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SAP FICO: IS IT RIGHT FOR ME?

Category: SAP FICO Posted:Nov 13, 2017 By: Ashley Morrison
  1072 Views     0Comments

Post Views: 7,097

SAP is one of the global leaders in providing Enterprise software applications
for enhanced ERP solutions. With innumerable modules in SAP being available to
Businesses across various domains, SAP FICO or Finance and Controlling is one
such widely used SAP module. The module consists of SAP FI and CO
configurations, along with SAP FI and CO users. To check if the SAP FICO module
is right for you as an individual or an organization, then you will need a
thorough overview of the SAP FICO module in a holistic manner.



SAP FI Module and its Application

As the name implies, SAP Financial Accounting is meant to enhance Finance
Management in organizations on various levels. The most important component of
any Enterprise is Finance and this module focuses on this aspect and aims to
perfect Finance Management. Finance is so crucial and complex in itself that it
tends to become stressful to handle the Management of Finance in a comprehensive
manner using manual methods alone. This is the main reason why SAP FI as a
module has transformed into a highly popular tool to be implemented in
Enterprises worldwide. This is said to come in a package that enables
Enterprises to handle widespread financial requirements coupled with accounting
processes and activities. It enables one to review enterprise financial status
in a real-time market scenario. The most essential components of the FI module
are as given below.

 * Asset Accounting
 * Account Consolidation
 * General Ledgers
 * Accounts Receivable
 * Accounts Payable

The implementation of SAP FI will obviously include SAP FI configuration, with
the Business Manager being able to configure the SAP FI user post setting up the
given primary configurations. Such configuration is generally executed by the
Business Manager by coordinating a collating with the enterprise, client,
enterprise area configurations, and a whole lot more.

Learn SAP FICO today

After this, everything ranging from the master data to the detailed financial
statements can be migrated to SAP FI systems for extracting the optimum results
from enterprise financial management systems. The needs for SAP FI configuration
consist of Fiscal year variants, chart of accounts, and currencies. Post
completion of the configuration, document posting is done in an automatic
manner. Through this organizations can view their financial status on a
real-time basis. This allows organizations to keep track of all financial
transactions and also aid in Finance reporting at the fiscal year-end.

Want to know more about SAP FICO?

SAP Controlling Module and its Application

This is another essential module in SAP that includes SAP CO configuration and
SAP CO user which includes master data, configuration, and reporting. The master
data referred to here can refer to activity types, statistical key figures,
functional area, internal orders, profit centers, cost centers, and cost
elements. Internal orders include all the essential events, profit centers, and
cost centers consist of all the departments that handle the cost and profit of
an organization, cost elements consist of all the cost and revenue accounts.

Click here to know more

The implementation of SAP CO enables one to view cost data associated with
internal management. This module also enables one to obtain an enhanced view of
Finance reporting while also helping one to manage records and make multiple
decisions related to the Enterprise. Management of reporting and information
database according to the Business needs of the Enterprise is also made possible
by this module. Some particular advantages of implementing this module include:

 * Track cost heads and make detailed plans according to the cost head for the
   future
 * Build reports on sales and profitability ensured through a product or
   internal measurements
 * Keep track of costs for custom events and assign them to associated
   departments
 * Manage production costs, product costing, along with variances access
   activity-based cos.

Sub-Components of SAP CO Module:

 * Overhead Management
 * Internal Order Accounting
 * Cost Element Accounting
 * Cost Center Accounting
 * Activity-Based Costing
 * Product Costing
 * Profit Center Accounting
 * Profitability Analysis

Learn SAP FICO from Our Industry Experts

Conclusion

One needs a comprehensive understanding of SAP FICO to check its necessity for
an individual. This module is interrelated and aids one in the management of
business processes leading to highly optimized Finance Accounting and Data
Management. This kind of in-depth SAP implementation is highly complex and needs
a sufficient amount of training. It is recommended for people to take up
training in the SAP FICO module to enable them to understand the module and its
functionalities better, thus enabling them to decide whether the product is
right for them to meet their financial reporting and accounting needs.

These are the related articles that you can check

 1. Introduction to SAP FICO
 2. How to Become a SAP FICO Consultant? 
 3. Our trainer Sagar for SAP FICO was recently invited as a Guest Speaker for
    SAP User Group at University of Texas, Dallas, School of Management this
    past Wednesday 
 4. Before you join SAP FICO training, ask these questions 
 5. Benefits of Choosing SAP HANA for Application Development 

That’s all for today. If you’re interested to read more articles on this topic,
feel free to visit ZaranTech Blog. 

At ZaranTech, we also offer a Self-paced video learning program for Workday
HCM mentored by certified and experienced subject matter experts. Browse through
our course pages for further information. 

Happy learning! 

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Sophia
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Sophia

Hi there 👋


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I can help answer any question.

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