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The newest eBook from Bramasol shows how the SAP Digital Core overcomes the challenges of outdated legacy systems by combining transactional data, cloud-based analytics capabilities and integrated best-of-breed applications within a seamless ecosystem that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

New eBook: Lease Admin Solutions Need Scalability, Enterprise Performance and Native Integration

Posted by Bramasol Leasing Administration Team on Tue, Oct 3, 2017 @ 10:45 AM

In 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.

In addition to presenting a new set of challenges that need to be addressed in the near term, the changes in lease accounting also offer an excellent opportunity for companies to make major improvements in their end-to-end lease management practices.

All companies, whether lessors, lessees or both, need to leverage the process of changing their lease management methodologies. This will allow them to gain better visibility of their lease portfolios, streamline the process of lease management and reduce overall costs.

As long-term innovation partners with SAP, Bramasol and Nakisa have brought together a comprehensive set of solutions and expertise to help companies assess and prepare for the new FASB and IASB leasing standards. These solutions unify disparate leasing data and provide enhanced visibility for companies to make informed decisions on their lease portfolios, assets and liabilities while conforming with the new requirements.

This new eBook provides a closer look at the key issues of Scalability, Enterprise Performance and Native Integration that are critical factors for success in implementation of new lease administration processes that maximize compliance, efficiency and extensibility.

Click here to download the eBook on Lease Admin Scalability, Enterprise Performance and Native Integration.

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Topics: leasing

Less than 90 Days Left for RevRec Compliance

Posted by Bramasol RevRec Team on Sat, Sep 30, 2017 @ 09:53 AM

RevRecReady-HotTip.jpgThe new Revenue Recognition standards (ASC 606 and IFRS 15) are mandated for implementation by January 1, 2018.  Yes, that is less than three months from now! 

Time is rapidly running out an the clock not your friend!

Companies that haven't already started projects are now dangerously behind. In fact, it's way too late to start a custom revenue recognition solution from scratch.

If you're all set and fully #RevRecReady - Congratulations!

If not, here are some resources that can help:

If you need personalized help or just want to bounce some questions off an expert, contact us.

Request RevRec Consulting Support

 

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Topics: revenue recognition, revrec hot-tips, RevRec hot-news

New eBook: Advanced Analytics, Dashboards and S/4HANA Cloud for Financial Transformation

Posted by Bramasol Financial Transformation Team on Sat, Sep 30, 2017 @ 07:11 AM

Integrating Key Functions Drives Insight-to-Action

AnalyticsEbook.jpg

As part of our ongoing series on Financial Transformation, this eBook provides an in-depth look at how advanced cloud-based applications and the Digital Core can be leveraged to conduct real-time and predictive analytics that drive more accurate results and higher productivity.

"Leveraging Cloud-based Analytics, User-Definable Dashboards and S/4HANA Cloud for Financial Transformation"

In addition to an overview of Financial Transformation goals, opportunities and enabling technologies, this eBook also provides a step-by-step use-case example of how SAP Analytics and S/4HANA Cloud can be integrated to quickly identify and resolve operational issues.

Click Here to Download the ebook

 

For more on this important topic, view our recent Financial Transformation Webinars

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Topics: financial transformation

See Bramasol at SAP Financial Excellence Forum Oct 10-11

Posted by Bramasol on Wed, Sep 27, 2017 @ 12:00 AM

Please join with Bramasol at SAP Financial Excellence Forum October 10-11, 2017 in New York City to learn how top organizations are transforming their financial management processes.

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In addition to being available to discuss our industry-leading initiatives in Revenue Recognition, Lease Accounting/Administration and Financial Transformation, Bramasol will be teaming with SAP for the following special presentation on Wednesday, Oct 11, 2017.

Time & Place: October 11, 2017 at 1:30 PM at The Harvard Club, NYC.

Title: " The SEC is watching.  Tips and Tricks for how you can be better prepared for Revenue Recognition (ASC 606/IFRS 15) and Leasing (ASC 842/IFRS16) compliance."

Abstract:

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

In 2014, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) issued the new International Financial Reporting Standard (IFRS 15 / ASU 2014-09, ASC 606) which specifies the accounting rules for revenue recognition. In order to support our customers to enable compliance with this new standard, SAP has provided a new solution called SAP Revenue Accounting and Reporting (RAR) generally available (GA) since March 31, 2015. With this solution, SAP addresses requirements derived from this new accounting standard as well as generic requirements related to the current revenue recognition standards across various accounting principles.

In 2016, the International Accounting Standards Board (IASB) published IFRS 16 Leases which specifies the accounting rules for leases impacting mainly lessees. SAP solutions provide customers with important information about assets and liabilities arising from operating leases allowing customers to gain full visibility into their lease portfolio. Thus, SAP and Bramasol help our customers get a complete and understandable picture of an entity’s leasing activities.

In a recent conference and speeches, the SEC has indicated it will apply increased scrutiny to disclosures and internal controls (Internal Controls for Financial Reporting)  associated with ASC 606 for Revenue Recognition and ASC 842 for Leasing.  Join our experts from SAP and Bramasol  who will focus on disclosure reporting, building an automated solution, demonstrating critical controls auditors will focus on, and completing the migrations to the new regulation (ASC 606, IFRS 15).    

Learning Objectives for this session:

  • See how SAP supports 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. 

 

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Topics: revenue recognition, leasing

Webinar Video: Financial Transformation Accelerates Expense Management

Posted by Bramasol Financial Transformation Team on Fri, Sep 22, 2017 @ 11:27 AM

The video of the latest webinar in our series on Financial Transformation is now available for viewing.

"How Financial Transformation Accelerates Expense Management"
Recorded on September 21, 2017

In this webinar video, we address the key benefits of Financial Transformation, which include:

  • Single-source-of-truth for predictive and real-time decision-making
  • Repeatable & sustainable processes to accelerate closing (monthly, quarterly & annual)
  • Improved responsiveness to new regulatory and compliance requirements
  • Integration of best-fit applications for key functions (HR, expenses, supply chain, etc.)

Included in this webinar is a hands-on demonstration of how the Digital Core and SAP S/4HANA Cloud can be integrated specifically with SuccessFactors Human Capital Management (HCM) and Concur expense management functions.

Click Here to View all Videos in the Bramasol Financial Transformation Webinar Series.

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Topics: leasing

RevRec Events at SAP Automotive Best Practices

Posted by Bramasol RevRec Team on Sat, Sep 16, 2017 @ 12:00 AM

Join Bramasol at Best Practices for Automotive and be sure to attend the two special sessions on Revenue Recognition detailed below.

September 18-20, 2017, MGM Grand Detroit, Michigan

BorgWarner’s Revenue Recognition Journey: How We Met the New ASC606/IFRS15 Standard
Tuesday, September 19, 2017 at 2:25-3:05 PM (FINANCE Track)

In 2014, BorgWarner became aware of a new common revenue recognition standard for U.S. GAAP and IFRS, known as ASC606/IFRS15, that would impact how we recognized revenue and make fundamental changes to our accounting practices. BorgWarner had to identify the key requirements of the new standard and determine to what extent it would affected our business. Working with key stakeholders within BorgWarner and internal/external auditors, we were able to define the record keeping and accounting requirements and classify the impact into five main scenarios. Once these scenarios were identified, BorgWarner had to select the best solution for handling them. This solution would require the creation of a contract repository and a software tool to meet the new standard’s audit and accounting requirements. This presentation details the process that BorgWarner used to define the impact of ASC606/IFRS15, identify scenarios related to this, select and implement a solution.

Key Business Benefits:

    • Compliance with the new ASC606/IFRS15 Revenue Recognition Accounting Standard
    • Collaboration between two Global SAP Teams to provide one global solution for use by over 75 locations worldwide across 2 SAP instances.
    • Creation of a strong global team to meet future business challenges.
Presenter: Ronald Shoemaker
Senior Manager FICO, SAP Team, BorgWarner Inc.

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Workshop: Getting Ready for New Leasing & RevRec Standards, The Clock is Ticking

Wednesday, September 20, 2017 at 1:30-2:10 PM (FINANCE Track)

With less than a year to go for RevRec and 18 months for Leasing, will you be ready to comply with the new IFRS 15/ASC 606 and IFRS 16 and ASC 842 standards?  In this workshop, we will share with you what is needed to be ready, cover some speedbumps to watch out for and myths about both of these subjects.  If you want to be ready with a complete, integrated, scalable solution from SAP, this workshop is for you.

Presenter: John Froelich
Vice President - Strategic Accounts and Marketing , Bramasol Inc.
 
For a personal consultation on Revenue Recognition, SAP Lease Administration, S/4HANA Cloud or Financial Transformation, visit Bramasol at Booth#26.
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Whether or not you can make the Best Practices for Automotive conference, you or a colleague may also be interested in attending one of these upcoming webinars:
 
How Financial Transformation Accelerates Expense Management
September 21, 2017 at 10:00 AM PDT - 1 PM EDT

SAP RAR - Data Migration and Reporting
September 28, 2017 at 10:00 AM PDT - 1 PM EDT
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Topics: revenue recognition

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