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SAP and ERP Systems to Help Create Transparency

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Explain how ERP systems and SAP help to insure auditing transparency in managerial and financial accounting.

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This solution discusses SAP an ERP systems that can help create transparency.

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1) About ERP Systems & SAP
ERP stands for Enterprise Resource Planning. It is a process through which an organization integrates the business management and technology. Through the ERP system the important information gets transferred between departments in an orderly manner. There are three main types of ERP systems which are used by large businesses- SAP, Oracle, and PeopleSoft.
SAP is the acronym for Systems, Applications and Products in Data Processing. SAP is an ERP system that is capable of integrating multiple applications where each application can be a different business area. These applications ensure that real time information is exchanged at any point in time. SAP is a complicated ERP system which requires a professional to program it for the intended use. SAP operates on the fourth generation programming language called the Advance Business Application Programming (ABAP). SAP provides functionality in three basic business areas:
• Sales & Distribution (SD)
• Materials Management (MM)
• Warehouse Management (WM)
• Production Planning (PP)
• General Logistics (LO)
• Quality Management (QM)
• Financial Accounting (FI)
• Controlling (CO)
• Enterprise Controlling (EC)
• Investment Management (IM)
• Treasury (TR)
Human Resources
• Personnel Administration (PA)
• Personnel Department (PD)

2) Role In Management And Financial Accounting
ERP systems are designed for aiding the company with financial accounting function and for providing control over various other aspects of company's business such as sales, delivery, production, inventory, and human resources. The Financials of an ERP system enables an organization to build a secure and transparent accounting system, and manage the ...

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