Magnitude SourceConnect is designed for IT departments that need to migrate their legacy finance applications to the SAP S/4HANA platform. The solution reduces complexity by providing a ready-to-use solution that is based on SAP’s open architecture and existing code base. It also provides a seamless approach to migration by taking advantage of the extensive industry knowledge at Magnitude and its partners.
Magnitude SourceConnect provides end-to-end support on the SAP S/4HANA platform and is designed to simplify the implementation process. It offers a complete solution for managing source systems, systems integration, configuration management, testing, and deployment. The pre-packaged software solution can be deployed quickly by organizations with limited IT resources.
Magnitude SourceConnect offers a variety of features including:
- Unified data management across multiple sources – manage all your data from one source using one tool
- Easy integration with enterprise applications – integrate with any Windows-based application or third-party channel partner
- Complete configuration management – automate the creation of custom fields in SAP S/4HANA and configure multiple conditions for each field
- Easy integration with other ERP systems – integrate with any ERP system using native integrations or third-party channel partners
SAP Central Finance
SAP Central Finance is a solution designed to manage all financial activities, including accounts payable, accounts receivable, loans and investments, cash management, and more. It provides an integrated view of your entire financial system through a single user interface.
Central Finance contains many different modules, including:
- SAP Financial Accounting – Provides comprehensive accounting functionality for companies with multiple locations and subsidiaries. With Central Finance, you can manage your worldwide income statement, balance sheet, and profit/loss statement from one place.
- SAP Financial Planning – Provides an integrated solution for financial planning that combines forecasting with cash flow analysis tools. You can manage your budgeting process with Central Finance, including creating cash forecasts and budgetary reports.
- SAP Human Capital Management – Allows you to capture employee information such as salary information, job titles, and HR policies in one place so it’s easy to access on demand.
Some of the key features of SAP Central Finance include:
- Cash management functions: Cash flow management (CFR) includes managing cash inflows and outflows in order to achieve the company’s target cash balance at any point in time. You can also ensure that all employee payments are completed on time by controlling the payments made against each employee’s salary account.
- Payroll functions: The system provides functionality for payroll processing, including payroll tax calculations and payments; pay period management; roll-up for employees who work in different locations; and calculation of employee wages based on their classification codes or job titles.
- Accounts receivable function: This function provides a customer profile for each customer with whom you have been dealing over the past months. It also provides information about the customer’s past performance with you so that you can make better decisions when it comes to assigning invoices or collecting money from customers who are late with their payments.
Want to learn more?
TekSkilled is offering a course on SAP Central Finance with Magnitude SourceConnect. Sign up if you want to learn more about the subject. TekSkilled is one of the top SAP specialized training organizations, offering a wide range of programs – helping students get certified. Check out its other courses here.