Number of Words : 2911
Number of References : 15
This assignment is based on the following requirement –
Accounting can be classified into Financial and Management Accounting. Explain these classifications with reference to some of the activities of these two areas. Research how your current SAP software meets the requirements of these activities.
Your SAP software has some features to manage credit, cater for subsidiaries, do currency translation, carry out intercompany transactions and provide reports using different languages. With reference to your SAP software, research these features.
As a result of Sarbane-Oxley Act, ERP software had to be changed to cater for the requirements of this Act. Some of these changes include amongst others Archiving, Authorisation, Tolerance levels, fiscal transparency etc. Research these changes together with any other changes in respect to the SAP software you are using.
There have been many success stories of companies using SAP ERP software and a few failures. Research 3 success stories and 3 failures.
Financial accounting and management accounting are essential components of business economics. While financial accounting is aimed at external users, management accounting is used by the internal users. Financial accounting is mandatory for all organizations as statutory need. Management accounting is optional though very few companies afford to do away with it. MySAP is an enterprise resource planning suite that is widely discussed and implemented too by many organizations to enable speedy and effective accounting of all types. MySAP ERP allows for both financial as well as management accounting. There have been many instances of subtle irregularities in financial reporting, which finally led to the Sarbanes-Oxley Act. The act makes it compulsory for all the organizations to do financial reporting in the format prescribed by it and the act also makes managers of organizations responsible for the content of the reports. MySAP ERP allows for effective financial reporting under the implications of Sarbanes-Oxley Act. There have been many success stories of MySAP ERP implementation and there have been a few failures too. The paper finds the implementation of MySAP ERP to produce efficiency, speedy reporting and integration of many organizational processes in the effective manner.<br />
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