SAP FICO: An Overview

Intro

SAP FICO is a highly robust and versatile module of SAP. The module offers many benefits to a company. For instance, it makes managing financial transactions very easy for an enterprise. Additionally, the module comes with incredible reporting capabilities. Thus, with it, you can easily create accurate and more robust financial reports. In a nutshell, it can be very rewarding for you to use this amazing SAP ERP module. Keeping this in mind, today we are going to share with you all the major things you must know about the SAP FICO module.

Here’s what you must know about this incredible SAP module.

What Is SAP FICO?

It is an extremely useful module of SAP ERP. Mainly, it enables its users to easily report and manage external/internal financial transactions. The main aim of this incredible sub-module of SAP ERP is to help organizations easily store their financial transactions. Moreover, it also aims to help develop more accurate and clear financial reports at the end of a financial year. In a nutshell, it is an exemplary module of SAP ERP, and using it can be quite rewarding for an organization. To learn how to create accurate reports with the FICO module in detail feel free to join our SAP FICO Training in Delhi.

Features

The following are key features of this incredible sub-module of SAP ERP:

• It makes managing financial transactions very easy for an enterprise.
• It makes employee tracking very easy for a company.
• The sub-module comes with incredible reporting capabilities.
• You can implement the module as a standalone module.
• It enables a company to make its financial transaction data more accurate.

What Are the Benefits of Using This Sub-Module of SAP ERP?

There are tons of great benefits to using this incredible sub-module of SAP. For example, the module makes management of financial transactions easy for a company. Moreover, the sub-module offers incredible reporting features to its users. In other words, using this sub-module of SAP in your organization can be very rewarding for you. Following are the benefits that you can gain with the help of this outstanding sub-module of SAP:

• With the help of this module, you can manage your financial transactions more efficiently.
• The module makes employee tracking quite easy for a firm.
• The module offers fantastic reporting features to users. Thus, with the help of it, you can easily create more accurate financial reports.
• It helps firms improve their control over their financial activities.
• The sub-module empowers a company to better manage changes in its business environment.

Different Sub-Modules

Following are some of the key sub-modules of the SAP FICO module:

General ledger accounting

This module allows the company to manage its general ledger more efficiently. The module mainly contains all the transactional data of an enterprise. Additionally, you can also use the module to store transactional data in real time.

Accounts Receivable

It is another fabulous sub-module of the SAP FICO module. Mainly, this module records customers’ transaction data. For instance, it records transactions like credit memo transactions, down payments, invoice transactions, etc. Moreover, it also helps a company better manage its customer accounts.

Accounts Payable

This module mainly deals with vendor data. Mainly it contains transactions with vendors. For instance, it records transactions like automatic payments, down payments, etc. Moreover, it also helps a company manage its vendor accounts more easily and efficiently.

Consolidation

This module enables an enterprise to manage and combine its financial statements easily. The aim of this sub-module is to provide an enterprise with an overview of its financial position.

Cost Elements

This module allows an enterprise to get an overview of its costs and revenue on the basis of its financial statements. Additionally, by using it you can also identify the origin of your costs/revenue. Amazing, right?

Profitability Analysis

This module allows a company to analyze the profitability of its products/services. As a result, the company is able to make better decisions regarding its products/services like its pricing, target market, etc. To learn about the profitability analysis module in more detail feel free to join our SAP FICO Certification course.

Conclusion

FICO is a highly versatile and useful module of SAP. By using it, a company can have better control over its financial transactions. Moreover, it also enables an enterprise to create more accurate financial reports using its data. In other words, using this sub-module of SAP ERP can be quite rewarding for an organization. So, if you also want these benefits then do consider implementing/using this module in your organization. You will not regret your decision of using or implementing the SAP FICO module in your organization.