SAP Advanced Financial Closing (SAP AFC)

Name: leverX Company
Brand: LeverX
Rating: 4.9 (114 reviews)

Reduce time and effort for financial closing with the innovative capabilities of SAP S/4HANA Cloud.

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Such companies help businesses solve complex problems, deliver exceptional user experiences, and drive digital transformation using design thinking and innovation expertise. They leverage SAP's best practices and cutting-edge tools to create user-centric solutions.

SAP Advanced Financial Closing (AFC) is an SAP solution that simplifies and automates the process of closing financial periods. It is part of the SAP S/4HANA suite and offers advanced features to manage and accelerate financial close at the end of the reporting period:

Process automation
Integration with other SAP modules
Task management and control
Analytics and reporting
Data quality improvement

This solution helps companies improve the efficiency, accuracy, and transparency of their financial closings and contributes to faster and more accurate closing of financial periods.

Faster time to value

SAP AFC provides pre-configured, best-practice templates that streamline the setup and execution of closing activities.

Continuous closing optimization

The solution leverages the latest advances in SAP S/4HANA Cloud to continuously enhance the closing process.

Smooth orchestration and execution of processes

This SAP module facilitates seamless orchestration and execution of financial processes, even across different systems.

Real-time monitoring

The solution provides real-time visibility into the financial closing process, to monitor progress and identify issues.

Transparency and insights

By offering insights and transparency into closing activities, SAP AFC makes the company's financial operations easier to understand.

Efficiency and speed

The solution enhances efficiency and accelerates the closing process by automating routine tasks and streamlining workflows.

Pre-configured best-practice templates

SAP AFC offers pre-configured templates based on industry best practices, which streamline the setup and execution of financial closing activities, ensuring a faster and more efficient closing process.

Integration with other SAP modules

The solution seamlessly integrates with other SAP modules to enhance the closing process and ensure that organizations benefit from the most up-to-date features and improvements.

Automated task management

SAP AFC automates the assignment, tracking, and completion of financial closing tasks, reducing manual effort and minimizing the risk of errors.

Cross-system orchestration

The module enables smooth orchestration and execution of financial closing processes across different systems, ensuring consistency and accuracy in closing activities, regardless of the number of systems involved.

Advanced reporting and insights

This solution offers advanced reporting and analytics capabilities, providing detailed insights into financial closing activities and performance.

Compliance and risk management

SAP AFC includes robust controls and safeguards to ensure compliance with financial regulations and standards. It helps in identifying and mitigating risks associated with the financial closing process, ensuring the integrity and accuracy of financial data.

Why LeverX?

Proven track record

For over 20 years, we have helped businesses worldwide succeed with SAP. We’ve already completed 950+ projects for over 800 clients, including top names on the Fortune 500 list.

Industry experts

The LeverX team comprises professionals with hands-on knowledge in 30+ industries, including manufacturing, logistics, and oil  and gas.

SAP partnership

We implement SAP projects end-to-end  and collaborate with SAP on the development and enhancement of its existing solutions.

Quality and security track record

LeverX operates in compliance with international standards such as ISO 9001, ISO 27001, ISO 22301, and ISO 55001, ensuring reliability and quality in every project.

Investment in innovation

We actively integrate advanced technologies, such as Data Science, IoT, AI, Big Data, Blockchain, and others, to help clients efficiently address their business challenges.

Flexibility

Our team is available 24/7, which enables us to quickly deploy projects, maintain process transparency, and adapt each development phase to meet your specific requirements.

Implementation Roadmap

We follow the SAP Activate methodology, which breaks down the implementation of SAP Advanced Financial Closing into six essential stages:

Current Processes Evaluation: Assess existing business processes and identify the organization's needs.
Defining Technical Requirements: Create a detailed specification of the functional and technical needs of the new system.

Discover

Setting Goals and Objectives: Establish and agree on the goals to be achieved throughout the project.
Assembling the Project Team: Appoint team members and define their roles and responsibilities.
Project Plan Development: Create a comprehensive plan that outlines project phases, timelines, resources, and key performance indicators.
Budget Determination: Estimate and approve the budget.
Specifications Preparation: Develop the technical and functional specifications for the development team.

Prepare

Ensuring Business Requirements are Met: Check that SAP AFC aligns with business requirements and project objectives.
Data Validation: Verify the accuracy and compliance of the data.

Explore

Data Migration: Transfer data from existing systems to the new one.
System Configuration: Set up the solution according to requirements and specifications.
Customization: Develop additional features and modules, if the standard solution does not meet all needs.
Integrations: Configure SAP AFC to work with other IT systems and applications.

Realize

Testing: Perform functional, integration, regression, and load testing to ensure that all works correctly.
User Training: Organize sessions to help users become familiar with the new system.

Deploy

System Readiness Check: Verify that the system is ready for operational use.
Launch: Officially transition to active use of SAP AFC.
Ongoing Support: Continuously monitor solution performance to identify and resolve any issues.

Run

What is SAP AFC?

SAP AFC (Advanced Financial Closing) is a solution that automates and streamlines the financial closing process, ensuring efficiency, accuracy, and compliance in period-end financial reporting.

How does SAP AFC improve the financial closing process?

SAP AFC automates repetitive tasks, provides centralized task management, ensures standardization, and offers real-time monitoring and reporting, leading to a faster and more accurate financial close.

Can SAP AFC integrate with SAP S/4HANA?

Yes, SAP AFC seamlessly integrates with SAP S/4HANA, leveraging its in-memory computing capabilities for enhanced processing speed and data accuracy.

How does SAP AFC ensure compliance?

SAP AFC maintains detailed logs and documentation of all closing activities, ensures compliance with regulatory requirements and internal controls, and facilitates audit processes.

1

An expert will reach out to you to discuss your specific migration needs and requirements.
2

We will sign an NDA to ensure any sensitive information is kept secure and confidential.
3

We'll work with you to prepare a customized proposal based on the project's scope, timeline, and budget.