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We have the right solution for your IFRS
First-time Adoption of International Reporting Standards
SAP Business One is a comprehensive ERP solution that provide Parallel Accounting Systems for local VAS and for IFRS (International Financial Reporting Standards) compliance.
ICC help FDI and MNC companies in Việt Nam run better with VAS + IFRS on SAP Business One
How SAP Business One can be adapted for IFRS compliance
Parallel Accounting Systems
Business transactions can have different meanings and/or valuation for local VAS and for IFRS purposes
3 different types of G/L accounts in the chart of accounts to support both local VAS and IFRS-related postings
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Local G/L accounts – for local VAS purposes only
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IFRS G/L accounts – for IFRS purposes only
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Common G/L accounts – for both local VAS and for IFRS purposes
Possible Posting Scenarios
SAP Business One allows you to cover the following scenarios in your accounting system:
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A transaction has the same impact for the local VAS and for the IFRS rules. The transaction is posted to the common G/L accounts; for example, a purchasing invoice for services.
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A transaction has different valuations for the local VAS and for IFRS. It is posted in parallel to both local and IFRS G/L accounts; for example, pension liabilities or depreciation of fixed assets.
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A transaction is required only by local VAS rules. It is posted to local G/L accounts only; for example, a specific provision.
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A transaction is required only by IFRS rules. It is posted to IFRS G/L accounts only; for example, financial leasing.
OUR SERVICES SUPPORT YOUR SUCCESS
OUR 12 YEARS EXPERIENCES NOMINATED AS A LEADING SAP PARTNER IN SOUTHEAST ASIA
“SAP Business One helped us stop driving in reverse. We can now look forward, plan, and execute on the plan."
Muoi DO | BOD Trasas
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What is SAP Business One?SAP Business One is an enterprise resource planning (ERP) solution built for small to midsized businesses. It is designed to streamline business processes and centralize operations in one system, from finance and sales to procurement and inventory management. Learn more about how SAP Business One helps companies operate more efficiently, grow sustainably, and capitalize on data insights by reading the detailed blog post here.
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What features are included in SAP Business One?SAP Business One features all the functionality required to streamline business operations, improve collaboration, and refine processes. SAP Business One connects all your departments and operational areas in one place, with specialized modules for each of the following focus areas: Finance Sales and service Manufacturing management Purchasing and inventory control Procurement and supply chain Inventory management Warehouse management Quality management Reporting and real-time analytics Human resources management
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How is SAP Business One deploy?SAP Business One offers many flexible deployment options to suit your business needs and technical requirements. Depending on your budget, existing infrastructure, and goals, you can deploy SAP Business One in the cloud, on-premise, co-located, or through a hybrid model. While there are many advantages to cloud deployment, we recommend working with your SAP Business One partner to identify the best path.
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What is SAP HANA?When you implement SAP Business One, you can choose between two database types: SQL or SAP HANA. SAP HANA is a lightning-fast in-memory relational database management system that can parse massive amounts of data much faster than a SQL-based system. To find out if SAP HANA is the best option for your business, read the full blog post here.
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Why should I choose SAP Business One?When it’s time to start looking for a new (or replacement) ERP system, there are tons of solutions to choose from. SAP Business One is just one, but it’s popular for a reason. Here are some reasons why many companies select SAP Business One to run their business: Reduce operating and admin costs Unify business operations and data Foster collaboration Improve data accuracy Get better data insights Trust that your data is secure Forecast in real time, adapt on the fly, and operate proactively Elevate customer experiences Growth and scalability Working with an experienced, flexible, and dedicated SAP Business One partner will allow you to maximize the benefits you’ll receive from the system.
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What is training resource available for SAP Business One?SAP offers a selection of training and documentation to teach the basics of SAP Business One and facilitate software adoption. At ICC, we know that training doesn’t really stop after implementation. That’s why we offer our own SAP Business One Training Center. Our training center is built for users looking to sharpen or expand their skills and includes a wide variety of videos, training, webinars, tutorials, and more. We also offer customizable training plans during the implementation process itself to ensure you have a smooth and successful transition.
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How is SAP Business One licensed?When you purchase and implement SAP Business One, you have to buy software licenses. The two main types of licenses are Professional Licenses and Limited Licenses. SAP Business One Professional Licenses are “full licenses” and have access to all modules and the Software Developer Kit. SAP Business One Limited licenses are considered “partial licenses” and come with full access to specific modules depending on the business unit chosen Other license types include mobile app-only licenses, indirect access licenses, and starter package licenses.
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What does SAP Business One cost?As with every ERP system, there are many factors that influence the total cost of implementing and supporting SAP Business One. From licenses and hosting to implementation services and integrations, the easiest way to get an accurate picture of your costs is to reach out to ICC - Innovative Consulting for a custom quote. If you’re just looking for licensing costs, here are the current fees for 2023: Professional Licenses: Perpetual Professional Licenses cost $3123 per user plus an annual maintenance fee Limited Licenses: Perpetual Limited Licenses cost $1666 per user, plus an annual maintenance fee
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What industries SAP Business One well suited for?SAP Business One is a flexible ERP solution that works for small to medium enterprises. However, it is particularly suited to manufacturing and distribution businesses. It has specific modules designed for the unique needs of manufacturers and distributors with extensive inventories and warehouses to manage.
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Is SAP Business One the best ERP solution for my company?Business owners often choose SAP Business One for its flexibility, scalability, affordability, and comprehensive coverage of all business units.
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