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How SAP Business One supports the Financial Aspects of your Business?

19 December 2016 5 MIN READ

Are you looking for a tool that can manage every financial aspect of your small or midsize business smoothly?

SAP Business One, an Enterprise Resource Planning (ERP) solution, is designed especially for small or midsize businesses that manages and automates all the accounting and financial processes of your growing company. SAP B1 financials is an integrated package inclusive of key accounting processes, such as ledger and journal entries, accounts receivable, and accounts payable. This tool by SAP has the following features:

Streamline Financial Operations

  • Take care of all your financial transactions, such as general ledger, journal entries, and budgeting, and reports.
  • Customize dashboards to meet your business requirements. For example, dashboards can be designed based on the country, specific legal requirements, and complying efficiently with legal laws and regulations.
  • Set up alerts/messages/reminders to notify you for key information, such as pending payments, tracking customers who have unpaid invoices, etc.

Forecasting Cash Flows and Cash Requirements

  • Setup notifications work-flow based alerts notifying you of pending payments that are affecting your cash flow.
  • Easily track customers with unpaid invoices and automatically generate reminder letters for them.
  • Determine direct and indirect expenses and revenues, such as administration expenditure, marketing expenditures, financing costs that have been incurred across all your businesses.

Banking and Reconciliation

  • Track all banking processes. For example, cash receipts, deposits in banks, payments made in advance, payments made by credit cards, and account reconciliation.
  • Intuitive wizards allowing clearance of multiple accounts payable and account receivable, which can be based on your choice of payment method such as bank transfer, credit card, or cash transactions.

Budgeting

  • Manage budget creation, allocation, and distribution among all departments.
  • Provide full budget tracking, reporting, and alerts whenever any transaction exceeds a monthly or annual budget.

Cost accounting

  • Analyze the expenses and revenue of a specific business area in detail.

Reporting

  • Create up-to-the-minute reports with ease. (balance sheet, profit & loss account, budget reports, etc.)
  • Use XL Reporter tool to create management reports, or dashboards to know about the key performance of your business, such as sales booking, year-to-date revenue, accounts receivable and open orders.
  • And, last but not the least, you can use Crystal Reports – the worldwide standard for reporting – for layouts, reports, customization and distribution.

Conclusion

SAP B1 does everything it advertises. It is an easy to use tool that can streamline all your financial operations as well as provides you on-demand access to critical real-time information.

About the author

Nidhi Batra

Nidhi Batra is a brand communication specialist at Uneecops. She is an active contributor to SAP Business One community and loves to write on smart and intelligent technology which is redefining business models such as SAP Business One, SAP Cloud, Tableau and Power BI. Having Master’s in English from Delhi University, she follows Gartner and spends her time reading avidly about Artificial Intelligence, SAP HANA, Cloud, DevOps, IoT, robotics and business automation.. Tweets at @nidhi_niya

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