BEST GL Recons vs 3rd Party GL Solutions
BEST GL Recons vs 3rd Party GL Solutions
Common GL Recon Functionality
 | Automated GL Reconciliations | | Reconciliation Notes & Attachments | | Automated Approvals | | Automated Rejections |
| Recon Approval & Audit Trail | | Management & Exception Reporting | | Open Item Clearing | | Posting of Adjustments |
Common GL Recon Functionality
| Automated GL Reconciliations | | Reconciliation Notes & Attachments |
| Automated Approvals | | Automated Rejections |
| Recon Approval & Audit Trail | | Management & Exception Reporting |
| Open Item Clearing | | Posting of Adjustments |
Common GL Recon Functionality
Automated GL Reconciliations- Reconciliation notes & attachments
- Automated Approvals
- Automated Rejections
- Recon Approval & Audit Trail
- Management & Exception Reporting
- Open Item Clearing
- Posting of Adjustments
BEST GL
FUNCTIONALITY
OTHER THIRD PARTY
SOLUTIONS
| All functionality in SAP – no interface required |  | Transactional data to be interfaced and duplicated in 3rd party system |
| Real Time – no updates required | | Not real time – updates required |
| No need to recreate existing SAP Standard Functionality i.e. Journal Postings, Authorisation, Closing Cockpit | | In house solutions required to be created to replicate pre-existing SAP Standard solutions |
| Adjustments are made directly in transactional system (SAP) | | Adjustments need to be interfaced to transactional system |
| Clearing is done directly in transactional system (SAP) – no interfaces or status syncing between SAP and Reconciliation system | | Clearing has to be recreated in SAP to keep statuses in sync |
| Use existing SAP authorisations with additional BEST roles | | Additional authorisations to be created for 3rd party system |
| Existing SAP logons and system used for BEST GL Modules | | Additional system to log into for managing recons |
| BEST GL Modules look and feel like SAP and can be easily used by existing SAP users | | New system requires all new training and learning of a foreign system by user community |
| SAP reports can be attached directly from spool list – no printing required | | Data confidentiality concerns with financial transactional data stored in 3rd party system |
| 3 way Bank Recon check – GL Balance to SAP Statement Table Balance to Physical Bank Statement | | Requires remote access and related controls to access SAP System Data |
| Drill down capability into source transactions directly from Reconciliation Reports | | Requires remote access and related controls to access SAP System Data |
| Real Time Inter Company specific solutions to cater for high volume complex Inter Company relationships. SAP Standard Organisational Units are inherently embedded in solution. |  | Extract driven solutions that are not real time |
| Compliance and Risk Control managed by Management Reporting | | 3rd Party systems exist outside of SAP Authorisation and inherent SAP Compliance & Audit Controls |
| All Historic Reconciliations and Approval Audit History available online all the time within SAP system | | Historic Recons are not in SAP and require login to 3rd Party system |
| Reasonably Priced | | High Pricing Model dependent on 3rd Party Product |
| Product implementation and upgrades are managed via Customer SAP Deployment Methodology | | Implementation and Upgrades are managed outside of Customer SAP Deployment Methodology |
| BEST is a SAP Development Partner and BEST Products are annually Certified with SAP on the latest product version | | SAP Partner relationship dependent per 3rd Party Product |
BEST GL
FUNCTIONALITY
| All functionality in SAP – no interface required |
| Real Time – no updates required |
| No need to recreate existing SAP Standard Functionality i.e. Journal Postings, Authorisation, Closing Cockpit |
| Adjustments are made directly in transactional system (SAP) |
| Clearing is done directly in transactional system (SAP) – no interfaces or status syncing between SAP and Reconciliation system |
| Use existing SAP authorisations with additional BEST roles |
| Existing SAP logons and system used for BEST GL Modules |
| BEST GL Modules look and feel like SAP and can be easily used by existing SAP users |
| SAP reports can be attached directly from spool list – no printing required |
| 3 way Bank Recon check – GL Balance to SAP Statement Table Balance to Physical Bank Statement |
| Drill down capability into source transactions directly from Reconciliation Reports |
| Real Time Inter Company specific solutions to cater for high volume complex Inter Company relationships. SAP Standard Organisational Units are inherently embedded in solution. |
| Compliance and Risk Control managed by Management Reporting |
| All Historic Reconciliations and Approval Audit History available online all the time within SAP system |
| Reasonably Priced |
| Product implementation and upgrades are managed via Customer SAP Deployment Methodology |
| BEST is a SAP Development Partner and BEST Products are annually Certified with SAP on the latest product version |
OTHER THIRD PARTY
SOLUTIONS
| Transactional data to be interfaced and duplicated in 3rd party system |
| Not real time – updates required |
| In house solutions required to be created to replicate pre-existing SAP Standard solutions |
| Adjustments need to be interfaced to transactional system |
| Clearing has to be recreated in SAP to keep statuses in sync |
| Additional authorisations to be created for 3rd party system |
| Additional system to log into for managing recons |
| New system requires all new training and learning of a foreign system by user community |
| Data confidentiality concerns with financial transactional data stored in 3rd party system |
| Requires remote access and related controls to access SAP System Data |
| Requires remote access and related controls to access SAP System Data |
| Extract driven solutions that are not real time |
| 3rd Party systems exist outside of SAP Authorisation and inherent SAP Compliance & Audit Controls |
| Historic Recons are not in SAP and require login to 3rd Party system |
| High Pricing Model dependent on 3rd Party Product |
| Implementation and Upgrades are managed outside of Customer SAP Deployment Methodology |
| SAP Partner relationship dependent per 3rd Party Product |