harnessing the power of IT modernization, organizations can achieve greater accuracy in their planning, budgeting, and forecasting processes, while unlocking the full potential of financial analytics. CFOs who embrace these technologies in their FP&A activities gain a significant competitive edge, possessing a superior “crystal ball” for making informed decisions. This advantage is truly remarkable, propelling them ahead of their competitors in the dynamic world of finance.

The Future of Finance

In today’s fast-paced and competitive business landscape, finance departments must have timely access to the right information and data. Real-time, data-driven insights empower finance and business leaders to automate processes, streamline operations, and make well-informed decisions, laying the foundation for autonomous planning in the future.

As the business environment becomes increasingly dynamic, CFOs require the ability to forecast rapidly and accurately. They must navigate leaner budgets while seeking innovative approaches to drive profitability, resilience, and business continuity.

Across the globe, forward-thinking financial leaders are actively breaking down barriers to embrace technological advancements. They are implementing distributed data governance strategies and establishing reliable “versions of truth,” enabling them to move confidently and strengthen their organizations for the future.

By consolidating all finance data into a single source of truth, SAP S/4HANA Cloud enhances the analytics capabilities of finance teams, providing a robust platform for improved decision-making and strategic planning.

For CFOs seeking transformation, SAP S/4HANA Cloud offers a powerful solution. It reduces the time required for closing books, drives process efficiency, and harmonizes data, ultimately enhancing organizational decision-making. It equips them to navigate unprecedented economic challenges with confidence and steer their business toward success.

Uneecops x SAP S/4HANA Cloud: Every CFOs Modern Approach of Finance Function

In today’s landscape of modern finance, the role of technology service providers is indispensable in empowering CFOs to make informed decisions, proactively identify trends, and effectively manage cash flow through the utilization of finance insights.

At Uneecops, we are dedicated to enabling CFOs to become strategic partners in their organizations by offering a comprehensive range of enterprise IT modernization solutions. As India’s leading SAP Platinum Partners, we combine deep industry knowledge with best practices in ERP to equip finance leaders with decision-ready data, enabling them to drive strategic initiatives, automate financial processes, and mitigate complexity and risk. Uneecops is a member of United VARs, which is an SAP Platinum Partner.

Unleash the Power of Expert Support and Insights for Enhanced Financial Decision-Making

Are you ready to unlock the full potential of your financial data? With our cutting-edge SAP S/4HANA Cloud modern finance solutions, you can harness meaningful insights and transform numbers into tangible value. Embrace your role as a futurist CFO and take your organization to new heights.

Now, year-end accounting adjustments will no more be a burden or work-life balance threats. Request a SAP S/4HANA Cloud demo with Uneecops.

Team Uneecops

About the author

Uneecops provides a comprehensive bouquet of business automation products and services to help companies optimize organizational productivity and maximize profits. We are a CMMI Level 5 company with various recognitions from our partners and customers affirming our belief in technology led business transformation using ERP, Analytics, CRM and Cloud.