Your ERP system is an excellent digital core for streamlining internal processes. But what about external supplier interactions that create inefficient manual transactions and financially impact buyers and suppliers?
With SAP® Business Network, you can automate and digitize these interactions to simplify the order-to-invoicing process. SAP Business Network is a B2B platform that allows you to collaborate seamlessly with your suppliers and other trading partners. The integrated network extends your ERP-based purchasing process to give you real-time visibility of purchase orders, invoices, and more. With configurable business rules, you can reduce the manual validation process and increase invoice data accuracy.
In addition to streamlined collaboration, SAP Business Network complements your ERP and helps you close your financial books faster with the following capabilities:
- Unified View of Data: SAP Business Network allows different departments within a company to collaborate in real-time. This can streamline communication between finance, procurement, and other relevant departments, reducing delays in information flow. Enhanced visibility into financial and operational data enables finance teams to identify and address issues promptly
- Automation with Business Rules: Automation is a key outcome with SAP Business Network. Business rules automate the routine and manual tasks involved in the financial close process, reducing the time required to complete these tasks. Automation minimizes errors and frees up finance teams to focus on more strategic activities.
- Integration of Financial Data: SAP Business Network integrates with various ERP systems and financial applications. This integration ensures that financial data is accurate, up-to-date, and easily accessible. It eliminates the need for manual data entry and reconciliation, contributing to a faster closing process. SAP Business Network gives you an auditable trail of your transactions from purchase orders, change orders, invoices, credit memos and more
- Streamlined Procurement Processes: SAP Business Network enables procurement and supply chain transactions, which has a direct impact on the financial close process. Streamlining these processes ensures that accurate cost data is available for financial reporting.
- Compliance and Reporting: SAP Business Network includes capabilities for compliance management and financial reporting. Automation of regulatory compliance processes and standardized reports and documents can contribute to faster and more accurate financial reporting.
Learn how SAP Business Network can complement your ERP to improve your financial close process.
