What is SAP FICO?

Keywords – Financial Accounting & Controlling, SAP Module

The term SAP FICO is known as SAP Financial Accounting and Controlling and plays an important role in the enterprise resource planning process. As SAP FI stands for Financial Accounting it makes the way easy to gather different financial transaction data in real time. It helps the user to extract the data for reporting externally.

SAP FI module can be clubbed with various SAP modules such as SAP Controlling, sales & distribution, human resource, production planning, material management and with many more modules of ERP. It is very helpful for those who want to excel in the field of finance and accounting. With the help of Financial Accounting it has become easy to take care of different financial transaction data resulting in excellent account handling. Now the outcome that is the produced external report is used by different users of different fields. They can be administrators, tax person, stock holders, different managers, sales persons, etc.

This module simply integrates different modules providing a unique process to be used by the whole organization. The main sub modules of SAP FI such as-

• General Ledger Accounting

• Asset Accounting

• Funds Management

• Accounts Payable

• Accounts Receivables

• Asset Accounting

• Travel Management

• Bank Accounting

After this the Controlling module comes that helps in reporting for external users.

SAP Controlling is second major part of the SAP Module; it is useful for internal process of decision making that gives benefit to the organization. It is a unit working smartly for controlling representation and other accounting activities related to product costing, profitability analysis etc. It helps in managing and controlling the profit centers and cost centers. When the financial accounting data comes it is sent to the controlling part to calculate and manage the reporting and auditing. The main sub modules of the SAP CO module are as follows:-

• Cost Element Accounting

• Profit Center Accounting

• Cost Center Accounting

• Internal Orders

• Product Cost Controlling

• Profitability Analysis

Benefits of SAP FICO Training Module:-

 The major benefit of SAP FICO is it generates the accounting data into an integrated form to be used excellently in managing profit loss statements and balance sheets etc. The other SAP modules like Sales & Distribution, Production Planning and Material Management easily integrate with this and provide essential data to the organization for internal planning and better control. The SAP FICO module has become now the most demanding module between the emerging accounting professionals for better career growth.

The use of SAP is day by day increasing in the growing industries yielding more and better job opportunities for those who possess this added professional qualification. It is also a highly paid job opportunity for such accounting professionals.