In April 2007, BusinessObjects announced the acquisition of the software vendor Cartesis for its statutory consolidation and financial reporting tool, Cartesis Magnitude, in order to provide a comprehensive enterprise performance management solution. After the subsequent acquisition of BusinessObjects by SAP later that year, the tool was re-branded SAP BFC (BusinessObjects Financial Consolidation) and has been positioned by SAP as its principle software solution for the financial close of large scale, multinational enterprises.
SAP BFC is able to support the requirements for the financial close of large scale enterprises due to its ability to maintain complex data models, and its ability to support business logic for multiple GAAPs or for multiple data cycles such as the submission and consolidation actuals, data collection and reporting of budget, forecasting, strategic plan or more specific data submissions such as CAPEX.
The data model, business logic and reporting for these data cycles can be stored within one database which cuts down on the time to submit while allowing the finance community to have one version of the truth. The following capabilities of the application support this "all in one database approach:
- Ability to support of up to 40 dimensions, 22 of which can be user defined.
- Ability to create multiple data cycles, based on the rich level of dimensionality within the application, which can be either highly integrated or segregated depending on the reporting requirements.
- Ability to support highly complex, visual data validations.
- Ability to support multiple organizational structures (Matrix consolidation) or consolidation scopes with different rates of exchange and varying consolidation methods.
- Ability to support relatively "straight forward types of consolidation logic such as intercompany reconciliations and eliminations to complex, industry specific business rules. Integrated reporting for various types of analysis, drill downs, etc.
- Highly scalable n-tiered architecture capable of supporting a large user base via its thick client, web client or Excel add-in. The application is also fully compatible with Microsoft SQL Server or Oracle Database.
element61s consultants are constantly following the most recent developments of SAP BFC and the broader BusinessObjects platform, to be able to offer the best solution towards our customers.
Contact us to learn more about the SAP BusinessObjects BFC Financial Consolidation solution or functional or technical assistance in your implementation.