September 9, 2020
Utegration Solutions Achieve SAP® Certification for Integration with SAP S/4HANA®
Solutions enable dramatically simplified utility accounting processes to address new utility requirements for regulatory, property and lease accounting
Houston, TX – September 9, 2020 – Utegration LLC announced today that both its Finance4UTM Regulatory Accounting and Reporting 301_1909 and Property and Lease Accounting TM 301_1909 solutions have achieved Add-On certification as integrated with SAP S/4HANA® from the SAP® Integration and Certification Center (SAP ICC).
This level of integration helps energy companies, including electric, gas, and water utilities, simplify the complexity of regulatory reporting, asset capitalization and depreciation processes, and further increases the value of their investment in SAP S/4HANA.
Finance4U Regulatory Accounting and Reporting and Finance4U Property and Lease Accounting are foundational components of Utegration’s Finance4U suite of add-on solutions for utilities running SAP, which also includes Finance4U Rate Case Preparation, and Finance4U Utility Financials Accelerator.
Finance4U Regulatory Accounting and Reporting leverages the line item capability in the Universal Journal in SAP S/4HANA to:
- help eliminate reconciliation issues between the regulatory ledger and the general ledger
- speed up period-end closing by replacing legacy batch processes for Federal Energy Regulatory Commission (FERC) reporting with real-time automation
- enable utilities to move closer to a daily profit and loss (P&L) statement that provides more timely financial performance information to management
Finance4U Property and Lease Accounting directly leverages the Universal Journal in SAP S/4HANA and enhances SAP Fixed Asset Accounting and Asset Retirement Obligation Module to deliver:
- a dramatically lower cost of ownership by eliminating third-party, interfaced solutions
- a comprehensive view of fixed asset accounting directly in SAP from expense entry through unitization, with asset orders as the bridge between operations and accounting
- compliance with ASC 842 and enhanced ability to manage a high volume of lease contracts
Finance4U Regulatory Accounting and Reporting and Property and Lease Accounting are already in production at four utility and energy companies in North America, bringing the total number of utilities running a Finance4U solution to more than ten.
The SAP® Integration and Certification Center (SAP ICC) has certified that Finance4U Regulatory Accounting and Reporting, version 301_1909 and Finance4U Property and Lease Accounting, version 301_1909 solutions integrate with SAP S/4HANA using standard integration technologies. SAP S/4HANA is a future-ready ERP system, with built-in intelligent technologies, that transforms business processes with intelligent automation and runs on SAP HANA – a market-leading in-memory database that offers real-time processing speeds and a dramatically simplified data model.
“Utility and energy companies have long struggled with the complexity of asset and regulatory accounting and reporting,” said Henry Bailey, EVP and Chief Strategy Officer at Utegration. “Simplifying these processes by working within the SAP S/4HANA environment provides a huge opportunity for them to significantly streamline the process during regulatory cycles and at month-end. Utegration Finance4U solutions provide a compelling amount of value for utilities and should be considered in any move to SAP S/4HANA.”
To scale solution availability and implementation, Utegration plans to make Finance4U Regulatory Accounting and Reporting and Property and Lease Accounting available through value-added partnerships.
Utegration, an SAP silver partner, is a full-service consulting and solution provider specializing in analytics and SAP technology for the utilities industry. Our industry experts have earned the trust of electric, gas, water and wastewater utilities across North America with our outcome-driven roadmaps and a track record of successful implementations. Utegration builds and optimizes new technology for finance, regulatory, customer management and asset operations to maximize our clients’ return on investment, while minimizing risk and complexity. Before you implement new technology, talk to Utegration. See how we can make the future work for you. Learn more at www.utegration.com
Finance4U is a trademark of Utegration LLC.
Any statements in this release that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to various risks and uncertainties described in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC), including its most recent annual report on Form 20-F, that could cause actual results to differ materially from expectations. SAP cautions readers not to place undue reliance on these forward-looking statements which SAP has no obligation to update and which speak only as of their dates.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.