SAP FICO Overview | Benefits | SAP FICO Subcomponents
Last updated on Tue 17 Mar 2020
SAP FICO is as though the heart of SAP. Among all SAP products, SAP FICO is the most in-demand product. This tutorial covers SAP FICO Overview and its Benefits.
What is SAP?
SAP stands for System, Applications, and Products. SAP makes enterprise software to manage business operations and customer relations. It is a German-based European multinational company headquartered in Germany. It has more than 3.35000 customers in more than 180 countries.
What is SAP FICO?
FI stands for Finance, CO stands for Controlling
SAP FICO is one of the core modules of SAP ERP processes. It’s a module for internal and external accounting process. To put simply, FICO helps in generating and managing financial statement which is further used for analysis and reporting, thereby contributing greatly to the growth of the company. FICO possesses complete financial transaction. In SAP FICO, FI stands for Financial Accounting and CO for Controlling.
SAP FI – This manages the financial transactions reporting and better handling. This is responsible for integrating different modules and creating a single system for the entire organization. Stockholders, administrator, banks etc. mostly use the external reports generated by SAP FICO.
SAP CO – It is an internal cost accounting tool. Controlling mainly focuses on planning and monitoring costs. It involves managing the master data which comprises of costs, profits, internal orders and other cost elements.
In simple words, it provides information to the managers and decision makers about where the money of the company is being spent.
Popular components (sub-modules) of FI
- Accounts Payable
- Accounts Receivables
- Asset Accounting
- Bank Accounting
- General Ledger accounting
- Special Purpose Ledger
- Travel Management
Popular components (sub-modules) of CI
- Cost Element Accounting
- Cost Center Accounting
- Profit Center Accounting
- Internal Orders
- Product Cost Controlling
- Profitability Analysis
- Overhead Management
Benefits of using SAP FICO
It can be easily integrated with sales, distribution, materials management etc.
It extends to almost every aspect of business operation.
It enables Smoother and Efficient Accounting Processes.
Makes managing business flow easier.
FI facilitates to track and report on different companies across different countries with different currencies.
Who can learn SAP FICO?
- Professionals excelling in the field of accounting and finance
- Data Analysts
- Data Scientists
- IT developers and testers
- BI professionals
- Those who are interested to set their career in the growing financial field
These are among the few who can go for SAP FICO as their career choice.
To know the different approaches to learn SAP FICO, visit: https://bit.ly/2LDNxyC
Why is the growing demand for SAP FICO course?
It is one of the highest paid and emerging SAP Modules. As many have been witnessing the growing demand for SAP products, SAP FICO is like the heart of SAP. In any project SAP FICO consultants are called the first and will stay as the last. Like many other technologies, SAP FICO it is not fading away rather growing stronger.