In order to successfully survive in the market and compete, it is crucial to understand and adapt to the latest economic conditions as these conditions are never constant and tend to change with time and market demands.
As the innovation and technology have changed the picture of the world by providing amazing mechanisms and softwares that have made things easy and fast to do, for example- now we can participate in meetings at far places with the help of the computer and the internet, transfer and receive money in seconds from people sitting in different countries and states with the help of net banking etc., the ways to run the business have also been changed with technology and softwares.
Conventional ways of planning, managing accounts, budgeting and financial closing processes are no longer appropriate to work with due to various reasons including – time taking, so much manual effort, inaccurate results sometimes and outdated methods etc. Considering all these problems a new technology has developed that SAP Business Planning and Consolidation (BPC) application.
SAP Business Planning and Consolidation (BPC):
SAP (BPC) tool is used by organizations to support all operational as well as financial activities of their business. This software or tool is greatly helpful in automating and simplifying business forecast, planning processes and improving activities in an organization.
Let’s briefly discuss some important points about SAP BPC–
Statutory and management consolidation–
With SAP (BPC) you can produce legal and management consolidation reports with surety of correctness, confidence and less risk. The software also increases the speed of consolidated financial reporting processes and planning. Also, it provides planning, budgeting and forecasting capacity with management and statutory functionalities in the single application. It allows you to perform management consolidation with the use of different data sets to have the different scenarios for management.
This application system is particularly designed for consolidation to make the consolidation process to execute in a controlled manner, while performing checks and balances parallel with the execution in order to cut errors, if present, during the process itself, thereby it ensures the accuracy and completeness of the data.
Multiple source systems-
SAP (BPC) allows you to assemble and compile financial data from numerous different source systems into a single application for the purpose of consolidation.
It allows you to prepare and generate reports according to the consolidated data that you can use later as a tool to measure and observe the organization’s performance. The reports let you know the key metrics about important financial points of your business, like return on equity and the rate of interests etc.
Moreover, the tools and software like SAP BPC are extremely helpful that made the various business processes automatic, simple and quick. They have eliminated the load of paperwork and taken off various back end works from managers or employees that saves their time and efforts, and thereby increases the business productivity.