If you’ve just joined a company that uses the SAP software suite, you may be wondering what exactly is SAP accounting software and how do I use it?
SAP, which was founded in 1972 by five former IBM employees in Germany as a standards-based software alternative to custom ERP software, stands for Systems Applications and Products, is accounting software that makes bookkeeping and financial reporting much easier. It will help you record transactions and report operational data each month, as well as analyze financial data.
There are thousands of companies around the world that use SAP to help them with their daily financial transactions and reporting. In simple terms, SAP is a powerful financial accounting package that can make recording financial transactions a much easier job and allow the business manager or owner to know exactly what is going on in their business and health. of the financial affairs of your business. .
What is the role of SAP?
A business would use this software package to make debit and credit entries into financial accounts that include assets, shares, liabilities, and expenses, and is also used to prepare budgets, which makes life much easier.
SAP Components
SAP is similar to a traditional accounting software package in that it includes financial accounts, financial statements, budget sections, and general and subsidiary ledgers.
SAP General Ledger
SAP General Ledger helps you make journal entries where you have a two-entry accounting form, a financial account debit and credit counter to simplify recording the transactions that occur in each month.
SAP Subledger
The popular software package has several subsidiary ledgers, including the accounts payable ledger.
SAP Fixed Assets
This module will help a business record asset purchases and sales, making it easy for them to have all information in one place, knowing what their assets are and the value of their assets, which could include equipment.
SAP Financial Reports
By using SAP financial reporting, you can make the process of recording all financial information much easier when the package helps prepare financial reports that include a profit and loss statement as well as your cash flow.
Courses for SAP accounting software
If you’re considering working for a company that uses SAP but don’t have the training under your belt, there are many companies that offer training on this software package, allowing you to increase your career prospects.
