SAP SE, an enterprise application software services provider, has announced the launch of SAP S/4HANA for advanced compliance reporting, a new solution that helps corporate finance executives manage statutory reporting.
SAP S/4HANA allows companies to manage, execute, and analyze country-specific regulatory reporting processes worldwide, providing a unified user experience and full transparency on a global and local level. This solution is relevant for all corporations, particularly those with global operations that involve complex, regulatory indirect tax reporting across different countries.
The administrative effort of managing different deadlines, formats and accuracy is high, which is both costly and bears the risk of non-compliance. Keeping up to date with frequent legal changes is a challenge and an additional cost driver.
SAP S/4HANA for advanced compliance reporting helps tackle these challenges and greatly reduces the need for manual intervention, resulting in higher productivity and a reduced total cost of ownership. The risk of non-compliance and its associated costs are also significantly reduced.
“Chief financial officers and heads of tax are challenged with guaranteeing compliance on regulatory requirements in every country in which they operate,” said Thack Brown, general manager and global head of Line of Business Finance at SAP. “With constant changes to legal tax and existing reporting requirements, a single solution to manage all legal reporting requirements is key.”
“SAP S/4HANA for advanced compliance reporting allows companies to centrally execute and supervise the entire process including analytical insights, adjustments, corrections, adherence to deadlines and submission to authorities, all from a single dashboard,” Brown added. “This is the only way to execute regulatory mandates with accuracy and efficiency.”
A unified dashboard provides full transparency and control of the end-to-end process, including scheduling, workflow, reporting status, embedded analytics, drill-down to reported data and complete audit trail. This facilitates execution across different countries. All reports can be directly submitted to government authorities, helping ensure accuracy and on-time delivery for regulatory obligations like VAT (value-added tax), GST (goods and service tax), WHT (withholding tax), SAF-T (Standard Audit File for Tax) and asset reporting.
SAP S/4HANA is an intelligent ERP suite designed specifically for in-memory computing. SAP S/4HANA is the digital core that connects enterprises with people, business networks, the Internet of Things, Big Data, and more.
SAP S/4HANA for advanced compliance reporting is natively integrated with the SAP S/4HANA Finance solution and is also available in SAP S/4HANA Cloud as well as the on-premise software.