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Join Us for SAP RAR User Group on November 16, 2017

Posted by Bramasol RevRec Team on Wed, Nov 15, 2017 @ 04:20 AM

Reminder! 

SAP Revenue Accounting and Reporting (RAR) User Group
November 16, 2017 - 12:00 PM EST - 9 AM PST

The next (Eleventh) user group meeting will be held this Thursday November 16, 2017 from 12:00 PM EST - 1:00 PM EST (9:00 AM - 10:00 AM PST). 

Pete Graham, Director Finance Solutions and Mobility, SAP, will cover updates on SAP Revenue Accounting and Reporting (RAR) 1.3 SP03, followed by a Q&A session with attendees.

Register Here to attend the SAP RAR User Group meeting online.

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Topics: SAP RAR

Ease the Burden of Disclosure Reporting with Pre-Built Reports

Posted by Bramasol RevRec Team on Mon, Nov 13, 2017 @ 05:26 AM

RevRecReady-HotTip.jpgThere is less than two months before the mandated adoption of new Revenue Recognition standards ASC 606 and IFRS 15. Since companies need to comply with legal disclosure reporting requirements, including a retrospective dual-reporting period between current ASC 605 and new ASC 606, it is critical that you have a clear disclosure reporting plan in place, NOW!

Using SAP Revenue Accounting and Reporting (RAR) as the engine to track sales contracts and revenue recognition enables implementation of ASC 606 requirements within SAP ERP/ECC, S/4HANA Cloud or 3rd Party ERP environments.  RAR also facilitates the ability to create highly-flexible analytics to provide companies with the specific quantitative information needed to fulfill statutory reporting requirements.

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As the leading co-innovator with SAP on the development of SAP RAR, Bramasol has more SAP RAR implementation projects and active live SAP RAR sites than anyone in the industry.  Bramasol has created a rich set of management and visualization tools to enhance the modeling, pilot, implementation and transition processes. SAP RAR can go-deep on any aspect of revenue recognition and the Bramasol enhancements are designed to visually surface any set of relevant information needed to support accurate understanding and timely decision making.

With Disclosure Reporting now on the near horizon, Bramasol has once again taken proactive steps to help companies stay ahead of the curve by developing a collection of specific reports for public entities to meet ASC 606-10-50x disclosure reporting requirements.

Bramasol’s end-to-end integrated solutions for revenue recognition compliance fit seamlessly within any existing operational and financial systems while providing the detailed information, audit trail, aggregation methodologies and advanced analytics to support statutory disclosure reporting. 

Click Here to Download eBook on RevRec Disclosure Reporting

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Topics: revenue recognition, SAP RAR

Leveraging the Transformative Advantages of Continuous Close Processes

Posted by Bramasol Financial Transformation Team on Mon, Nov 6, 2017 @ 06:33 AM

FinancialTransformation-HotTip.jpgCorporate finance professionals face many challenges. They need to reduce the amount of time spent on inefficient month-end/year-end closing processes, improve their ability to extract timely and accurate financial information and streamline overall operational end-to-end business processes. On the regulatory front, CFOs also must deal with, Revenue Recognition Changes (ASC 606 and IFRS 15), Lease Accounting Changes (ASC 842 & IFRS 16), Financial Instruments Impairments & Disclosures (IFRS 9) as well as on-going changes in the global regulatory environment.

The accelerating set of new challenges and changing compliance requirements threatens to overwhelm the inherent limitations of existing legacy finance and ERP systems.

Most conventional finance management technologies have been in existence for decades and, while they offer a familiar environment, they have significant limitations when it comes to keeping pace with today’s complex and dynamically changing corporate challenges.

Some of the chronic problems that arise from these limitations include:

  • Too much time and energy spent on inefficient month end close processes
  • Difficulty acquiring and accessing accurate data for financial reporting
  • Time wasted reconciling reports based on conflicting data sets

As Elizabeth Milne, Solution Marketing at SAP, put it in a recent blog post on Continuous Accounting:

"Transforming the financial close is not a one-time project; it’s a continuous incremental journey, and the dividends to making even the first few steps to improvement can be substantial. This approach not only cuts the cycle time of the close and reduces risk and audit fees, but also lowers the internal financial and accounting resources dedicated to close tasks. This is an era where CEOs and the broader executive team are looking for finance to move beyond crunching the numbers to interpreting them and acting as a business partner and advisor. Freeing up finance from manual effort and duplicative work and reallocating them is essential to making that shift."

As companies undertake Financial Transformation to become more nimble, react quickly and take advantage of market trends, one key area they're focusing upon is the creation of a Single-Source-of-Truth that eliminates the time-consuming hassles of reconciling various disparate data sets.

Bramasol is a co-innovation leader in the implementation of the SAP S/4HANA Cloud, which provides a high-performance, in-memory, and extensible Digital Core for unifying transactional data and analytics within a single-source-of-truth environment along with a wide range of best-of-breed functionality.

 

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SAP S/4HANA Cloud is a real-time ERP suite for digital business that provides a high-performance and highly flexible platform for addressing the full range of business requirements. It is built on the advanced in-memory platform, SAP HANA, and offers a personalized, consumer-grade user experience with SAP Fiori, as well as tight integration with analytics, communications and collaboration functions.

Key benefits of leveraging this cloud-based Digital Core approach include:

  • Drive to continuous close
  • Consolidation of data source for reporting
  • Improved visibility for compliance with new standards for Revenue Recognition, Leasing and Financial Impairments
  • Real-time cash management

Join the growing number of companies that have already discovered how the transformative capabilities of S/4HANA Cloud can give you real competitive advantages.

Click Here to learn more about Bramasol's Financial Transformation solutions.

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Topics: FinancialTransformation-Hot-Tips

Why Lease Admin Software Must Integrate with Your ERP System

Posted by Bramasol Leasing Administration Team on Mon, Oct 30, 2017 @ 06:16 AM

LeaseAdministration-HotTip.jpgAs companies look ahead to achieving compliance with new lease accounting standards, ASC 842 and IFRS 16, this implementation process also provides an excellent opportunity to significantly improve overall efficiency and effectiveness of enterprise-wide lease administration methodologies.

One of the key opportunity areas is integration between lease administration software and core ERP systems.

Native integration with your existing ERP can provide key benefits, including:

  • Two-way data flows between core ERP system and Nakisa or REFX system
  • Asset accounting, fixed asset, materials and payments flow between ERP system to SLAN and REFX
  • Less customization with minimal maintenance requirement
  • Complete visibility of your leases in the ERP system for easy tracking and traceability 
  • Disclosure reporting for an end-to-end system

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SAP Lease Administration by Nakisa is a purpose built end-to-end lease accounting and administration solution that provides access to company-wide lease data, with the visibility and traceability needed to support and comply with the new regulatory standards.

The SAP Real Estate Management solution is a fully integrated sub component of SAP Finance that
provides a simplified approach to the leasing solution landscape by elimination of complex financial
interfaces, reduction in the number application and real time valuation of finance leases.

Seamless coordination between Lease Administration and Asset Accounting is critical for proper
classification and valuation. By integrating seamlessly with core ERP  platforms, both Lease Administration by Nakisa and, SAP Real Estate Management eliminate any problems with operational silos between these key functions, thereby improving accuracy, auditability and overall administration efficiency. 

As a partner of both SAP and Nakisa, we provide a holistic view to the impact the new Leasing standard will have on your organization. Our methodology and approach helps ensure that you can meet the upcoming changes to the standards. Bramasol works with you to evaluate the system changes needed under the new regulations, determine how significant they will be going forward, and lay out a path toward implementation with an emphasis on the impact to the SAP system. 

For more information on Bramasol's lease accounting services, visit https://www.bramasol.com/solutions/leasing/ 

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Topics: Leasing-Hot-Tips

Structured Data Migration is Critical for Revenue Recognition Compliance

Posted by Bramasol RevRec Team on Mon, Oct 23, 2017 @ 06:04 AM

RevRecReady-HotTip.jpgNew Revenue Recognition standards, ASC 606 and IFRS 15, are mandated to take effect in January 2018, which is now less than three months away. 

Companies that are serious about achieving compliance should already be actively immersed in the data migration process.  Unfortunately, many companies are struggling with how to go about this key factor for success.

Data Migration is essentially the process involved with copying an organization’s key data from one device to another device ideally without disturbing or deactivating live applications.

As an industry leader in implementation of the new RevRec standards, with extensive experience in change management, Bramasol has developed a proven, structured methodology for Data Migration, which was detailed in our recent webinar on September 28, 2017.

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Click Here to View the Webinar Video on "SAP RAR Data Migration and Reporting".

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Topics: revrec hot-tips

Webinar Oct 26: Cloud for Planning and Financial Transformation

Posted by Bramasol Financial Transformation Team on Tue, Oct 17, 2017 @ 07:34 AM

Are you perfectly satisfied with your financial planning and quarterly/annual closing processes?  If so, please stop reading now.

 

However, if you'd like to learn more about how Cloud for Planning and Financial Transformation solutions can help you get ahead of the curve in 2018 and take better control of your company's fiscal well being, then you should tune in for the next webinar in Bramasol's series for CFOs.

Cloud for Planning: 
Enhancing Scalability and Flexibility with Financial Transformation
October 26, 2017at 10 AM PDT - 1 PM EDT

In this webinar, we will show how CFOs can leverage significant new technology trends and solutions, such as S/4HANA Cloud, Analytics and Best-of-Breed applications to unify financial and operational systems into a single-source-of-truth for business planning.

Click Here to Register for this Webinar

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Topics: financial transformation, S/4 HANA Cloud

Hot-Tip: Cloud Analytics and S/4HANA are Driving Financial Transformation

Posted by Bramasol Financial Transformation Team on Fri, Oct 13, 2017 @ 07:16 AM

FinancialTransformation-HotTip.jpgFinancial Transformation is happening now, driven by new cloud-based technologies that bring together analytics, transactional data and best-of-breed applications within a unified Digital Core.

Most conventional finance management technologies have been in existence for decades and, while they may offer a familiar environment, the lack of unified solutions create significant limitations when it comes to keeping pace with today’s complex and dynamically changing corporate challenges.

Some of the chronic problems that arise from these limitations include:

  • Inefficient separation of analytical capabilities and transaction data
  • Inability to accurately aggregate disparate data for decision-making
  • Lack of support to business transformation initiatives
  • Dependence on IT staff for creating specialized and ad hoc reports
  • Loss of productivity due to users juggling multiple systems and data sources

Because of these issues, most companies are forced to spend an inordinate amount of time coping with mundane but necessary challenges such as “keeping the lights on” and juggling data sources just to keep their head above water. Industry surveys indicate that 72 percent of time is spent on such problems.

Companies that have proactively begun Financial Transformation programs are already experiencing important benefits including:

  • Ability to adopt Best Practices 
  • Real-time and predictive analytics
  • Faster closing processes
  • Improved support for compliance requirements
  • Enhanced productivity through “native” workflow integration

The newest eBook from Bramasol shows how the SAP Digital Core overcomes the challenges of outdated legacy systems by combining transactional data, cloud-based analytics capabilities and integrated best-of-breed applications within a seamless ecosystem that optimizes productivity, ease-of-use and extensibility.

This eBook also includes a step-by-step use-case example showing the seamless interaction of SAP Cloud Analytics and SAP S/4HANA Cloud ERP operational functionality. This example simulates an Oil & Gas industry situation with a revenue discrepancy and illustrates the flow between analytics and operational processes.

Click Here to Download eBook: "Leveraging Cloud-based Analytics, User-Definable Dashboards and S/4HANA Cloud for Financial Transformation".

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Topics: analytics, financial transformation, FinancialTransformation-Hot-Tips

ASC 842 and IFRS 16 Lease Accounting is Different for Real Estate vs. Equipment

Posted by Bramasol Leasing Administration Team on Mon, Oct 9, 2017 @ 06:33 AM

LeaseAdministration-HotTip.jpgIn 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019. Both IFRS 16 and ASC 842 are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting.

These changes will impact virtually all companies, whether lessors or lessees. Regardless of your company's size or industry, under the new standards your balance sheet will be different. 

When putting together your compliance plans for ASC 842 and IFRS 16, it is important to understand that solutions for real estate leases vs. equipment leases require very different features and capabilities.

Real estate leases tend to include specific issues such as tenant improvements, utilities, triple-net expenses, sub-leasing contracts, space utilization tracking, taxes, etc. that are not applicable for equipment leases.

On the other hand, equipment leases have a myriad of potential factors that need to be addressed by lease accounting solutions including, service contracts, maintenance schedules, trade-in options, utilization tracking, re-sale value, etc.

Although the compliance requirements specified in the new standards apply to both real estate and equipment leases, the processes for managing and accounting for these leases need purpose-built solutions.  Some people compare it to choosing the correct bicycle for your planned route.  You wouldn't attempt to navigate a rough mountain trail in a road bike any more than you'd choose a mountain bike to compete in a road race.  Matching the solution to your needs is the best way to achieve success.

That's one reason that, at Bramasol, we have developed deep expertise for implementing and supporting  two purpose-built, best-of-breed, feature-rich solutions: SAP Flexible Real Estate Management (RE-FX) and SAP Lease Administration by Nakisa.  As part of our overall lease administration and accounting initiatives, we have also developed detailed processes for compliance and disclosure reporting for ASC 842 and IFRS 16.

Click here to learn more about Bramasol's Lease Administration solutions and services.

 

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Topics: leasing, Leasing-Hot-Tips

Webinar Oct 19 - The SEC is Watching. Tips and Tricks for Compliance with ASC606, IFRS15, ASC842 and IFRS 16

Posted by Bramasol RevRec Team on Sat, Oct 7, 2017 @ 08:13 AM

On October 19, 2017, we invite you to attend the next webinar in Bramasol's highly regarded series on Revenue Recognition issues.

"The SEC is Watching: Tips and Tricks for Compliance with ASC 606, IFRS 15, ASC 842 and IFRS 16" October 19, 2017 10 AM PDT - 1 PM EDT

IFRS 15 / ASC 606 (revenue recognition) and IFRS 16 / ASC 842 (leases) are important new accounting standards that will require offices of the CFOs to implement new accounting software. SAP and Bramasol have been following these accounting standards diligently and have several solutions that help offices of the CFO to enable compliance. 

Learning Objectives for this webinar include: 

  • See how SAP and Bramasol support customers by assisting with compliance initiatives relative to IFRS 15 / ASC 606 & IFRS 16 / ASC 842 
  • Insights and Best Practices based on hands-on experience with real world projects 
  • Understand Bramasol's Methodologies, Tools and Practical Experience that can get you started now 

For anyone involved in Revenue Accounting, Lease Accounting, or Compliance and Reporting this is a must attend session to navigate the complexities and unique challenges of executing a successful project. 

Click Here to Register for this Important Webinar

Watch the trailer video below:

 

 

 Register Now

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Topics: revenue recognition

Video: SAP RAR Data Migration and Reporting

Posted by Bramasol RevRec Team on Wed, Oct 4, 2017 @ 12:00 AM

The video of our latest Revenue Recognition Webinar is now available for viewing online.

Held on September 28, 2017, "SAP RAR - Data Migration and Reporting" featured a detailed presentation on the structured process of Data Migration with a focus on the five-step process including:

  1. Landscape Analysis
  2. Migration Design & Build
  3. Data Extraction and Archive
  4. Transformation and Validation
  5. Data Load and Reconciliation

The presentation was followed by a lively interactive panel discussion with a group of Bramasol experts with deep experience on the front lines of implementing revenue recognition projects with SAP RAR.  Together, these members of Bramasol's Center of Excellence have decades of experience with revenue recognition and data migration issues, including working closely with SAP and early adopters since the inception of the SAP Revenue Accounting and Reporting (RAR) application.

Bramasol is the Revenue Accounting and Recognition leader and a recognized SAP Revenue Recognition services partner for companies seeking to implement the ASC 606 and IFRS 15 standards. Our SAP-certified experts, participated in the majority of early product Ramp-ups and have worked on more SAP RevRec projects than any other company. 

Bramasol is the first SAP RevRec expert to develop a proven methodology, RADARR, based on dozens of projects and is the leader in providing innovations and solutions for complex RevRec challenges. We are the first to offer a suite of tools and reports the will gather all the key data for your disclosure reporting into one place and has pre-built management reports to help you deliver insights that drive action.

Click to View this Video and others from the Bramasol RevRec Webinar Series

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Topics: SAP RAR

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