SAP, otherwise known as Systems Applications and Products, is a financial accounting and reporting software used by businesses to record transactions; it also reports the data at the end of the quarter. Businesses can use the system to analyze financial data and then report it at the end of the month. Companies can use SAP accounting software to record assets and liabilities including any equity,
. expense or revenue. In addition, the company can prepare budgets and automate the entire financial side of the business. With SAP, it is possible to manage inventory across multiple areas of the business, track stock shipments and manage production orders. Companies can automate the entire process of purchase orders and invoice payments as well as integrate and manage every financial and accounting process. SAP accounting software contains every component of traditional accounting software including general and subsidiary ledgers and various financial statement and budget modules. SAP contains the fixed asset module, otherwise known as the long-term asset, which helps the company to record asset purchases and sales. Moreover, the SAP financial reporting module helps businesses prepare financial reports, balance sheets and statements concerning cash flow, profit, loss and retained earnings. A company can configure this highly advanced accounting software to suit its specific needs. Additionally, the software offers a general and subsidiary ledger. The general ledger helps the company to record journal entries via the double-entry accounting form. The company's accountant can also record any transactions during a particular month or quarter. Within each general ledger are numerous subsidiary ledgers of which the accountant can use depending on a specific need. In a general ledger such as the accounts payable ledger, it can include a list of all the various vendors of the company. With SAP, a company can stay informed of all the inner financial data that occurs in the business. More Reference Links: http://www.sap.com/sme/solutions/businessmanagement/businessone/index.epx http://www.business-software.com/erp-solutions/accounting/sap.php
