Managing the financial prowess of your company can be difficult. If you don’t have a dedicated sector for it, your life might get a bit rough with all the flow of information coming in.
That’s why it’s best to use a tool that can make your life easier. One such option that you can go for is SAP New GL . In order to introduce you to this new system we are offering as much information on it in this article.
So, without any further ado, let’s get started.
What is SAP New GL?
SAP New General Ledger (New GL) is an advanced accounting and financial management feature introduced by SAP. It is an improved version of the classic General Ledger (GL) in SAP systems and can offer a lot more than the previous systems.
In a nutshell, the New GL provides enhanced functionalities, businesses offering a more flexible and comprehensive way to manage their financial accounting processes.
It addresses some of the core limitations of the classic GL and introduces new features to streamline financial reporting, increase transparency, and improve decision-making.
SAP New GL – The Availability of Tables
If you have used SAP General Ledger (the older version) before, you probably are aware of three tables already, including the following –
- BSIS (the Open Item)
- BSEG (Entry View)
- BSAS (Cleared Items)
Each of these tables improved showcasing of financial information by a mile. Hence, you’ll be happy to know that they are going to be available in the new GL variant as well.
The Benefits of Using SAP New GL
No matter how you look at it, SAP New GL can provide you with a lot more than any other financial accounting solutions. So, let’s find out more about how it can be beneficial for you.
1: It Can Simplify Your Entire Data Management System.
SAP New GL brings all your financial data under one roof, creating a unified view of your company’s financial landscape. So, there’s no need to create spreadsheets after spreadsheets, and then spend hours on finding one from the endless list anymore.
With centralized data management, you’re able to access, analyze and report on the finances with ease. This streamlined approach not only saves time but also reduces the chances of errors and inconsistencies caused by data silos. The risk of losing data gets reduced too.
2: You Will Get Real Time Reports.
In today’s fast-paced business environment, making informed decisions quickly is critical. And, SAP New GL’s real-time reporting capabilities empower you with up-to-date financial insights without any sort of difficulty or challenge in that context.
Whether you are looking for an overview of your –
- Current cash flow
- Detailed profitability analysis
- Any other additional finance-related information
… The system provides on-demand reports that give you a comprehensive picture of your financial performance. It, in turn, makes it easier for you to stay ahead of your competition and seize opportunities as they arise in the ever-so-dynamic market.
3: The Tool Makes Parallel Accounting Easy.
Companies operating in multiple regions or following different accounting standards often face complex challenges. SAP New GL simplifies parallel accounting by allowing you to manage multiple accounting principles simultaneously. This means you can generate financial statements tailored to specific reporting requirements, such as local GAAP, IFRS, or industry standards, all within the same system.
4: Enhanced flexibility, higher efficiency.
Every business is unique, and so are its financial requirements. SAP New GL is designed to be flexible and customizable to adapt to your specific needs. Whether you need to add custom fields, modify financial structures, or create unique reporting hierarchies, the system accommodates these changes without disrupting your existing processes. Embrace the power to configure your financial management according to your business model.
5: Improved cost allocation throughout the organization
Accurate cost allocation is essential for strategic decision-making. SAP New GL enables you to define complex rules for cost allocation, ensuring that expenses are appropriately distributed across different cost centers and profit centers. This level of precision allows you to analyze costs with a granular approach, helping you identify areas for cost optimization and resource allocation.
6: Advanced Document Splitting for Better Organization
In large organizations, transactions often involve multiple business units or departments. SAP New GL’s document splitting feature automates the process of breaking down these complex transactions into their individual components. This not only ensures precise accounting but also simplifies reporting and analysis by providing a clear breakdown of financial activities.
7: Better Integration with Anything and Everything
A holistic view of your business is crucial for effective decision-making. SAP New GL integrates seamlessly with other SAP modules, creating a unified environment for data exchange. Whether it’s integration with SAP’s Material Management (MM) for procurement or Sales and Distribution (SD) for revenue, the system ensures that information flows smoothly, maintaining data consistency across different processes.
8: Comprehensive and Conclusive Audit Trails
SAP New GL is designed with compliance and accountability in mind. It keeps track of every financial transaction and any changes made to financial data. This comprehensive audit trail not only assists in meeting regulatory requirements but also helps in internal auditing and investigation. Rest assured that all financial activities are transparent and traceable.
9: Currency Conversion Made Simple
International business comes with the challenge of dealing with multiple currencies. SAP New GL simplifies currency conversion by automatically handling exchange rate calculations for transactions in different currencies. This not only saves time but also reduces the risk of errors that may occur during manual conversions. Accurate currency conversion ensures that financial statements reflect the true financial position of your global operations.
10: The Innate Ability of Centralized Payment Processing
Efficient payment processing is vital for cash flow management. SAP New GL centralizes payment processing, allowing you to handle invoices and payments in one place. This streamlines the payment workflow, reduces payment delays, and enhances vendor management. Say goodbye to scattered payment data and embrace a more streamlined approach to financial transactions.
The Bottom Line
In conclusion, SAP New GL offers a comprehensive suite of benefits that optimize financial management processes, improve decision-making, and increase overall efficiency. By leveraging its power, businesses can gain a competitive edge, minimize errors, and focus on driving growth and success in today’s dynamic and demanding markets.
So, that will be all for this article. If there’s something else you want to know about, be sure to comment below. We would love to help you out.
