SAP FICO Stands for FI (Financial Accounting) and CO (Controlling) and it is an important module of the SAP ERP. Its FI and CO modules are useful in storing the complete financial transaction data of an organization. In addition, it is easy to use and learn module of SAP that allows you to easily alter the records in any required manner. It securely stores data in a database and provides great reporting features. This module is useful in smoothly conducting all the financial transactions, accounting, and reporting activities.
Furthermore, it comes with various configuration tools and user-friendly features that make it highly popular in organizations across industry domains. Using this module allows you to work efficiently with highly accurate data and fast processes to reach your organizational goals. To further know about it, one can visit SAP FICO Online Training. Given below are some of the popular sub-modules of SAP FICO.
Here are the significant sub-modules of SAP FI.
- Accounts Payable- This module deals with all the transactions related to vendors and automatically generates postings in General Ledger.
- Accounts Receivables- It is responsible for recording all account postings of customer sales activity. Furthermore, it integrates with the General ledger, Sales and Distribution, and Cash Management Modules.
- Asset Accounting- This is useful for managing a company’s Fixed Assets. Moreover, it allows you to categorize the assets and set values for depreciation calculations.
- Consolidation- It facilitates the combination of financial statements for multiple entities within an organization. In addition, these statements provide an overview of the company’s financial position.
- Funds Management- It is useful for setting budgets for revenues and expenses within your company. Furthermore, it allows you to track them to the area of responsibility.
- General Ledger- This module is responsible for recording all the accounting. After that, these postings are displayed in real-time providing up-to-date visibility of the financial accounts.
Sub Modules of SAP CO
Here are the significant sub-modules of SAP CO.
- Cost Element Accounting- It is useful for structuring revenues and expenses. In addition, it makes them a significant piece of any organization’s complete managerial accounting picture.
- Cost Center Accounting- This module is a reflection of a company’s organizational structure. In addition, it displays the areas of responsibility and defines the basis for other modules.
- Internal Order- They don’t reflect the organizational structure but they represent a variety of projects. Examples of these projects are Research and Development projects, Exhibition Events, or SAP Implement project costs.
- Product Costing-This is the core module useful for creating cost estimates. It helps an organization in planning and analyzing costs and their different components.
- Cost Object Controlling- This module is beneficial for companies that produce goods or services within Production planning. In addition, it determines our actual cost and any variances to standard cost.
- Profitability Analysis- It comes with no specific templates and allows each customer to use it as per their specific needs. Furthermore, it is useful in analyzing the profitability as per the market segments.
What are the Advantages of Doing SAP FICO Training?
SAP FICO training is highly beneficial for you if you are from the field of financial and managerial accounting. Equipping yourself with SAP FICO skills will enhance your professional capabilities and give you a wider picture of business operations and strategic processes. In addition, this training improves your knowledge about the latest ongoing trends in the financial world. It equips you with the latest software tools useful for managing financial activities in a business. SAP FICO improves the financial processes in your company and results in increasing value-addition. Furthermore, it enhances professional growth and offers you better job opportunities. There are many SAP FICO Training Institute in Delhi and one can enroll in them to start a career in it. Given below are some of the major benefits of undergoing training in the SAP FICO module.
Managing Business Flow
This training helps you systematically organize the financial management system of a company. In addition, it facilitates easy and efficient accounting processes and makes managing business flow easier.
In Demand Career- It is one of the most popular modules and learning offers great opportunities for aspirants. It will fetch you a decent job in the SAP arena and will make you an asset to your expertise.
Earn Higher Salary
This module offers you various jobs like Project Leader, Module Lead, Process Developer, SAP Functional Consultant, etc. Furthermore, as SAP professionals are highly demanded, you can easily get a higher salary package.
Growth In Reputation
It is a reputed job and learning this skill will add more value to your resume. Moreover, it offers you logos and ID cards after being certified, thus, helping you in achieving recognition from recruiters.
Demanded By Organizations
Various organizations all over the world use this module as it offers numerous features and benefits. This module is the heart of SAP ERP and learning it offers you great career growth.