Part 1: ERP and Finance Transformation (Research Task) The CFO at a company has recently became aware of an accounting industry trend loosely referred to as ‘Finance Transformation’, and he is...

Finance Transformation        1
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Contents
Part 1    2
Introduction    2
Aim or Focus    2
Finance Business Partnering    2
The Role of Information Technology    3
The Role of Big Data and Analytics    4
Three Finance Transformation Service Providers    5
Conclusion    6
Part 2    7
Q1. What is Master Data Management and its role in SAP?    7
Q2. What is Day‐To‐Day Transaction Processing and role in SAP?    8
Q3. What is closing and reporting and its role in sap?    8
References    10
Part 1
Introduction
Finance an important sector in a business demands updating with the changing business trends. As defined by the Deloitte, Finance transformation is group of methods those support the finance executives of an organization in assessing their vision and strategy related to finance and also assist in designing and implementing it so that the overall value of finance could be improved (Arnaboldi, 2013). The given report will define and explain various terms related to financial transformation to develop an understanding about the topic.
Aim or Focus
Transformation typically aims at:
Governance- This transformation aspect includes the budgeting, auditing, and accounting responsibilities of an organization.
Scale- To identify the organizational requirements and efficiently manage the capital and integrate in the growing business.
Services- with the implementation of new and advanced analytics finance transformation provides financial insight to its customers (Shkodina, Timoshenkov and Nashchekina, 2018) .
Finance Business Partnering
Accountants are the Finance Business Partners of a business those work inclusively to develop an active and real partnership with management as well as operations. Their main role is to deliver support and analysis that is ‘Real Timed’ by being a trusted advisor. Also, it adds value that helps in decision-making in an organization. The most important skills needed by a finance business partner is to be analytical, communicative, and commercial. Some basic roles they have to play includes the following: -
· They have to play the role of a translator between operations and finance.
· The help in manipulating the big and small data to interpret it and make useful for financial benefits of the organization.
· They participate in the daily financial activities of the business.
· Financial business partners are always financially aware and provide support in understanding and anticipating the management and operational needs of a business.
· The have to be a problem-solving thinking process.
· Ethics should part of their working process as they are dealing with the financial factors of a company.
· Learning from the past and improving the future is the working style of the financial business partners (Szymborska, 2016).
The Role of Information Technology
The business corporations are incorporating innovative technologies into their business model as it helps in making the new-age firms efficient which add value to it. In the finance department also, technology is helping in quick wins. Some ways that incorporation of technology and transforming finance could be beneficial for the company are as follows:
· It improves the efficiency of the company by decreasing the cost of the overall process and improving the organizational scalability.
· Innovation increases the financial work process’s effectiveness by reducing the transaction e
or rates, improving the cycle-time, and removing the transaction re-works.
· The digital transformation allows the business partnerships to develop and attain the organizational strategic objectives, optimizing the working capital, and developing the finance process as trusted strategic guide.
· Forces industry-oriented working to reduce, simplify, and standardize the complexity.
· The transformation holds around the standardized regulatory compliance working to moderate business disruption which enables the finance process to provide the compliance as a service for transformed and disrupted business functions and projects (Schwarcz, 2012).
 The Role of Big Data and Analytics 
The small data is no smaller and the big data is getting bigger measuring not long in terabytes and today in zettabytes. For any Financial process the...