{"id":12275,"date":"2012-10-25T17:25:59","date_gmt":"2012-10-25T16:25:59","guid":{"rendered":"http:\/\/timoelliott.com\/blog\/?p=4292"},"modified":"2012-10-25T17:25:59","modified_gmt":"2012-10-25T16:25:59","slug":"rethinking-the-basics-of-finance","status":"publish","type":"post","link":"https:\/\/timoelliott.com\/blog\/2012\/10\/rethinking-the-basics-of-finance.html","title":{"rendered":"Rethinking the Basics of Financial Reporting"},"content":{"rendered":"

\"financials<\/p>\n

The chart of accounts is one of the fundamental building blocks of finance \u2013 but it\u2019s time to rethink it from scratch.<\/p>\n

To organize corporate finances and track financial health, traditional financial systems typically use complex, rigid general ledger structures. The result is painful, unwieldy systems that are not agile enough to support the requirements of modern finance.<\/p>\n

In the financial engines of the future, rigid \u201ccode block\u201d architectures are eliminated, replaced by flexible in-memory structures. The result is a dramatic increase in the flexibility and speed general ledger entries can be stored and retrieved. Organizations can vastly simplify their chart of accounts and minimize or eliminate time-consuming and complex reconciliation, while retaining virtually unlimited flexibility to report on any business dimension they choose.<\/p>\n

At SAPPHIRE NOW in Madrid <\/a>in November, SAP will launch the latest new member of the SAP Cloud<\/strong> family, SAP Financials OnDemand<\/strong>, which uses the power of SAP HANA<\/a> to revolutionize financial reporting.\u00a0It provides agile, intuitive, easy-to-consume financial information, with deep analysis capabilities, personalized streams, and context-based collaboration.\u00a0Here are some more details<\/a> and a sneak peek:<\/p>\n