International Financial Reporting Standards (IFRS) is a set of standards that are used to prepare financial statements for investors (both real and potential), so they can see a complete financial picture of the company and act accordingly.
In turn, US GAAP is an alternative system of financial accounting standards and principles most commonly used in the United States.
Because these methodologies are considered to be well-established, a lot of countries refer to IFRS and US GAAP and many governments strive to have their national standards equal to them.
Pharmaceutical, insurance, banking, retail, and other industries follow IFRS and US GAAP standards.
Due to the possibility of maintaining parallel accounting, the SAP FI module displays all information required for the creation of financial statements according to these standards.
SAP FI has a pre-configured toolset that allows displaying operations according to international standards. You can manage several types of accounting simultaneously without any extra accounting systems or databases.
The SAP FI module allows you to maintain parallel financial accounting according to national, tax, IFRS, and US GAAP standards.
Ensure maximum transparency of all processes in the system
Create documents in parallel ledgers
Maintain various valuations of fixed assets and company’s stocks
Keep records in several currencies at the same time
Prepare reports based on different analytics concepts
Avoid data duplication by integrating FI with other SAP modules
All data required to create financial statements in accordance with national and international standards is collected and displayed in SAP FI.
How to implement SAP FI in your company's processes, taking into account all the specifics of the industry and your business? Should you integrate SAP FI with other SAP modules (MM, SD, EWM, etc.)? How to configure the correct operation of the system and keep it running smoothly?
Thanks to the hands-on experience of implementing SAP Financial Accounting in the business processes of large manufacturing enterprises and a great number of successfully completed SAP FI projects in Europe and Asia, the LeverX team will answer all questions above and help your organization conduct financial accounting processes much faster and more efficiently, in this way allowing you to control the company's cash flow with the SAP FI module.
Choose SAP FI for maximum transparency in financial transactions and compliance with international standards!