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Balance Sheets and Profit & Loss Statements
At Infocost, we specialize in assisting businesses with the preparation of Balance Sheets and Profit & Loss Statements in SAP. Our deep knowledge of SAP Finance and SAP Costing guarantees precise financial reporting.
Balance sheet is the MOST important statements for any Company or we can say the Face of the Organizations, Normally this report should be the first thing we expect to get from any of the ERP software automatically,
Normally in all the SAP running organizations this key statements i.e. Balance Sheet and Profit and loss statements are getting prepared in excel only
On an average the accounts team spend almost 7 to 10 days in finalizing the P&L and Balance sheet after the month end closing, this 7 to 10 days should be invested in analysing the result rather than just closing the books and preparing the financials manually after the month end.
The Balance sheet + PNL should be made available on 2nd day of the month with all the figures and there should be no change in that, then only we can say that the organization is working on real time basis and it will grow further..
It is possible only thrugh the automation of the Financial statements without any ABAP coding and customizations.
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Normally in all the SAP running organizations this key statements i.e. Balance Sheet and Profit and loss statements are getting prepared in excel only
Balance sheet and Profit N Loss statements once generated from the SAP system then it is available on real time and can be accessed directly from SAP without any manual interventions.
This will add lot of value and brand value of the organizations once the Financial statements is generated from SAP without manual inputs.
The Balance sheet + PNL should be made available on 2nd day of the month with all the figures and there should be no change in that, then only we can say that the organization is working on real time basis and it will grow further..
It is possible only thrugh the automation of the Financial statements
1. As per the manual excel sheets we will group the GL accounts in the same way in SAP in a very user friendly way without any technical complexity
2. Once all GLs are grouped as per the required B/S and PNL reports the same would be available for reporting.
3. Standard reporting tool would be used for the preparation of the Balance sheet and Profit and Loss main page and all the schedules without any use of the ABAP module or coding in the system.
4. Separate set of GL to be created only for passing the MEMO entries or provisional entries, which are mainly required for Balance sheet purpose and would be reversed or not depending on the nature of the adjustments.
Assumptions:
1. No manual adjustment outside the books of accounts, if any adjustment entreis required that that would be entered in the books in the separate set of GL and recorded
2. Exact formatting and layout may not be availabe with SAP generated Financial statements, however the financials would be very close to the required as per the statutory formats. However some adjustment in formats may be required after the generation of the reports.
Lot of adjustments normally entered in the Excel files while preparing the Balance sheet and PNL but not entered in the book with an assumptions that same will be reversed on the next day so why to complicate the books of accounts, But due to that the Balance in the Books and Balance in the Excel Financial statement doesn’tmatch
It creates the unwanted dependancy on the accounts and finance team for the preparation of the Financial statements
SOP for the preparation of the financial statements and maintenance of the New GL Accounts in the Account
Project documents (Configuration and Solution documents with detail of the settings)
Depending on the specific points for the respective clients we can accomodate the solutions to suit the exact requirements.
1 week for preparing the solution documents based on the understanding and sign off
3 weeks for Realization and Testing the solutions in the DEV and Quality system of SAP
2 week for moving the TR To Production system and generate financial statement report in Production system
The reported profit and loss if matching with the financial books then there is a comfort with the management and accounts team as well, Just to match the numbers the entire Accounts team work for more than 4 to 6 weeks dedicatedly on this job only. if the same has been automated in SAP it will save lot of efforts and money as well.
M2 – Solution Document sign off
M3- UAT Sign off
M4- First month end closing
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