Difference Between mySAP ERP Financials and R/3 Financial Accounting

‘mySAP ERP Financials’ is built on the NetWeaver platform, which is the foundation for service oriented business solutions, for deploying financial processes at a faster pace. Irrespective of the business type, mySAP ERP Financials is designed to support financial accounting requirements to provide a single complete platform to achieve excellence in accounting, performance management, financial supply chain, and corporate governance. The features include:

  • Industry-Specific Financial Management

mySAP ERP Financials provides a comprehensive and robust analytical framework to consolidate and/or dissect business information generated in industry solutions or core enterprise processes: all managers in all operations have an improved visibility with a single integrated solution.

  • Performance Management

mySAP ERP Financials provides a single solution for the entire life cycle of Corporate Performance Management by delivering real-time, personalized measurements and metrics to improve business insight and productivity of non-technical users. Executives, managers, and business workers will now have access to information such as business statistics and Key Performance Indicators (KPI) presented in the context of business tasks for better insight and faster decision making. mySAP ERP Financials encompasses:

  • Consolidated financial and statutory reporting
  • Planning, budgeting, and forecasting
  • Strategy management and scorecards
  • Risk management
  • Financial analytics
    • Financial and Management Accounting

    mySAP ERP Financials helps companies comply with global accounting standards (such as the United States’ Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). With the ‘New FI-GL’ functionality you will now have the ability to generate financial statements of any dimension of the business (unit, profit center, geographical location, etc.). This offers greater flexibility to extend a chart of accounts and allows an easier method of reporting by individual management units and segments. This feature helps companies reduce the complexity and costs associated with parallel accounting or managing a set of
    books by region, industry, or regulatory reporting statute.

    • Corporate Governance

    With a set of applications and tools, mySAP ERP Financials assists in meeting the specific requirements of today’s financial regulations such as the SarbanesOxley Act. You now have an intuitive mechanism to collect, document, assess, remediate, and attest to internal control processes and safeguards to ensure transparent business activity. By configuring controls and defining rules and tolerances for your business, you can easily customize internal processes for security, reporting, and error prevention. In addition, you can now document all your internal control processes and make them visible to corporate executives, auditors, and regulators.

    • Financial Supply Chain Management

    Provides the tools to help you manage your financial supply chain and cash-flow cycle more effectively, through end-to-end process support of:

  • Credit Management
  • Electronic Bill Presentment and Payment
  • Collections Management
  • Dispute Management
  • In-house Cash Management
  • Cash and Liquidity Management
  • Bank Relationship
  • Treasury and Risk Management Processes
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