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Facilitate your financial closing process with the SAP Financial Closing Cockpit

Mischa Broeckaert
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Lamot, Mechelen October 12, 2011

Agenda
Challenges faced during the closing Benefits of SAP Financial Closing Cockpit Project experience

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Closing in SAP

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Where are we in the SAP landscape?

Closing objectives
Confidence
We want financial data that can be trusted To make the right decisions To report with confidence to all stakeholders

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Control
Confidence that all submitted reports comply with financial standards and regulations

Financial Closing - Challenges

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Transparency

Efficiency

Human Impact

Compliance

Challenge 1: Transparency

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Transparency

The process is not sufficiently documented The process cannot not be monitored properly Different Time zones/Languages/Cultures The process is not consistent across organization

Centralize the closing process Integrate the different systems and entities Get real-time status of the situation

How to achieve transparency

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Create transparency through centralized task list Who does what What is done how Trace what has been done When to reach milestone Know impact of actions Real-time status update Error tracking Increase control over automatic processes Create a single point of access for the whole closing process

How to achieve transparency

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Get a real-time status of the operations Be in control All companies All processes & tasks Timeline Completeness

Transparency achieved

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Excel sheets

Integrated SAP Cockpit solution

Challenge 2: Efficiency

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Efficiency

The Orchestration of tasks is done manually Decentralized operations Communication not automated Time spent on gathering data <> analyzing data

Automate orchestration of tasks Automate communication Strive for relentless optimization

How to achieve efficiency

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Efficiency can be achieved through continuous improvement of the process Plan Execute Monitoring & analysis Automation and scheduling Programs Batch processes Push communication

Analyze

Monitor

Eliminate re-work and institutionalize controls

Efficiency achieved: examples

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My task is finished

visible in the cockpit Notify others

Use workflow where it can help you

Use Variants that are automatically selected Schedule programs in other systems with the central process scheduler

Challenge 3: Compliance

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Compliance

Increasing reporting and disclosure requirements Parallel work for different GAAPs Strict deadlines Document trails for audit purposes

Store proof of executed steps for audit trail Facilitate better error tracking Automate parallel reporting

How to achieve compliance

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Ensure and prove that the same procedures are respected throughout the organization All audit trace available at the right location Build results that you can rely on Store proof of actions

Challenge 4: Human Impact

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Human Impact

Human Resources are not used efficiently Closing time brings stress Staff Turnover due to closing stress

Set realistic work duration and planning Identify bottlenecks that become milestones

Bring peace of mind to the team


Pre-close preparation Be on top of timing Manage interdependencies Reduce error margin Eliminate double work Avoid sudden surprises Guidelines & work instructions

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Financial Closing - Solutions Confidence


Transparency Efficiency

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Control

Human Impact

Compliance

The FCc Project at leaseplan

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Reasons for project Respect deadlines for reporting Create time for account reconciliation and analysis Have a more transparent closing process Share knowledge on the process Be sure to have completeness at the end of the road

The FCc Project at leaseplan

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Analysis Phase
Collaboration Leaseplan-EoZen from the start, key to success Identify Bottlenecks and chart a critical path for closing Capture the process in BPM tool

All processes are charted before we come to the set up in

The FCc Project at leaseplan

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Implementation Phase
Creation of Hierarchical structure Configure individual tasks in the closing template(s) Determine interdependencies, critical path, responsibilities,

Go-Live
From the created closing template create an executable task lists based on the closing template, ensure everyone is on board after training The project started Mid-January and February was closed in the FCc

Ongoing improvement
The optimization process should never stop!

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Constantly question the way of working Constantly improve on previous benchmarks


With SAP tools you are in control to create trustworthy data on time and with confidence

Wrap up
Fast implementation project to gain:

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Faster cycle time to close Reduced cost of compliance Improved data quality Robust audit trails Fewer errors Clear task ownership Better informed decision making Increased stakeholder confidence

Control & Confidence in your closing

Thank you!
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