The SAP FICO, that is Finance (FI) and Controlling (CO) is one of the most popular modules on the SAP platform and is one of the core modules that the application offers. SAP FI in fact is used by almost all the large global organisations in their financial transaction posting and preparation of financial reports. The SAP CO too is extremely widely used as a tool for the management to obtain operational information and looks to help in both business analysis as well as decision making.
The various elements that SAP FI offers are the accounts receivable, asset accounting, accounts payable, general ledger and account consolidation. The components of understanding SAP FI include configuration which is the primary responsibility of the business manager. This helps to bring together the client, company as well as the business area and the data can them be migrated into the SAP FI system thereby allowing users to get the most out of it. Data migration includes migration of the Chart of Accounts, fiscal year variants as well as currencies. Following this, real time financial transactions can be tracked by the enterprise which is of immense assistance when it comes to financial reporting.
On the other hand SAP CO is more basic. It includes both SAP CO configuration and SAP CO use. SAP CO includes master data as well as reporting. While the former has elements of cost such as cost centers, profit centers and functional areas, the latter facilitates a better understanding of financial report and establishes measures to set up control systems within an organisation.
SAP FICO is essentially a platform that helps to track costs and prepare accordingly. It uses Activity Based Costing principles across processes and manages cost variances by creating an effective control mechanism. It also helps create informative and useful management reports which add to the stability in the reporting framework.
An understanding of SAP FICO can thus go a long way in rising up the corporate ladder. Those looking to undertake this course must have a keen understanding of finance and basic accounting. A commerce degree is also a prerequisite. Computer savvy and updated with new tech also helps in understanding SAP FICO better.
When it comes to online SAP FICO training, these have definite advantages over traditional training. For starters, this can be undertaken by working professionals who are looking to grow within their organisation but do not have the time to attend regular classes. This is also particularly useful for those looking to pursue their academics and their pace and combines elements of theoretical as well as practical knowledge making it much better for those looking to start working on the platform immediately. There are many online institutions offering such SAP FICO training. One of the leading providers is www.saponlinetrainings.com which provides world class faculty and is cost efficient as well making it a holistic package for students. SAP FICO can be a key workplace differentiator and comes highly recommended for those looking to make a career in finance.
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