February 18, 2021
Utegration Finance4U® Regulatory Accounting and Reporting Solution Receives US Patent
Finance4U® patented functionality dramatically simplifies utility accounting processes to address new utility requirements for regulatory reporting
Houston, TX – February 18, 2021 – Utegration LLC announced today that the Finance4U® Regulatory Accounting and Reporting solution has been granted a US Patent (10,872,092) for using flat data input set for simultaneous application of multiple separate calculations rule sets to obtain multiple output results.
This revolutionary patented process helps energy, electric, gas and water utility companies running SAP ERP technology to 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 leverages the line-item universal journal capability 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 Regulatory Accounting and Reporting is a foundational component of Utegration's Finance4U® suite of SAP-certified add-on solutions for utilities running SAP technology, which also includes Finance4U® Extended Asset Accounting, Finance4U® Rate Case Preparation, and Finance4U® Utility Financials Accelerator.
Finance4U Regulatory Accounting and Reporting is currently operational at several 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, solution fully integrates 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 regulatory accounting and reporting, and it’s just going to get harder,” said Henry Bailey, EVP and Chief Strategy Officer at Utegration. “Simplifying these processes with a patented, SAP-certified solution provides a huge opportunity for them to significantly reduce the time and resources they typically spend 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 has made Finance4U solutions available through enabling value-added partnerships.
Utegration, an SAP gold partner and Top Workplace USA 2021, is a Houston-based, 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 develops and optimizes new technology for finance, 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 registered 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.