SAP Business One is an ERP system with integrated financial accounting. Most journal entries are generated automatically in the background when SAP users create documents and processes. Not all customers fully utilize the integrated financial accounting functionality from the outset.
In this blog post, we would like to demonstrate how integrated financial accounting can be used. In our daily consulting work, we have encountered four different levels of implementation.
Integrate external service providers
If parts of the financial accounting cannot be covered by in-house staff, the staff of the tax consultancy can be involved instead and trained in SAP Business One.
1. Simple financial accounting
The company creates sales and purchase documents in SAP Business One and forwards all documents to the tax advisor, who then books them.
Advantage:
Quick implementation of SAP Business One, as the finance module does not need to be configured.
Disadvantage:
Automatically generated bookings are not used.
Tax advisors record incoming and outgoing payments, therefore the company has delayed transparency regarding outstanding receivables and outstanding payables.
Incomplete balance sheet and profit and loss statement in SAP Business One
Suitable for:
Small businesses without extensive knowledge of financial accounting that primarily want to use SAP as an enterprise resource planning (ERP) system.
2. Simple financial accounting with DATEV export
The company creates sales and purchase documents in SAP Business One. Automatically generated journal entries are transmitted to the tax advisor via DATEV export.
Advantage:
Automatically generated entries are used by the tax advisor; no duplicate entries are made.
Disadvantage:
Before implementing SAP Business One, the finance module must be configured so that the automatically generated journal entries address the general ledger accounts that the tax advisor already addressed before implementing SAP Business One. The tax advisor posts incoming and outgoing payments, therefore the company has delayed transparency regarding outstanding receivables and outstanding payables.
Incomplete balance sheet and profit and loss statement in SAP Business One
Suitable for:
Small businesses with moderate knowledge of financial accounting that primarily want to use SAP Business One as an inventory management system, but do not want to double-book the automatically generated journal entries.
3. Extended Financial Accounting
The company creates sales and purchase documents in SAP Business One and posts incoming and outgoing payments in SAP Business One. Automatically generated journal entries are transmitted to the tax advisor via DATEV export.
Advantage:
Automatically generated bookings are used by the tax advisor.
List of outstanding customer receivables and outstanding supplier payables in SAP Business One
Disadvantage:
Before implementing SAP Business One, the finance module must be configured so that the automatically generated journal entries address the general ledger accounts that the tax advisor had already identified prior to implementing SAP Business One.
Incomplete balance sheet and profit and loss statement in SAP Business One
Suitable for:
Small businesses with medium knowledge of financial accounting that want to use SAP Business One as an enterprise resource planning (ERP) system, keep track of open items in a timely manner and avoid double-booking automatically generated journal entries.
4. Complete financial accounting
The company creates sales and purchase documents in SAP Business One, posts incoming and outgoing payments in SAP Business One, manages fixed asset accounting in SAP, imports payroll data, and submits the VAT return to the tax office via the Elster add-on. At the end of the year, journal entries are exported to DATEV or, alternatively, the annual transaction figures are sent to the tax advisor. The year-end closing entries prepared by the tax advisor are transferred to SAP Business One, ensuring that the same entries exist in both SAP Business One and the tax advisor's software.
Advantage:
All journal entries take place in SAP Business One.
Complete balance sheet and profit and loss statement in SAP Business One
Complete list of outstanding receivables and payables in SAP Business One
Disadvantage:
Before implementing SAP Business One, the finance module must be configured.
Suitable for:
Medium-sized and larger companies with extensive knowledge of financial accounting
SAP Business One Cloud online demo
In an online demo, we will show you the modules of SAP Business One Cloud. We will cover the following topics: introductions of participants, summary of SAP Business One Cloud, online system presentation (main focus), Q&A, cost estimate, and next steps.
90 minutes
questions and answers
Do you have any unanswered questions or problems?
We will gladly answer your questions and resolve your problems either via Teams or by phone.
Duration: Individual
Requirements gathering and cost estimation
We will discuss your requirements, explain our equipment packages, and create a cost estimate with you based on the current price list. We will then complete a prepared Excel template together, which will be provided to you after the appointment.
45 minutes