SAP FICO for Efficient Financial Process

No matter the business is small or big, complexities are faced by every business. Finance is one department which involves tedious and complicated tasks. Managing business finance can really be an uphill struggle. However the leading-edge technologies have made it easy to manage any aspect of business effectively. For smooth and streamlined financial mechanisms, there’s SAP FICO software. 

SAP FICO comprise of two module FI is SAP Finance while CO is SAP Controlling, efficiently used for particular financial processes. You can either get trained or implement this SAP financial module in your business to make your present as well as future financially secured. 

SAP FICO in brief:

This financial module of ERP solution is specially designed to meet all the accounting and financial requirements of business of all shapes and sizes. Accounting activities like information gathering, analysis, preparation of accounting statements and reports, creating charts that give a clear picture of the financial condition, all this can be easily done with the help of SAP FICO.  You are assured with financial reports in an accurate and timely manner. 

Let’s get to know about the features and benefits of SAP FI and SAP CO, individually:

SAP FI

• SAP Finance is responsible for managing all the financial transaction and also for maintaining internal and external audit.

• Accounts receivable is one of the core components of SAP Finance which is responsible for maintaining and managing all the financial transaction with the clients and customers. This helps the businesses to manage incoming cash flow.

• Another component of SAP Finance, Accounts Payable keeps a track of finance that needs to be paid to the vendors and supply. It helps to manage the payment.

• General ledger comprise of the organization’s transaction data that allows the reconciliation between financial and management accounting. 

• The real time financial processing helps to generate accurate data for reporting. 

• This financial module of SAP can be easily integrated with other modules like sales, human resource, material management, product planning and others.

SAP CO

• For the operational insights and key decision making details, the controlling module of SAP is used. 

• The controlling module calculates all the expenses and operational costs of the organization and helps the business to take right financial decision. 

• Cost elements of CO gives complete picture of the cost and revenue of the business as per the profit and loss statement. 

• Only expenses are tracked under the CO component Cost centre. It tracks the costs related to sales, marketing, human resource and production. 

• It brings better management of cash flow and also better transparency in the organization.

This software of SAP is truly versatile. The technology evolution in financial management of business has helped to boost the growth of business. The quick configuration and easy integration and all the useful features of the software has the ability to save lot of productive time of the employees. The employees can also keep up with the latest trends in financial segment. SAP FICO training will help in professional growth. Both FI and CO modules of SAP, together SAP FICO enables in reliable financial system.