DEVK uses SAP S/4HANA for Group Reporting: Financial expert explains advantages and future prospects

DEVK uses SAP S/4HANA for Group Reporting: Financial expert explains advantages and future prospects

According to a report by news.sap.com,

DEVK has implemented SAP S/4HANA for Group Reporting, an integrated consolidation solution that combines the consolidated financial statements and reporting. This enabled DEVK to simplify processes, reduce workload and improve data quality. The application is fully integrated into SAP S/4HANA and offers simplification in coordination processes, greater transparency, reduction of interfaces, better data quality and overall faster financial and consolidated financial statements.

The introduction of S/4HANA for Group Reporting enables DEVK to automatically and continuously transfer data for all companies that report in SAP. This leads to more flexible processes and a significantly better workload, especially at the end of the year. The data for non-SAP companies is imported automatically using a bot solution.

The structures also make it easier for DEVK to do accounting according to Solvency II, as the EU directive requires quarterly accounting, which is now also done automatically in group reporting.

DEVK was thus able to improve its coordination processes, increase transparency and traceability, reduce interfaces, eliminate redundant data storage and ensure better data quality. The introduction of S/4HANA for Group Reporting therefore has a positive impact on the efficiency and quality of DEVK's closing processes.

Overall, DEVK was able to improve its processes and increase efficiency by introducing S/4HANA for Group Reporting. DEVK's vision for the future also includes the replacement of existing workarounds and the implementation of SAP Analysis for Microsoft Office in order to further optimize reporting for the consolidated financial statements.