SAP Financial Closing Cockpit

1. SAP Financial
Closing Cockpit
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Author: Surya Padhi
Mail : Surya@SuryaPadhi.Com.
SAP Certified Application Associate - Financial Accounting
SAP Certified Application Associate - SAP BusinessObjects Planning and Consolidation 10.0

2. Objectives
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1. What is SAP Financial closing cockpit?
2. What are pain points of a SAP Financial close?
3. What are benefits?
4. What are key features of SAP Financial Close?
5. What are Implementation Steps?
6. References

3. What is SAP Financial closing cockpit?
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SAP Financial closing cockpit solutions provide company-wide accessibility so you
can accelerate an accurate financial closing cycle at any level.
To truly optimize the financial close process, you need solutions that
provide control over each step of the close cycle in addition to processing
postings and producing reports.
SAP Financial closing cockpit is designed for businesses of all sizes and
support a streamlined, more accurate financial close. It helps you meet
regulatory compliance and gain confidence in your financial reports.
SAP Financial closing cockpit solutions span the entire close cycle, from the entity
to corporate level. They include highly automated, standardized functionality
supporting accounting, reconciliation, and consolidation activities. Scheduling
tools help you sequence, monitor, and control workflows across your
organization, so the entire close process moves along efficiently.

4. What are pain points of a financial close?
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• Tasks must be executed on time and in the correct sequence to meet reporting
deadlines.
• Involve time-consuming manual tasks, such as journal entries, accruals,
intercompany reconciliations, and the gathering of financial data from across
different
• systems for consolidation and validation for final report production.
• Work of numerous people must be coordinated across different subsidiaries,
divisions, time zones, and software systems.
• Gaps in communication leads to delay in closing process.

5. What are benefits closing cockpit?
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 The benefits include:
 Increased efficiency and greater control over the financial closing cycle
 Lower maintenance and administrative costs via standards-based, single product
solution, which is both powerful and intuitive
 Improved productivity through improved coordination and collaboration across
distributed organizational units and through an intuitive display of dependencies across
task owners, helping to ensure less time spent in communication lags and faster task
execution
 Rapid time to deployment via simple configuration and powerful administrative tools.
 Broad-scale deployment to all users across geographies and time zones via scalable,
server-based, enterprise class infrastructure
 Comprehensive storage ability, which records the history of all tasks performed and by
whom, to support audits.

6. What are Key Features of Closing Cockpit?
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 Accounting – Automate your financial close to comply with International
Financial Reporting Standards and local GAAP
 Monitoring – Control task sequences and manage the closing cycle over
multiple types of financial software
 Consolidation – Compile financial period-end reports for specific corporate
levels
 Disclosure – Manage production, filing, and publication of financial
statements and reports and eXtensible Business Reporting Language (XBRL)
submissions
 Regulatory compliance – Monitor and document manual and automated
internal controls.

7. What are Implementation Steps?
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8. For more information,
visit www.suryapadhi.com
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9. Few of My Contributions.
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Contact information:
• www.SuryaPadhi.Com
• Mail: surya@suryapadhi.com
My Publications
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