What Is SAP Accounting Software?

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What Is SAP Accounting Software?

If you have recently joined a company that uses the software package SAP, you may be wondering what is SAP accounting software and how do I use it?

SAP was founded in 1972 by five ex-IBM employees in Germany as a standards-based software alternative to custom-built ERP software, meaning systems applications and products accounting software that greatly simplifies financial accounting and reporting. It will help you to record each month’s transactions and report operating data as well as analyze financial data.

There are thousands of companies worldwide that use SAP to help them with their day-to-day financial transactions and reporting. Simply put, SAP is a powerful financial accounting package that can make the recording of financial transactions an easier task and allow a manager or company owner to know exactly what is going on in his company and the health of his business finances. .

What is the function of SAP?

A company will use this software package to make entries by debiting and crediting financial accounts which include assets, equity, liabilities and expenses and it is also used to prepare budgets to make life much easier.

Components of SAP

SAP is similar to a traditional accounting software package where it includes financial accounts, financial statements, budget departments, and general and subsidiary accounts.

SAP General Ledger

SAP General Ledger helps you to make journal entries where it has two entry accounting forms, an accountant debits and credits financial accounts so that it is easy to record your transactions every month.

SAP Subsidiary Ledger

A popular software package has several subsidiary ledgers, including the payables general ledger.

SAP Fixed Assets

This module will help a company record the purchase and sale of assets, making it easy for them to keep all the information in one place, knowing what their assets are and the value of their assets which may include equipment.

SAP Financial Reporting

By using SAP Financial Reporting, you can make the process of recording all the financial information very easy where the package helps in creating financial reports that include profit and loss as well as your cash flow.

Courses for SAP Accounting Software

If you are looking to work for a company that uses SAP but don’t have the training under your belt, there are many companies that offer training in this software package, which can help you expand your career prospects.

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