SAP Financials On Demand Review - why 4.5 stars?

Shlomi Lavi / updated: Mar 04, 2022

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What is SAP Financials On Demand?

SAP launched Financials OnDemand in late 2012 as a stand-alone financial management solution designed exclusively for the cloud. It tracks end-to-end financial transactions from order to cash and procurement to payment, provides rich embedded data analytics focused on KPIs, and supports mobile devices as well.

SAP has been the acknowledged world leader in Enterprise software for many years, and has a long history with financial management solutions with a well established global customer base. Financials OnDemand is part of SAP’s One Cloud strategy to bring together many of its major Enterprise solutions into the Cloud, which is considered one of its fastest growing business areas.

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Who is it best for?

Financials OnDemand has been designed to target medium and large businesses and is primarily focused on the Finance departments in these organizations.

It can be used by accountants to manage the complete financial process, by the Finance Manger or CFO to oversee the overall financial operations, as well as executive management to monitor real-time financial performance.

Financials OnDemand is not focused on any one industry vertical, but is instead viewed as a cross industry product that can address financial requirements in various business settings. The product has a growing customer base which includes a variety of companies such as Aasonn, Citrix, T-Mobile, Nespresso and Hilti to name a few.

Main features and functionalities

As it is a cloud based solution, Financials OnDemand can provide complete control of your financial operations with universal access via your mobile device.

It can help transform your financial data through advanced analytics into strategic information which is visible for all of your business lines. Additionally you can get a real-time view of the company’s liquidity and cash flow. The product has been designed to incorporate both local and global accounting rules to ensure financial transactions are streamlined and thereby increasing overall productivity.

There is also a seamless integration with SAP’s other cloud offerings including Sales, Travel and Payroll allowing a migration path to a full enterprise cloud solution as and when your company is ready.

What is the actual cost?

ITQlick pricing score is 4.8 out of 10 (10 is most expensive). Access ITQlick pricing guide for SAP Financials On Demand.

Pros

• Financials OnDemand is standalone application with an open architecture that allows it to easily integrate financials with other LOB solutions.
• It ensures compliance through transparent document flows and controlled workflows, with support for many global accounting methods.
• The software allows secure enterprise collaboration of financial data through JAM social network.
• Utilization of HANA by Financials OnDemand allows for high speed data processing and multi- dimensional reporting.
• It is designed to provide a Single Source of Truth so there is no need for financial data reconciliation.

Cons

• Customers’ resistance to put critical financial data into cloud based solutions such as Financials OnDemand.
• The software is not suited for the SME market.
• It is a standalone product and there are still many customers that are looking for a single, tightly integrated ERP suite with Financials.
• Financials OnDemand is still considered higher in price than its competitors.
• SAP is not considered very quick in releasing new updates for its cloud product, like it does for its main enterprise suite.

How it stacks up?

Access a head to head analysis of SAP Financials On Demand vs alternative software solutions.

Frequently Asked Questions (FAQs)