The FICO in SAP FICO indicates Financial Accounting (FI) and Controlling (CO). These modules of your ERP solution that has been designed to satisfy all accounting and reporting needs. With just clicking on a button, you can gather data, prepare financial statements, analyze, reports and produce charts. It will helps you carry out all the accounting and controlling responsibilities in a timely manner. Equally the FI and CO modules store large amounts of financial data and the required tools that assist you in accomplishment of the various transactions, maintain a highly reliable financial system and generate helpful reports.
Features of the FI (Financial) Module
SAP FI is the core module that manages all financial transactions detail, for internal as well as external auditing. It’s core components are General Ledger Accounting (G/L), Accounts Receivable and Accounts Payable(AR/AP) processing, and Fixed Asset Accounting(AA), also includes Funds Management, Bank Accounting, Legal Consolidations, Travel Management, Special Purpose Ledger etc.
- The Accounts Receivable records manage all transactions with customers. This specific tailored Accounts Receivable course can help you learn how to manage incoming cash flows with SAP FICO
- The Account Payables record tracks all money payable to vendors or suppliers. Just check out this Accounts Payables course to learn more details about how to manage this.
- The General Ledger Accounting enables a real-time resolution between financial and management accounting thus paving the way for parallel accounting concepts in SAP. You can learn more about the General Ledger module in this specialized course.
The SAP FI module permits for real-time financial processing on the basis of which you can derive data for reporting. FI Module is usually integrated with modules such as Sales and Distribution, Material Management, Human Resources & Production Planning etc. among others
SAP Finance training benefit for ACCA, CIMA, FCCA, AAT students
A functional consultant will be authorized for bringing the software system into a usable condition by extracting the varied needs of the client for a particular requirement to have better communication skills with the exception of accounting and SAP functional knowledge.
In last few years various firms are searching for experienced applicants which could immediately enter into development and start adding value. It has pure economic sense to adopt that method. If you are a specialized with substantial financial background you will again need same training before you start.
As management: it is tough to monitor processes/develop required controls if you are not aware of the possible loopholes or features of your ERP.
As a job candidate: you can always enter the accounts/finance section and if you are well versed with SAP, you would progress bit faster in your career. Note that most of the employees have just a working knowledge of SAP. I would recommend having an innovative knowledge to make the most out of it.
As an auditor: Acquaintance of SAP would help you not just extract more relevant reports but also in procedure understanding- beginning from basics like scheme of journal entries to the post financial statements adjustments.