SAP Financials On Demand Review - why 4.5 stars?

SAP Financials On Demand Review
ITQlick Score: 89/100
ITQlick Rating: (4.5/5)
Pricing: 4.8/10 - average cost
Category: Accounting & Finance -> SAP Financials On Demand
Ranking:Ranked 14 out of 419 Accounting & Finance systems
Company: SAP
Typical customers: Small, medium and large size businesses
Platforms: Desktop
Links: SAP Financials On Demand pricing, SAP Financials On Demand alternatives
Shlomi LaviShlomi Lavi / updated: May 20, 2021

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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.

What is SAP Financials On Demand rating? ()

The rating of SAP Financials On Demand is 4.5 stars out of 5 and the total score is 89 out of 100. The ratings are based on our unbiased experts. Learn more in our rating methodology page

Who are SAP Financials On Demand's typical customers?

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.

Is SAP Financials On Demand the best Accounting & Finance?

SAP Financials On Demand is ranked 14 out of 419 software in their category (Accounting & Finance systems).

What are their 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 are SAP Financials On Demand's pros? (5 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.

What are SAP Financials On Demand's cons? (2 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.

Who are their main alternatives?

Some of the main competitors for SAP Financials On Demand include Financialforce and Intacct.

Financialforce provides an ERP solution similar to SAP, with a cloud based financials module that includes core accounting; spend management, fixed assets accounting as well as revenue recognition to ensure business profitability. The product provides a collaboration platform which can be used to engage the sales & service departments on financial performance, and there are analytic tools to deliver financial reporting requirements. Additionally the product can also be accessed via mobile devices.

SAP Financials On Demand in comparison while similar in scope to Financialforce, also includes planning & forecasting tools with dashboards to analyze key financial KPIs. Additional options include financial risk & compliance, real estate lifecycle management as well as travel expense control. The product can be deployed as an on premise or cloud based model, with an option for hybrid deployment if required. It also utilizes the SAP HANA platform to improve application performance.

Then there is Intacct which provides another cloud based accounting solution. In addition to core accounting it also provides project accounting, time & expense management as well as inventory costing. Additionally there is an API to allow interconnection with other applications, as well as workflow automation which can be customized to meet financial flow requirements.

While SAP Financials On Demand includes workflows, it does not address project accounting as part of its core product. However the product does include shared services to streamline the provision of financial management services across different functional departments of an organization.

What is the cost of SAP Financials On Demand?

What is the REAL total cost of implementation? on top of the total cost of licenses which is easy to calculate you need to add the cost of training, customization, data migration, and other "hidden cost". ITQlick pricing score is 4.8 out of 10 (10 is most expensive). Find here the REAL total cost breakdown for SAP Financials On Demand

What should you ask SAP during a demo session? (65 questions)

Schedule a demo with SAP Financials On Demand and access 65 must ask questions for the vendor while watching SAP Financials On Demand in action. Visit the vendor's website here.

SAP Financials On Demand's list of categories:

Billing & Invoicing
Budgeting & CPM
Core Accounting
Financial reporting
Fixed Asset Accounting
Fund Accounting
HR Accounting
Inventory Management Accounting
Payroll Accounting
Project Accounting
Work Order Accounting
Human Resources Module

SAP Financials On Demand's list of features:

Cash Flow
Cash flow/cash budget
Real Time Comparisons

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Author

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.