Financial Modules in SAP- SAP FICO

Among the most sought after and popular modules on the SAP platform is the SAP FICO module which are the Finance (FI) and Controlling (CO) core modules of SAP ERP. SAP FI is one of the most important SAP modules as it looks to capture the financial processing transactions in live time. This helps to create the financial statements as required and can 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 various elements that include accounts receivable, asset accounting, accounts payable, general ledger and account consolidation. SAP FI implementation includes SAP FI configuration with the business manager being able to set up primary configurations on the same. 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 another very 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, cost centers, functional areas 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.

Some of the best things about SAP in an organisation are that they help track costs and prepare accordingly. They can attach activity based cost analysis across all processes and manage cost variances through establishing an effective control, build useful and informative management reports that can go a long way in ensuring proper reporting within the organisation.

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.

Undertaking the best SAP FICO Online Training Courses can be very important in order to get a clear and firm grim on SAP. Since this is used by the largest organisations across the globe, it can be a key differentiator at a basic level for those looking to make it big in the finance world and is among the most used platforms across companies.SAP online training offers some of the best SAP FICO Online Training Courses and can be a great option for those looking to make the most of it.