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It represents an opportunity to fix legacy issues such as manual accounting and finance processes, inter-company and reconciliation problems or data integrity and control issues. Put simply, S/4 HANA allows multinationals to transform their core systems and streamlining processes, and simplify their data model and underlying architecture. Tax digital boardrooms, for example, provide key stakeholders immediate insight into the relevant tax data. Data is much more accessible and can be processed in a very intuitive manner. S/4 HANA comes with a completely new user interface. With the SAP Global Tax Management Suite, SAP has released a number of new tax solutions that deal with critical challenges that clients have to cope with, matters such as real time tax reporting, ensuring accurate indirect tax determination, advanced tax reporting and increased control over their business processes for tax that are now possible with S/4 HANA. Analytics and insights that were historically unfeasible, or very time consuming, can now be processed quickly. The new system brings a simplified data model that allows users to record once, use multiple times and create a single source of reliable data. Data is available and accessible with near-zero latency. S/4 HANA uses its Universal Journal to store all financial transaction details in one table. Traditional ERP systems are optimised for transaction processing with data stored in many different tables.
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This offboarding phase will be followed by optional extended maintenance until end of 2030. At the same time, SAP will provide mainstream maintenance for SAP Business Suite 7 core applications until the end of 2027. On February 4 2020, SAP announced a maintenance commitment for SAP S/4 HANA until the end of 2040. SAP launched S/4 HANA in 2015 and had planned to stop supporting predecessor SAP ERP Central Component (SAP ECC) on December 31 2025. SAP's S/4 HANA uses in-memory computing to process data in an unprecedented manner. Often reference is made to the 'intelligent enterprise' whereby the latest SAP technologies can turn insight into action in real time with a completely new user experience.
#SAP ECC LATEST VERSION 2015 SOFTWARE#
S/4 HANA is software company SAP's latest technology and it goes beyond automating business processes. In addition, we provide some suggestions as to how the tax function may engage with the broader organisation to ensure that tax does not miss out on the opportunities that exist. This article provides a brief introduction and outlines what the opportunity could mean for the tax function.
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Tax also has a role to play in the shift to S/4 HANA. The new suite presents a significant opportunity for multinationals to increase efficiencies and achieve a broad range of commercial benefits. There is increasing momentum building for multinationals to transition their enterprise resource planning (ERP) systems to SAP Business Suite 4 SAP HANA (S/4 HANA).