Improving Financial Close with SAP S/4HANA Finance Tools

When using SAP S/4HANA to perform a hard financial close, there are a handful of tools available to achieve increased efficiency, governance, and insight.


In this blog post, you’ll learn about two such tools: the SAP Financial Closing cockpit for SAP S/4HANA, and SAP S/4HANA Cloud for Advanced Financial Closing.


SAP Financial Closing Cockpit for SAP S/4HANA

Organizations currently running SAP ERP might already be familiar with the SAP Financial Closing cockpit, a monitoring tool delivered as an add-on that lists the steps to be performed as part of the close as a template, creates a schedule of the tasks to be performed as part of a particular close (the task list), and then monitors the execution of the tasks in that close.


However, as of SAP S/4HANA 1709, this tool has been converted and integrated directly into the SAP S/4HANA environment. Because the cockpit sits directly on top of the Universal Journal, it leverages the single source of truth. (Explore some key Universal Journal SAP Fiori apps here.)


The SAP Financial Closing cockpit for SAP S/4HANA supports the planning, execution, monitoring, and analysis of financial closing tasks for the entities of your group that recur periodically (i.e., daily, monthly, and yearly), involve multiple agents, and have a fixed chronological sequence in the closing process.


It optimizes the financial close process by controlling each step of the close cycle, processing posting, and producing reports through five core capabilities:

  • Highly automated, standardized functionality to manage accounting and reconciliation activities (including event-driven and remote task execution)
  • Scheduling tools that help you sequence, monitor, and control workflows across your organization, so the entire close process moves along efficiently (including interpreting jobs from SAP Central Process Scheduling and other job schedulers)
  • Closing templates
  • Support for multiple factory calendars
  • Full monitoring of the entire closing process, including flexible notifications

As an illustration, let’s look at how task lists work within the SAP Financial Closing cockpit. As you can see below, financial close personnel can access their task lists and closing tasks directly through the SAP Fiori launchpad.


SAP Financial Closing Cockpit


Furthermore, drilling down into the Closing Cockpit Task List tile produces an overview of the different tasks, their statuses, and much more information. It can also display dependencies, notes and attachments, log information, and so on.


SAP Financial Closing Cockpit


Elements like the central storage of logs and attachments, the ability to set authorizations (e.g., on task or organizational unit level), and comprehensive audit trails and internal controls help ensure compliance and proper governance of the closing process.


To deliver complete insights throughout the entire process, pre-delivered KPIs like the ones in in the next figure and reports (like Gantt charts) offer a clear view of closing activities across entities and close cycles.


SAP S/4HANA Financial Close


Taken together, the SAP Financial Closing cockpit for SAP S/4HANA supports planning, executing, monitoring, and analyzing financial closing tasks for the entities of your group. However, remember that delivering a faster close on the level of the individual entity alone is not enough. Financial information should be made available on the (sub)consolidated level as well. Another SAP S/4HANA closing tool is on the horizon to address this gap.


SAP S/4HANA Cloud for Advanced Financial Closing

As of spring 2019, an end-to-end closing monitor or “extended version” of the SAP Financial Closing cockpit for SAP S/4HANA was in the works at SAP.


SAP S/4HANA Cloud for advanced financial closing is a cloud-only solution that first became available with the SAP S/4HANA Cloud 1811 release. The first iteration that connects to SAP S/4HANA 1809 is available with SAP S/4HANA 1809 FSP 01, requiring SAP S/4HANA Cloud for advanced financial closing 1902.


This connection to on-premise SAP S/4HANA also means that this application can be used as a closing hub, which enables you to plan, process, and monitor your financial closing for multiple on-premise systems. This first release in FSP 01 focuses on entity and group close, with financial reporting on the roadmap.


With the first release, the following capabilities are planned to be delivered and are largely in line with the classic SAP Financial Closing cockpit for SAP S/4HANA, but with a further modernized and fully SAP Fiori–based user experience:

  • You can define templates to model and plan closing cycles in terms of manual and automated tasks.
  • Task lists can be generated from templates for specific key dates.
  • Task template sets comprise all standard closing applications and jobs with their respective sequences and interdependencies for accounts receivable, accounts payable, general ledger accounting, and cost accounting.
  • You can configure the system so that notifications are automatically triggered and sent upon certain events.
  • Closing tasks optionally can be subject to approval, which can be modeled in an approval workflow.
  • Financial close monitoring is enabled through an overview page and an analytical list page to monitor progress and completion of your closing activities. To clarify the content of these monitoring capabilities, explore these system examples:
SAP Financial Closing Overview


Closing Task Completion


Country-specific closing tasks will be supported initially for the United States and Germany, but specific content for other countries is expected in the form of extending the task templates.



SAP S/4HANA Finance brings many advancements to processes such as hard financial close and period-end closing. In this blog post, you explored two tools available to help facilitate a hard financial close.


Learn more about how SAP S/4HANA Finance can help with entity close in this post.


Editor’s note: This post has been adapted from a section of the book SAP S/4HANA Finance: The Reference Guide to What’s New by Janet Salmon and Michel Haesendonckx.


SAP S/4HANA Finance: The Reference Guide to What’s New
SAP S/4HANA Finance: The Reference Guide to What’s New

With this guide to SAP S/4HANA Finance’s innovations, uncover the fundamental changes that can transform your finance organization. You’ve heard about Universal Journal, real-time processes, and UI improvements—now learn how these changes will actually impact your accounting practices. From the redesigned steering model and unified planning to consolidation and real-time close, see where new processes affect your business users and how system efficiencies benefit your bottom line.

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