28/2/2013
An interesting system that we use to
extract and create useful information from SAP for management accounting is a
system called TM1 which feeds directly from SAP but all additional information
added into there is recorded a day later in TM1. TM1 consists of various ‘cubes’
which are like pivot tables customised accordingly to what information you want
to extract from SAP. It’s greatly useful for stats, reporting and planning and
an essential tool for decision-making. However sometimes there are defects in
TM1 and not all the information from SAP gets transferred to TM1. To fix any of
these errors I do weekly checks against accounts such as the sales ledger to
see if there are any amounts missing in TM1 that are in SAP. As all statistics
and data on how Janssen is performing is based on TM1 it is essential that these
amounts are right so managers can make correct judgments and decisions. In the
case that there are discrepancies between TM1 and SAP we can see that small
mistakes in figures can potentially lead to large, consequential decisions when
these numbers are translated elsewhere. Therefore the need to be accurate and
prudent in one’s work is essential because they could otherwise create
unintended consequences.
Hi Kathy
ReplyDeleteThank you for sharing your experiences to date at J&J.
J&J seems to be giving you a "typical" accounting department experience and your blog will be of interest to the other scholars who seek to understand what it is like to deal with the more "tradtional" functions of an accounting department.
It is interesting to read J&J's emphasis on reporting quality (via regular audits) and through the numerous reconciliation processes. This is extremely important as you highlighted so that correct information is given to decision makers.
Thanks also for the reminder to make the most of any opportunity (e.g., printing copious amounts of documents) and the need to take breaks from the computer.
As you already appear to be an expert with the Strenghts Finder Exercise, I look forward to hearing more of your experiences with this task at J&J.
Diane
Kathy it is interesting to see how SAP and TM1 are used in a management accounting function as these are some of the tools my deparment at Treasury uses to assist with the monthly financial reporting and the Budget process.
ReplyDeleteZoe
Hi Kathy,
ReplyDeleteI absolutely understand where you are coming from with TM1 as we also use the same system at MGL. In my team, we use it for forecasting and budgeting Finance Recoveries.
The system has been a bit of a pain to use and oftentimes I find my supervisor stressing over it.
While I don't do weekly checks, I have also occasionally been tasked with reconciling the numbers churned by TM1 with the numbers provided by my supervisor. I've come to realise that it really emphasises the need for accountants to be accurate with inputting numbers.
It's been lovely reading your experiences at J&J so far! I look forward to reading more posts.
Vanessa