What makes SAP FICO one of the top modules in SAP?

The most popular modules on the SAP platform are the Finance (FI) and Controlling (CO) core modules of SAP ERP which are together known as the SAP FICO modules. SAP FI is one of the most important SAP modules as it looks to capture the financial processing transactions in real time. This helps to create the financial statements as needed and may also be used for financial reporting purposes. SAP CO on the other hand, offers operational information to management and helps in both decision making and business analysis.

SAP FI has many elements that including accounts receivable, accounts payable, asset accounting, general ledger and account consolidation. SAP FI implementation includes SAP FI configuration with the business manager being able to set up primary configurations for this. This aligns client, company and the business area itself and data can be migrated into the SAP FI system to get the most out of the financial management system. The various SAP FI requirements for set up are Chart of Accounts, currencies and fiscal year variants. Once completed, the enterprise can track its real time financial transactions and this goes a long way in ensuring easier financial reporting at the end of the year.

SAP CO on the other hand is a basic SAP module. It consists of both SAP CO configuration and SAP CO user. This has master data, reporting and configuration as well. Master data includes cost elements, profit centers, functional areas, cost centers as well as activity types and statistical key figures. The elements of cost are all the revenue and cost accounts and includes the various departments that handle cost and profit. SAP CO facilitates viewing of cost data within the internal management and assists in managing records and making a more informed decision. This module also helps organisations to manage reporting and information data base as the needs of the business.

In order to have an understanding of SAP FICO, the basic prerequisite is to have a commerce degree and to have a good knowledge of basic accounting and book keeping. It also helps to be computer savvy and be able to keep up with new tech.

Considering the popularity of SAP FICO, an online training in the module can do wonders for those looking to make it big in accounting and finance. Sap online training ensures that the course is spread out in a way that makes it easy to understand and absorb. Timings are flexible as well. This means that this is a great way to learn for those at a beginner level as well as those who are already engaged in some professional capacity in an organization. The faculty is among the most experienced and since they are also from the industrial sector themselves, they can bring in a lot of practical exposure for the students. There is also real time engagement and query resolution making it one of the most comprehensive online training programs available and an absolute must for those looking to make a career in finance.