In highly regulated business landscapes, organizations are constantly challenged to navigate a tangling web of rules, standards, and compliance requirements. To thrive in this environment, they need tools that simplify document and records management and ensure they meet stringent regulatory mandates.
SAP Document and Regulatory Compliance (DRC) offers a comprehensive set of reporting compliance resources that empower businesses across industries to effectively manage document lifecycles while also remaining compliant with industry-specific regulations.
In this article, we’ll explore the key components and features of SAP DRC, how it helps organizations approach an increasing number of continuous transaction controls, and where our team of expert SAP consultants can come in to help.
Understanding SAP Document and Reporting Compliance
SAP Document and Reporting Compliance (DRC) is a fully integrated solution that enables organizations to standardize and automate their core compliance reporting processes and establish consistency between real-time document submissions and statutory reports.
With the SAP Document and Reporting Compliance service, users can leverage advanced compliance reporting tools and enhanced data visibility to create, process, manage, and optimize critical business documents and submit statutory reports in one place, minimizing noncompliance and maximizing efficiency across the board.
This functionality makes it easier for organizations to complete reporting activities for various different reporting types, including real-time, periodic, and ad-hoc reports, and maintain compliance with continuously changing regulatory requirements.
Main Components of the SAP DRC Solution
Here’s a closer look at the main components of SAP DRC for business users:
Data Preparation and Submission
To get critical business data ready for submission, users can conduct manual adjustments or restructuring processes, ensuring data conforms to legal requirements and enable the processing of electronic documents by external systems.
In some business scenarios, users must also match their existing data with data from business partners or tax authorities to ensure compliance processes are conducted properly and the exchange of data remains consistent across their internal organization and any external partner companies.
Reconciliation
Reconciliation in the Document and Reporting Compliance SAP solution aims to help companies maintain internal data security and consistency prior to completing legal or statutory reports.
This way, organizations can ensure reports are generated accurately and efficiently, eliminating the need for complex manual adjustment after business transactions are finalized.
Statutory Reporting
Statutory reporting conforms to regulatory regulations and ensures the validity of critical tax data and transactions.
With this kind of reporting, data exchange can be conducted periodically or in real-time and may require either electronic or manual data upload, depending on specific legal requirements and business scenarios.
Electronic Documents
Electonic documents, including invoices, transport registrations, and existing reports, originates in business transactions. The data extracted from electronic documents must be exchanged with external systems, like business partner’s systems or tax authorities’ databases.
Top 10 Features of Document and Reporting Compliance in SAP
Here are the main features included in SAP’s Document and Reporting Compliance solution:
Data Security: The Document and Reporting Compliance solution enables more robust data security initiatives, making it easier for users to delete old configuration, transaction, and master data from the database and archive all relevant data at the end of a contract.
Document Management: DRC allows organizations to create, store, organize, and manage documents and records in a secure and compliant manner, ensuring documents are version-controlled and easily accessed when needed.
User Authentication: Organizations can leverage SAP compliance and reporting functionality to assign users to predefined authorization groups and enhance control over user authorization access.
Regulatory Compliance: DRC helps organizations comply with industry-specific regulations, standards, and guidelines by providing advanced tools for managing compliance-related documents, audit trails, and change control processes.
Data Replication: SAP DRC simplifies data replication by allowing users to replicate critical business data from their existing source systems to the cloud database and enabling better error tracking and handling for previously updated data.
Electronic Signature and Records: The DRC solution supports electronic signatures and records management, which is especially crucial in industries where maintaining the integrity of electronic records is essential for compliance with regulatory agencies.
Audit Trail and Reporting: With DRC’s robust audit trail capabilities and advanced reporting tools, organizations can track changes to documents and generate compliance reports for both internal and external stakeholders as needed.
Workflow Automation: Workflow automation is a key aspect of DRC, allowing organizations to define and automate processes related to document approval, review, and other compliance-related tasks.
Seamless Integration: SAP DRC can be integrated with other SAP modules, such as SAP ECC, SAP S/4HANA, and SAP Business Suite, to ensure that a consistent and streamlined approach to data management and exchange across the entire organization.
Customized Report Generation: SAP DRC enables users to define separate reporting entities through personalized report categories, reporting levels, and report-specific parameters. Users can also set authorization at both reporting entry and reporting activity levels and generate reports in various formats, including JSON, XML, and PDF.
How Can We Help?
Whether you need help managing complex reporting compliance initiatives for locations in multiple countries, additional support navigating report submission to the government gateway, or just an extra hand getting started on your SAP journey, Surety Systems can help.
Our senior-level, US-based SAP consultant team has the knowledge, skills, and experience to handle all your critical SAP project needs and ensure your investment is maximized in the long run.
Getting Started with Us
Interested in learning how to generate reports and ensure proper compliance with SAP DRC? Ready to get started on a project with our team of expert SAP consultants?
Contact us today for more information!
