As you may know, my colleague and I were chosen to present at the Financials 2010 November seminar in Barcelona.The week started off, with hustling for my flight to Barcelona from the client site.I discovered to my dismay that not all taxi drivers take credit cards.I wish I had remembered to take Euros with me before I left.So off I went to locate a cash machine.Then it was off to the meeting.The turn out was very good.There were not only a lot of people, but there were lots of languages and these people seemed interested and involved.
Wellesley Information Services (WIS) did a wonderful job of organising the event and I would like to thank them for the hard work.There were many different topics being presented.From the discussions and questions that arose, I saw some common themes.They included:
·The need to get acceptance for an idea prior to moving forward with it.
oNo matter how good the idea or design, it has much more chance of success if there is agreement upfront.
·The need to clear and continual two way communication.
oThe importance of ensuring that there are proper controls.This is even more important since SOX regulations came into being. All countries have established their own form of SOX.
During the presentations, I was fortunate enough to facilitate the session “Lessons from peers who have overcome the toughest barriers to a fast financial close”.SAP has put significant effort into its Closing Cockpit.Organization is key to a successful month end.The closing cockpit allows one to list every step of the closing procedure in a structured way.Many of these steps may be set up to be automatically triggered.Since this functionality is available with ECC 5.0 it may be worth your organisation looking into this further.
My presentation covered the SAP planning and consolidations applications, their functionality and limitations and what can be done to improve the financial month end close.
I am presenting at the SAP Financials 2011 this coming March in Las Vegas.I hope to see you there.