Fujitsu Releases Templates for SAP Accounting System

Fujitsu today announced the release of GFIT Accounting V1L01⁽¹⁾, accounting templates for the accounting system offered by SAP AG. The new templates accommodate International Financial Reporting Standards (IFRS) and quickly enable users to integrate their global accounting.

When deploying the SAP accounting system, users need to determine settings related to organizational information, account categories, and user authorities. GFIT Accounting V1L01 provides templates for these settings, enabling the time required for deployment, which is normally several months, to be cut in half.

The product includes a wealth of functions to help users integrate their global accounting with the SAP accounting system, such as unified reporting periods, group currencies, uniform accounts, and multilingual capabilities, thus enabling users to quickly grasp the financial accounting information they need for group-wide management, including operations outside of Japan. Moreover, with such functions as multiple ledgers and multiple amortization methods, the product also accommodates IFRS, significantly reducing the burden of system design and verification for customers who will adopt IFRS in the future.

Background

With the acceleration in expansion of business outside Japan of our corporate customers in current years, there is an increasing need for companies to adopt global IT management and unified data management policies for effective governance of group-wide operations. This includes operations outside Japan, and implementing a process for quick management decisions. As each country has different accounting regulations and business practices, it is often the case that group companies outside Japan use different accounting systems. The lengthy time it can often take for companies to obtain financial accounting information becomes a problem. With respect to IFRS, which is expected to be widely adopted in the future, there are many cases in which companies are unable to start preparations to adopt it due to the difficulty of adapting their current accounting systems to accommodate IFRS.

In light of these circumstances, Fujitsu is releasing GFIT Accounting V1L01, an accounting financial IT solutions template accommodating IFRS that quickly enables users to deploy the SAP accounting system to integrate their global accounting, to meet the needs of Japanese companies that are expanding their operations outside Japan.

Product Features

When deploying the SAP accounting system, users need to determine settings related to organizational information, account categories, and user authorities. The new product provides templates for these settings, enabling the time required for deployment, which is normally several months, to be cut in half.

1. Facilitates global integration using the SAP accounting system

The product includes global functions for such issues as unified reporting periods, group currencies, and uniform accounts, facilitating global integration with the SAP accounting system. As a result, customers are able to quickly grasp the financial accounting information they need for group-wide management, including operations outside Japan. With support for multiple languages, including Japanese, English, and Chinese, and with support for the regulatory system and business practices in Japan and China, GFIT Accounting V1L01 is designed to be easy to use globally.

2. Significantly reduces the burden associated with IFRS adoption

In conjunction with IFRS support functions provided by SAP, the product provides a solution to accommodate IFRS adoption while conforming to the accounting standards of each country. It accommodates bookkeeping with multiple standards. GFIT Accounting V1L01 includes the functions required for IFRS, such as multiple amortization methods, component accounting, segment data displays, and development expenses/property, plant and equipment/foreign currency management. The product also produces financial statements and cash flow statements that are compliant with IFRS.

With functions that link this product to SUPER COMPACT Pathfinder, Fujitsu's consolidated accounting and management administration system, GFIT Accounting V1L01 is an integrated IFRS solution handling the overall process ranging from the accounting system to the consolidated financial settlement system.

As optional services with this product, Fujitsu provides a variety of consulting services, deployment support services, and operational services, such as IFRS planning phase support services, migration verification services, and LCM support that reduces the burden of system maintenance management.

Pricing and Availability

GFIT Accounting V1L01 Application Services Suite (standard deployment with smallest configuration): from 50 million yen.
* includes hardware, middleware, and licenses for the SAP accounting system and GFIT Accounting V1L01.

* Pricing above is only for GFIT Accounting V1L01 and do not include the license fee for the SAP accounting system.
* Pricing estimates for consulting services, deployment support services, and operational services are prepared individually.

Sales Targets

3 billion yen by fiscal 2013.