What is Simple Finance? and its features - IQ Online Training

SAP Simple Finance (S/4 HANA Finance)

SAP Simple Finance (S/4 HANA Finance) which is powered by HANA is the advanced level of SAP FICO. It helps in understanding and managing the financial conditions of an enterprise in the market. And it performs financial and accounting operations and reports using BI tools.
SAP S/4 Simple Finance has been a revolutionary step in the finance industry with its greatest features like wide data sharing, increased pace with the transactions, accelerated closing and reporting along with decisions deriving analytics.

These are the following releases in SAP S/4 HANA Finance –
  • SAP S/4HANA Finance 1605
  • SAP S/4HANA Finance, On-Premise Edition 1503
  • SAP Simple Finance Add-On. This is powered by SAP HANA for SAP Business Suite.

SAP Simple Finance - Migration

Migration Process

These are the steps to be performed for projects on Simple Finance Migration add-on.

i.                    System Preparation Phase
This is the first step in the project. Here the tasks like data cleanup, pre-check, closing tasks, consistency of data and reporting etc.

ii.                  Installation of SAP Simple Finance Add-On and Other Components
Here we install the Add-on component of SAP Simple Finance, setup HANA Live and implement SAP Fiori for better UX.

iii.                Customizing for Migration
General Ledger customizing, Asset Accounting, and Controlling are done here.

iv.                Data Migration
In this step, data migration takes place to move all the data from the previous system to SAP S/4 HANA system.

v.                  Post Migration Activities
After the completion of the migration process, the cold store needs to be performed and further information on the documents can be added.

vi.                Data Checks
This is the last step and here we perform the checks on the data which is migrated, rest the process and report validation.

SAP Simple Finance Architecture:

By leveraging the fast computing power of SAP HANA, much cost and time are being saved by SAP Simple Finance in managing finance and accounting. Whereas in the previous tool where HANA platform is not involved, all components are separately managed.



Key Features of SAP Simple Finance

Financial Planning and Analysis

With the help of Simple Finance, an enterprise can plan, budget and forecast a process that is going on. It can make a predictive analysis of how a decision in an organization can impact the financial reports.

Accounting and Finance

With the advanced features of Finance and Accounting in Simple Finance, organizations can complete the all the financial reports within the specified time and can also meet all the legal terms.

Financial Risk Management

With the same great feature, Predictive Analysis; risk in the financial processes can be found at an early stage and can have a chance to mitigate them.

Risk and Compliance Management

Unauthorized access to sensitive data can be prevented. Organizations can balance the risk for all the financial processes and can also detect fraud and abuse easily.

SAP Finance Vs SAP FICO:

Here are a few differences mentioned below.

  • SAP FI module is on ECC 6.0 environment, CO (controlling) is a submodule of finance. Simple Finance is on HANA environment.
  • S/4 HANA Finance runs on HANA database whereas SAP FI can run on Oracle or SQL server compatible database versions also.
  • In SAP Simple Finance, all the information is stored in ACDOCA table, whereas FI in many numbers of tables like BSED, MSED etc.

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