SAP Expands SME Financial Offering

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SAP Expands SME Financial Offering

SAP has increased it portfolio of financial management applications for the small and midsize (SME).

The offerings are through SAP's technology partners for SAP® Business One. Partners included Altec, FXport Technology and Information Systems Group and Tenrox.

New functionality is available for finance and accounting, including document management, project accounting and risk management.

The components integrate with SAP Business ONE. SAP's application is marketed as an affordable business management software solution. The target is to automate financials and accounting, forming part of companies 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."

Now that Sarbanes-Oxley is maturing, many companies will be seeking to automate the SOX review process. In particular compliance with Sections 404 on internal control.

Moving on from simple compliance, companies are investingating the automation of those same internal controls.

*Altec will offer Doc-Link™ an application to enable Business One eliminate office paperwork.
*Fxport is offering FxportADVISOR, a structured and collaborative currency risk management solution.
*Information Systems Group, Inc. (isgi), also an SAP Business One reseller, supplies Project Accounting Suite for SAP Business One.
*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.