SAP Expands Financial Management Offerings for Small and Midsize Enterprises

Feature Article | June 27, 2005 by SAP News

SAP Business One solution partners Altec, FXport Technology, Inc., Information Systems Group, Inc. (isgi) and Tenrox have joined with SAP to deliver new capabilities in the areas of finance and accounting, including document management, project accounting and risk management. The announcement was made at TECH2005: The American Institute of Certified Public Accountants’ (AICPA) annual information technology conference being held in Las Vegas, Nev., June 27-29. The new components integrate seamlessly with SAP Business One, SAP’s affordable business management software solution for SMEs, and meet the growing need for applications that can automate financials and accounting as part of a company’s core business processes. “Increasingly complex regulatory compliance requirements and tax issues are making it more and more difficult for small businesses to rely solely on spreadsheet solutions to meet their reporting needs,” said Peter Russo, director, Entrepreneurial Management Institute, Boston University, School of Management, CPA. “Financial management solutions with the versatility to manage diverse functions in real time can help meet the rigorous demands of running a small business and provide a clear-cut path to financial transparency.”
“Planning for future growth while adhering to current regulatory measures, the SAP Business One solution has allowed us to fully automate financial controls and discover new, lasting efficiencies by connecting business processes onto one platform throughout our internal operations,” said Garry Lowenthal, executive vice president and CFO, Viper Powersports, a leading designer and manufacturer of “custom factory built” Viper Super Cruiser motorcycles. “We are now confident in our ability to meet the requirements of Section 302 of Sarbanes-Oxley. We expect to be in compliance with Sarbanes-Oxley Section 404 and to voluntarily comply with those requirements well ahead of the current reporting deadlines for companies our size.” The growing financial management portfolio complements SAP’s CPA Advisor Program, through which the company and its partners offer information and insights that assist participating CPAs in advising their growing small business clients on taking advantage of the expanding functionality of SAP Business One. Discussions focus on updated information on the impact of regulatory requirements of small businesses, offering continuing education courses on effective new technology for streamlining business processes and connecting financial functions with all aspects of the enterprise.

New business partners provide full financial functionality

SAP’s solution partners for SAP Business One include: Altec, FXport Technology, Inc., Information Systems Group, Inc. (isgi), and Tenrox. The fully integrated components offered by these partners are part of a roster of more than 100 SAP Business One Solution Partner offerings available or under development.

  • Altec will offer Doc-link, the integrated document management system enabling SAP Business One to eliminate office paperwork by capturing all business documents, extending built-in workflow functionality and enhancing transaction processing.
  • FXport will provide SAP Business One with FXportADVISOR, a structured and collaborative currency risk management solution to help companies understand the impact of currency shifts on financial performance on importers and exporters and to act strategically to win sales and drive growth.
  • Information Systems Group, Inc. (isgi), also an SAP Business One reseller, supplies Project Accounting Suite for SAP Business One, a solution designed to provide real-time financial reporting on the profitability and productivity of specific jobs, projects and customer accounts. New partner Tenrox will provide Tenrox Release 8, a professional services and workforce automation management functionality within the SAP Business One solution to allow small businesses to enhance operational control and greatly reduce billable and non-billable project time and expense tracking costs and errors by eliminating redundant data entry, management by spreadsheet, poor auditing of approvals and modifications, and file-based or manual imports and exports to financial systems.
  • Current integrated financial management components for SAP Business One include Third Wave Business Systems’ CrystalWave, a reporting tool that tightly integrates SAP Business One with CrystalReports, eliminating the inefficiencies associated with using an external reporting tool and Solver, Inc., offering XL Reporter Consolidations, a tool to automate and speed up the consolidation of financial statements and general ledger account data across SAP Business One databases.

“SAP Business One provides a flexible, easy-to-use solution both for our customers to manage their businesses more effectively and for our solution partners to build applications that meet specific market needs,” said Dan Kraus, vice president, SAP Business One. “Together with our partners, we are building a portfolio of SAP Business One solutions to manage vertical industry and other key business processes so that small businesses can focus on managing their business and avoid the headaches and cost of cobbling together disparate applications.”

Source: SAP AG

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