What is SAP FICO

SAP Fico Course

All About SAP fico Course

All about SAP FICO

What is SAP FICO – Introduction

You are new to sap fico and want to learn What is SAP FICO is? SAP FICO is a fundamental key purpose of SAP ERP Central Part that helps businesses to handle all of their financial information. SAP FICO enables businesses to keep a detailed record of their business transactions.

SAP FICO is designed to assist firms in generating and managing financial reports for tracking and analysis, and in successful company management and judgment.

SAP ERP Central Component is an on-premise ERP system that is also known as “SAP ERP.” SAP FICO assists ECC with economic management and cost. It is split into two categories: finance and control. Each and everyone is being used in a certain financial transaction.

SAP FI is responsible for comprehensive financial statements and reporting, whereas SAP CO is responsible for cost evaluation and organizing. SAP FI and SAP CO was launched as different modules at first, but they are now so intimately connected that several people are referring to them all as equal.

Additional SAP Logistic components, such as Marketing and Services, Production Scheduling, Project Management, Quality Assurance, and Materials Management, are also integrated with SAP FICO.

What is SAP FICO Advantages

The following are the most beneficial features of SAP FICO:

  • It gathers all of a company’s financial information in one location for financial management.
  • For making key decisions, various SAP components such as Material management and Operational planning can be connected to SAP FICO.
  • The Finance Management module may record any activities performed in the company warehouse in near real – time. This makes it easier to manage accounts and appropriately store transactions.
  • Cost management, tracking, and monitoring are all made much easier with SAP CO.
  • Credit management and receivables can be automated with the SAP FI component.
  • SAP FI improves the account receivable and payable procedures by making bill transactions simple.
  • SAP FI allows businesses to manage their funds across borders.
  • SAP CO provides techniques for reviewing and monitoring financial statement overhead costs.
  • SAP FICO technology helps businesses improve their financial processes.

Educational background 

To be a quality workforce in the FICO profession, he or she must have a financial, accountancy, and managerial academic background. Applicants with a UG major in any of the above areas will have an easier time understanding the SAP FICO programs. Further operational and finance administration studies will be beneficial.

what is sap fico

SAP FICO Consultant Required Skills

  • Accounting information, technical services, sales, financial management, and Asset Accounting experience are all desirable.
  • In-depth knowledge of accountancy business operations is required.
  • A total of five years of expertise in financial assistance programs is required.

SAP Financials (Finance)

SAP FI allows a corporation to combine multiple components into a single device. This application integrates all of the tools needed to manage financial transactions and assets. Lenders, tax office, executives, and stakeholders all rely on the information issued by SAP FICO. Financial reports are also generated by the program. Income statements, as well as balance sheets, are examples. SAP FI has the following sub-modules, each with its own set of features:

General Ledger

It is being used to generate a detailed study for both internally and externally accounts. It displays all of the account and provides the corporation’s financial data. These could be captured in real-time in sub-modules.

Accounts Payable 

These are all the documents used to keep track of all consumer financial reports. It’s where you’ll keep track of your customers’ account balances. Invoice payment, closing costs, billposting, and client reports are all examples of these activities.

Accounts Receivable

Supplier accounting data can be found in these documents. It also contains information on supplier activities and balances.

Accounting for Assets

This sub-module is used to manage the assets of the company. All permanent resources, such as heavy machinery, property, and buildings, are included in this category. Asset activities, such as selling, exchanges, revaluations, and asset purchases, are also included in the component.

Ledger from a bank

This is where you’ll find all of the information about your bank accounts’ transactions. All transactions on financial records can be merged with it. The information can then be compared to system transactions.

Consolidation

This sub-module enables the corporation to consolidate all financial accounts from several companies. It also gives you a full picture of the company’s financial position.

Managing your money

This is used to keep track of revenue and expenditure budgets.

Travel Management

This keeps track of all travel-related activities. Arranging excursions and keeping track of transportation costs will be part of this.

SAP FI implementation

SAP FI must be configured before it can be used. The key customizations must be made by the Business Manager. Customer requirements, organizational needs, as well as other setups necessitate certain settings. All financial reports and Database will then be converted to SAP FI. This configuration process also necessitates the use of currency, fiscal year variations, and balance sheets.

After program is finished, the document is instantly published. This enables businesses to monitor their financial health in real time. This allows the organization to keep a record of all of its monetary operations, which aids in financial statements at the end of the fiscal year.

SAP CORPORATION (Controlling)

This module supports with process management observation, control, and improvement. It comes with features for handling database. Cost centers, internal orders, related costs, as well as other sectors are included in this information. The major goal of this session is to teach you how to plan. Businesses can examine variations by comparing budgeted business information.

The various SAP CO sub-modules are listed here, together with its capabilities —

Cost elements

This gives you a general idea of the corporation’s income and expenses. These figures are derived from financial statements. The sources of expenses are defined by cost element accountancy, which also represents various business expenses. The majority of the these figures are moved from accounting information to management.

Accounting for Cost Centers

This sub-module is responsible for activity regulation. It is concerned with the costs of the organization’s corporate divisions. Advertising, manufacturing, marketing, and human resources are among these sectors. Only expenditures and not income are included in the Business Unit.

Profit Centers 

It contains all of the expense information for the company’s operations divisions. Expenditure and revenue are the topics of this course.

Internal Directives

The component is being used to track the costs associated with minor ongoing projects and non-fixed resources.

Analysis of Profitability

This sub-module is used by businesses to examine their gains and losses. This is an important step in the decision-making procedure. Product viability, price, and industry evaluation are all things that need to be considered. This streamlines the task of determining profit for each company unit. Client profitability, marketing routes, and product categories can all be looked into.

Price of the Product

This component is responsible for all costs associated with the company’s products and services. This aids in the improvement of the business productivity and the reduction of production cost.

SAP CO implementation

Any organization that wants to examine price information from individual business processes needs to adopt SAP CO. Its implementation aids businesses in managing their collection of business information. Business reporting and judgment will result from proper deployment.

Structure of Pay

A SAP FICO Adviser’s major responsibility is to install the SAP FICO modules for his or her firm. They improve current financial processes and set up the whole system. All of this is dependent on the specific company requirements and financial situation. The advisor should also be able to comprehend the customer’s perspective.

An SAP FICO Analyst makes an average of INR 6,87,233 per year. The basic pay is 359 LPA. With an SAP FICO certificate beneath his belt and a few decades of expertise and talents in accounting and finance, the applicant can progress through the levels of the accounting department.

SAP FICO Experts are being hired by major corporations –

  • Accenture • IBM • Cognizant Technology Solutions • Tata Consultancy Services • NTT DATA • Tech Mahindra • Capgemini • Tata Consultancy Services

Final thoughts

For modern enterprises, the SAP FICO software package has proved to be the backbone of accounting and management. Several businesses’ financial operations have been improved as a result of it. As a result, plenty more businesses have adopted it. In terms of professional advancement, it is ideal for individuals in accounting or human capital who want to advance their careers.

IPA offers SAP Fico Course in Delhi