There’s no surprise that business and financial accounting is a time-consuming process. It comprises various activities that take a lot of time, such as preparing charts, reports, and statements. Thus, it becomes exceptionally vital for every organization to create effective financial procedures and plans that help run the business efficiently.
So, to manage all the financial data of organizations, SAP FICO came into existence. It is a fundamental and demanding module of SAP ERP used for managing financial data. This module of SAP helps organizations of every size handle the financial statements that are further used for analysis and reporting. Not only this, it is used for making better decisions and sound business planning.
What is SAP FICO?
SAP FICO is also known as Financial Accounting and Controlling. It is regarded as a crucial module of Systems Applications and Products in Data Processing. Furthermore, it is held responsible for handling the financial accounting and reporting of an organization.
In addition to this, it is known as the core component of SAP ERP that allows enterprises to preserve financial transaction data. SAP FI and SAP CO have different roles to pay! FI (Financial Accounting) helps to manage the overall accounting and financial reporting. On the other hand, CO (Controlling) assists in monitoring costs and financial planning.
Modules of SAP FI – Financial Accounting
SAP Financial Accounting combines various modules into a unified system that plays a significant role in recording and maintaining financial transactions. Today, it is hugely used by multiple banks, stakeholders, tax authorities, and managers worldwide. Moreover, it includes different sub-modules such as:
- General Ledger Accounting
- Accounts Receivables
- Accounts Payable
- Asset Accounting
- Bank Accounting
- Special Purpose Ledger
- Travel Management
Modules of SAP CO – Controlling
The primary purpose of this module is planning. However, it helps organizations in monitoring and reporting costs also. In addition to this, it delivers vital information that plays an essential role in making better decisions. Overall, it assists in enhancing the profitability of the company. If we talk about its sub-modules, then it comprises various modules stated underneath. Have a look!
- Cost Element Accounting
- Cost Center Accounting
- Profit Center Accounting
- Internal Orders
- Product Cost Controlling
- Profitability Analysis
How SAP FICO helps Businesses?
SAP FICO is a highly preferred financial software that every big and small organization is using worldwide. There are various reasons behind this! First, it is effortless to use; secondly, it is compatible with all types of systems. On top of this, it plays a significant role in uplifting business growth and helps in saving time. Below stated are some benefits that businesses will receive from implementing SAP FICO. Have a look!
# The first and foremost benefit of using SAP FICO is that it helps control financial accounting and controlling functions easily.
# It plays a crucial role in tracking and observing data through a single platform.
# We all know the business and financial accounting process takes a lot of time. Thus, it aids businesses in streamlining the hectic process such as reporting, scheduling, financial consolidation, etc. In addition, it helps in maintaining transparency across the organization.
# This module assists in optimizing business performance.
# It delivers quick and relevant information required for external reporting tasks like Profitability Analysis, Balance Sheet, Profit and Loss Statements, etc.
# It helps management make better and effective decisions for the organization with its fast and real-time financial processing.
# SAP FICO module ensures better control of credit management, collections, cash-flow, receivables, payables, etc.
# With the help of this widely-used module, one can re-arrange complex procedures.
SAP FICO Training
You can take SAP FICO Training if you want to commence your career in this highly demanding field. Taking training will help you optimize your professional abilities. Additionally, it will assist in improving your skills. Apart from this, it provides many other benefits like:
You will get to know about the basics of financial accounting and controlling. Getting yourself enrolled in a training program will help you work both as SAP End-User and as an SAP FICO Consultant. Apart from this, it plays an indispensable role in building your knowledge of innovative financial management.
You will get to know about the latest trends in the financial world. Not only this, but you will also learn how to handle economic activities smoothly in your organization. Apart from this, getting SAP FICO online training will provide various job opportunities and help make your career more fruitful. So, what are you waiting for? Get yourself enroll today! For this, you can connect with us! We offer SAP FICO training in Noida at an affordable price. Moreover, we offer courses starting from basic to advanced levels!