What is SAP FICO?
SAP , one of the largest providers of Enterprise Software Application towards better Enterprise Resource Planning and stands for Systems, Applications and Products in Data processing.
SAP FICO is the SAP ERP’s Finance and Cost Control Module wherein FI stands for (Financial Accounting) and CO stands for (Controlling). It is an extremely resilient and comprehensive module that covers almost all business processes encountered in various industries. It is one of the most popular and widely implemented modules in SAP and both FI and CO store the financial transactions data.
The SAP (FICO) module mainly enables you to manage financial accounting data in an international framework composed of several companies, currencies and languages. It is the best configuration for internal as well as external Accounting Processes and an important core module of ERP Processes wherein real time financial transaction are integrated with various SAP modules for the optimum result.
ALANTIA Institute, Burdwan
SAP implementation is complex and requires adequate training. It is widely recommended that you take up specialised course offered by ALANTIA Institute in Burdwan to enhance your understanding and build expertise in using SAP FICO module towards better management of finance accounting and reporting in Enterprise.
How is the SAP FICO beneficial for the companies?
SAP FI is responsible for integrating diverse modules and generating a single system for the entire organization. It is used to store the data and analyse the financial conditions of a company in the market and can integrate with other SAP modules such as SAP SD, SAP PP, SAP MM, SAP SCM etc.
SAP CO supports coordination, monitoring and optimization of all the processes in an organization. It basically involves managing and configuring master data that covers cost and profit centres, internal orders and other cost elements and functional areas.it is vital for management decision making processes and is often used for internal reporting purposes.
In short, SAP FI draws data for external reporting while SAP CO lays emphasis on data for internal users
Who is the SAP FICO meant for?
It is well suited for all professional who desire to excel in the field of accounting and finance. This package provides highly advanced means of financial transaction reporting and better handling of accounts since the external reports which are generated with the help of SAP FICO are being increasingly brought in use by banks, administrators, tax professionals, stock holders and managers as per their requirement.
Sub – Components of SAP FI:
- SAP FI General Ledger Accounting
- Asset Accounting
- Funds Management
- Accounts Receivables
- Accounts Payable
- Special Purpose Ledger
- Travel Management
- Bank Accounting
Sub Components of SAP CO:
- Cost Element Accounting
- Profit Centre Accounting
- Cost Centre Accounting
- Internal Orders
- Profitability Analysis
- Product Cost Controlling
Benefits of SAP FICO Module are:
- Offers some of the most sophisticated components for diverse SAP implementation.
- It is a reliable tool for accurate and time based external reporting in the form of Profit and Loss statements, Balance sheets etc.
- The benefit of SAP FICO is that it integrates well with other SAP modules like SAP SD (Sales and Distribution), MM (Materials Management), PS (Project Systems) and PP (Production Planning) and is therefore, being increasingly utilized by applications in most organizations, globally.
- All accounts relevant transactions are generated in (LO) Logistics and posted in real time to Financial Accounting module through automated Account determination techniques, which is highly useful.
ALANTIA is the best result oriented SAP Training Institute in Burdwan. It provides you with real time and live project scenarios in keeping with the industry standard. The trainers at ALANTIA are the best in the business who will provide you with practical based training.The SAP FICO Training materials at ALANTIA Institute, Burdwan teaches you in an easy step by step method which is designed to make beginners and professionals, SAP FICO proficient, so that they can configure and implement SAO FICO effectively in their work processes.
For further enquiry about the Course details and Certification, get in touch with the SAP FICO Training Centre at Alantia Institute, Burdwan, today.