SAP FICO is the integration of two SAP Modules which are SAP FI and SAP CO. This is a highly popular SAP module useful for handling the financial data of a company. In addition, it is a highly robust module that covers all business aspects and processes. Above all it allows an organization to store a complete version of their financial transitions and data.
Sub Modules of SAP FICO
SAP FICO consists of submodules of SAP Financial Accounting and SAP Controlling. Below are the significant sub-modules of SAP FI.
- General Ledger accounting
- Accounts Receivables
- Accounts Payable
- Asset Accounting
- Bank Accounting
- Consolidation
- Special Purpose Ledger
- Travel Management
- Fund Management
Below are the common sub-modules of SAP CO.
- Cost Element Accounting
- Cost Center Accounting
- Product Cost Controlling
- Profitability Analysis
- Profit Center Accounting
What are the Benefits of Using SAP FICO?
SAP FICO is an extremely easy-to-use and understandable module of SAP. In addition, this module is highly flexible and it allows you to easily alter the records in any required manner. It stores data in a much more secure way and provides great reporting features. It is a highly popular module and gaining FICO Certification can be highly beneficial for you. Given below are the significant benefits of using the SAP FICO module in business.
- SAP FICO ensures efficient financial accounting and controlling operations.
- It permits you to meet the reporting jobs such as balance sheets, profit and loss statements, and profitability analysis.
- Furthermore, it helps track and monitor data from various cost and profit centres.
- SAP FICO facilitates faster management decisions through real-time financial processing.
- This tool allows organizations to effectively and promptly adapt to changing business requirements.
- Moreover, it improves corporate performance and the development of business strategies.
- SAP FICO is useful for streamlining procedures including scheduling, financial consolidation, and reporting. Etc.
- This module helps in improving transparency across the entire organization.
- Above all, SAP FICO improves control over cash flow, payables, receivables, credit management, collections, Etc.
Why Should You Learn SAP FICO?
SAP FICO is one of the most popular and widely used modules of the SAP ERP. This module has growing importance and it is capable of migrating financial statements, and master data to the SAP FICO system. In addition, this model helps in ideally organizing the financial management systems. SAP FICO ensures better record management making the decision-making process easy. SAP FICO also helps in easily managing modifications, product costing as well as production costs. Furthermore, it helps in keeping track of costs where profitability and sales reports are being generated. Many institutes provide SAP FICO Online Training and one can visit them and enroll in them to start a career in it. Below are some of the significant reasons why you should learn SAP FICO.
- Status of Market Overview- SAP FICO professionals are highly demanded all over the world as it is one of the most required SAP modules. Furthermore, there is an emerging trend in the volume of SAP FICO work.
- Most Demanding Module at Present- SAP FICO helps in attaining real-time integration with other SAP modules. In addition, it also facilitates parallel accounting and furnishes non-leading ledgers.
- ERP FICO- It consists of real-time functions that automatically update whenever any new event occurs. Furthermore, the SAP FICO module also meets the requirement of external reporting.
Conclusion
SAP FICO is the integration of two SAP Modules which are SAP FI and SAP CO. It consists of submodules of SAP Financial Accounting and SAP Controlling. SAP FICO consists of many significant sub-modules of SAP FI and SAP CO. This SAP FICO module helps in attaining real-time integration with other SAP modules. Furthermore, it also facilitates parallel accounting and furnishes non-leading ledgers. It also consists of real-time functions that automatically update whenever any new event occurs. In conclusion, the SAP FICO module also meets the requirement of external reporting.
