Starting Your Career as SAP FICO Consultant
Introductions
SAP is probably the biggest supplier of big business programming applications for better
enterprise resource planning. SAP stands for Systems, Applications, and Products in Data
Processing. In 1972, SAP was established dispatching business arrangements that help sort out
cycles in enterprises. Throughout the long term, various modules in SAP were created for
various cycles. SAP Finance and Controlling (FICO) is one of the most generally utilized SAP
modules. SAP FICO module configuration SAP FI design, SAP CO configuration, SAP FI
client, and SAP CO client. Anybody looking starting their career as an SAP FICO expert
requirements to assemble a solid base covering every one of these parts of the SAP FI module
and SAP CO module. Let’s have an overview of SAP FI and SAP CO module.
SAP FICO
SAP FI Module
SAP Financial Accounting as the term recommends upgrades finance management in
enterprises. Finance is the most basic piece of each business and this focuses on the ideal
administration of the account. It gets upsetting and complex to deal with the whole financial
accounting part by man-power. Thusly, the SAP FI module has arisen as a well-known module
effectively executed in associations. SAP financial accounting module accompanies a bundle
that helps associations in dealing with financial requirements and accounting activities.
SAP FI implementation includes SAP FI config. The business administrator can configure the
SAP FI client subsequent to setting up a couple of essential setups. These configurations are
typically done by the business manager lining up with customer, organization, business region
setups, and that's just the beginning. From there on, directly from ace information to fiscal
reports can be moved to the SAP FI framework for driving the best out of coordinated monetary
administration framework. The necessities for SAP FI setup are a graph of records, monetary
year variations, and monetary forms. When the design is finished, the archive posting will
consequently be posted from that point. Endeavors will have the option to see its constant
monetary status. This enables enterprises to monitor each financial transaction and helps in
account announcing toward the finish of the financial year.
SAP FI allows businesses to make financial reports for reporting and analysis. Types of
financial statements may involve balance sheets or profit and loss reports. SAP FI consists of
various sub-modules that control specific accounting methods:
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General Ledger includes all of the company's transaction data in a chart of records.
This records all of the accounts in the system. Actions are recorded in sub-modules
that can record in real-time with overall entries data.
Accounts Receivable captures client transactions and manages customer accounts.
Transactions include invoice posting, credit memo posting, down payments, inventory
payments, or performing customer records.
Records Payable involves all of the transactions with vendors and maintained vendor
accounts. Transactions can include inventory posting, credit memo posting, down
payments, invoice payments, automatic payments program, and performing vendor
reports.
Asset Accounting handles all of the activities associated with the company's fixed
assets, such as area, buildings, and heavy machinery. Transactions involve asset
purchases, retirement, sales, transfers, revaluations, and discounts.
Bank Ledger distributes all of the company's bank account transactions and data. It
can accommodate all transactions recorded on bank statements and match them with
the transactions in the system.
Consolidation enables the company to combine financial statements for various
things, which gives an overview of the company's financial position as a whole.
Funds Management handles the funds for the company's revenues and expenses.
Special Purpose Ledger explains the ledgers in SAP FI for reporting purposes.
Travel Management handles all of the transactions for travel processes, including
booking trips and handling travel-related expenses.
SAP Controlling Module
SAP CO is a different important module in SAP. SAP controlling involves SAP CO
configuration and SAP CO user and consists of master data, configuration, and reporting.
Master data discussed here can be cost components, cost centers, profit centers, internal orders,
functional areas, statistical key figures, and activity types. Cost elements include all the cost
and revenue accounts, cost centers, and earnings centers include all the departmental sections
that manage the cost and profit of an industry, internal orders include all the important events,
and so on. SAP CO implementation enables one to view the data of costs associated with
internal management. This module supports you get a better view of finance reporting and
assists you manage records and take several decisions related to the business. Also, this module
allows businesses to manage reporting and information databases as per the requirement for
their business. Some of the most advantageous points about SAP implementation in
organizations are:
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Track cost heads and make plans respectively
Keep a track of costs for specific events and allow them to relevant sections.
Avail activity-based costing over processes
Manage product costing, product costs, and changes
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Build reports on sales and profitability ensured for a product or an internal
measurement.
Experts need to have a full summary of SAP FICO to become a successful FICO expert.
Financial Accounting and Controlling are inter-related and assists one to maintain a better
business process towards better finance accounting and data management. SAP
implementation is complicated and needs sufficient training.
While SAP FI trades with a company's accounting and internal and external reporting, SAP
CO supports processes to plan, report on, and monitor costs from business operations. SAP CO
can be effective in increasing the company's profitability. Related to SAP FI, SAP CO are
comprised of sub-modules that handle specific methods:
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Cost Centers deals with the costs connected with the company's internal
departments, such as sales, production, marketing, or human sources. Cost Centers
involve only expenses, not revenues.
Cost Details, which gives a summary of all the company's costs and revenues based
on profit and loss accounts -also known as income reports. Cost element accounting
explains the beginning of the costs. Cost components design specific costs that the
company acquires.
Profit Centers manages all of the cost data reported to the company's business plans.
It deals with both expenses and taxes -unlike Cost Centers, which deals only with the
expenses.
Internal Orders related to managing the costs for smaller internal projects or nonfixed assets -like limited-time marketing the campaign, for example.
Profitability Analysis allows the company to analyze the profitability of its products.
For example, Profitability Analysis can be useful for making decisions on matters like
product pricing, distribution channels, and destination market segments. It also allows
levels of detail in analyzing profitability, such as for each region or country, product
types and distribution channels, or unique customer profitability.
Product Costing handles data about the costs needed to produce the company's
goods and services. Product costing analysis can improve manage manufacturing
costs and optimize effectiveness.
SAP FICO is an important focus functional element in SAP ERP Central Component that
allows an organization to maintain all of its financial data. SAP FICO enables an organization
to store a complete version of their financial transaction data. Exactly, the purpose of SAP
FICO is to support businesses generate and maintain financial statements for analysis and
reporting, as well as to aid in efficient business planning and decision-making.
Best Online Career also offers SAP FICO Training Videos. Learn SAP Fico self-paced
videos which are focused on the concepts, webinars, case studies, and much more. Our SAP
Online courses give you the flexibility to learn from where ever you want. Take SAP FICO
Online Course and upgrade your knowledge on SAP Finance.
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