How BEST works – A system Demo.
BEST Product Managers Chris Brooks and Suresan Ellary presented a short and sharp demo on how BEST works for vendor and balance sheet reconciliations at the Mastering SAP Financials Conference earlier this year.
See how these two BEST Add On Modules can help you with your vendor and balance sheet reconciliations in SAP – the 23 minute demo available here.
Use the BEST Vendor Recons module to achieve automated creditor reconciliations directly in SAP.
There are simple reasons why BEST SAP stands alone at the top of this automated creditor reconciliation speciality. As a supplier statement reader and reconciliation module in SAP, it automates an expensive, tedious, labour intensive, manual process so that accounts payable functions can be performed quickly, easily and with pin-point accuracy.
You can control the entire creditors’ reconciliation process in SAP. In fact, you can use the normal SAP authorisations mechanism and system audit trails, as well as report statement matching rates and calculate vendor accruals and provisions. And both open item and balance brought forward statements are catered for.
You can also choose to balance the creditor reconciliation to the statement itself, your own SAP creditor balance, to the SAP payment proposal or to actual payment. The last option ensures a creditor’s payment is accurate.
If you wish, BEST can block invoices for payment if they are not on the supplier statement. And you can also base your payment terms on the statement date. These choices give you handy options for aggressive cash flow management.
BEST can automatically process all the formats which creditors’ statements come in: paper, Excel, PDFs and more, as it works in tandem with Vendor Statement Reader.
Better yet, BEST does a lot more than just an accounts payable reconciliation in SAP. It matches all the way up the procurement chain to parked, held, GR/IR and even VIM (Vendor Invoice Management) tools such as OpenText, ReadSoft, eFlow and others.
Simply add the SAP Certified Module to your current SAP suite, allocate the new BEST transactions to your users and start reaping the benefits. No interfaces or separate systems – everything is done in your current SAP system.
Read more on why BEST is better than other Vendor Recons tools out in the market.
The BEST GL Recons Module delivers GL reconcililation automation and standardisation.
The module reducing time spent on your month end close and delivers more than other 3rd party non SAP General Ledger Reconciliations.
See our functional comparison summary against other GL solutions.
The benefits of automating your month end SAP GL Reconciliation process, versus a manual process, are numerous.
Save time & money:
- Complete General Ledger Reconciliations in SAP faster and more efficiently by automating the Reconciliation process within SAP.
- Assign risk categories to your GL Recons in SAP to ensure appropriate focus, approvals and reporting are applied to your high-risk areas.
- User defined tolerances assist to identify document and account anomalies that require escalation and mitigation.
- Reduce the amount of time spent on low risk, low transaction value accounts.
- Ensure your skilled Finance resources time is spent on the recons where the focus is required, such as high-risk areas and query resolution.
- Define approval strategies as per your requirement to ensure high risk areas are appropriately reviewed and approved all within SAP.
- With the use of comprehensive Control Reports, you can manage your month end from one central point to:
- Review outstanding GL Recons and approvals to measure completion.
- Drive out action to complete outstanding tasks.
- Review and manage reconciliation anomalies such as tolerance breaches or queries raised.
- Identify and manage your high-risk reconciliations and any mitigating actions required.
- Use the Intercompany Matrix to simplify and reduce time spent on your Intercompany Reconciliations in SAP.
- Existing SAP Authorisations are used for viewing and preparing reconciliations within SAP.
- Any adjustment journals to be processed use SAP standard transactions as per your authorisations framework.
- No interfaces or connectors are required to third party systems – it’s all within SAP.
Standardised & compliant:
- Bring standardisation to your organisation across business units, divisions and locations for your SAP month end close.
- Bring accuracy to your reconciliations through standard processes and clearly defined approval lines.
- For any required adjustments, use SAP standard transactions within your existing SAP Authorization framework.
- Ensure compliance across your SAP month end reconciliations and approvals with full audit trails and change history.
- Provide assurance to both internal and external parties for Audit purposes.
Go completely paperless:
- Your Balance Sheet reconciliations are now paperless and are all stored within SAP.
- GL reconciliations for any historical date are always available.
- GL recon approval is online in SAP – no printing and signing
- You’ll also save on paper costs.
Automate general ledger reconciliations and do them directly in SAP with the BEST GL Recons Module. Balance sheet reconciliations with high level accuracy support Sarbanes Oxley. Regular and efficient reconciliation of your GL accounts has numerous benefits. And because BEST is built and certified for SAP, you can rely on its trusted and proven performance.
Find out how to automate GL clearing using the BEST General Ledger Clearing Module.
Contact BEST for more information on how BEST works in SAP.