SAP FICO consists of two SAP modules which are SAP FI & SAP CO. SAP FICO is a highly significant and popular module of the SAP ERP useful for managing finance and reporting in a company.
Sub Modules of SAP FICO
SAP FICO is a combination of two SAP MODULES which are SAP FI and SAP CO. This solution includes various significant submodules useful for managing finance and control in an organization. Here are the significant sub-modules of SAP FICO.
Sub Modules of SAP FI
- General Ledger
- Accounts Payable
- Accounts Receivable
- Asset Accounting
- Bank Accounting
- Travel Management
Sub Modules of SAP CO
- Cost Element Accounting
- Cost Center Accounting
- Internal Orders
- Profit Center Accounting
- Product Cost Controlling
- Profitability Analysis
- Investment Management
What are the Benefits of Using SAP FICO?
Using SAP FICO provides an organization with numerous financial management and reporting capabilities. This SAP module comes with various functionalities and tools that are useful for managing all the financial transactions of a business. In addition, it ensures that a company can access its real-time financial data consisting of minute-to-minute updates. This approach facilitates efficient and effective data-driven decision-making. Furthermore, it also ensures seamless integration with third-party applications and other modules of SAP. This approach improves data consistency across the organizational processes. Due to these reasons, many companies use this tool and hire candidates who have completed SAP FICO Online Training. Apart from these, given below are some of the significant features of SAP FICO.
- Financial Reporting- SAP FICO offers various reporting and analysis tools to help a business make data-driven decisions. These tools include financial statements, profitability analysis, and many more.
- Compliance- It offers companies with financial regulations and standardization to facilitate compliance. Moreover, it provides audit trails useful for supporting audits.
- Cost Control- This SAP module offers various tools to deal with cost-center accounting and profit-center accounting. Furthermore, it also ensures that business projects remain within their budget.
- Enhanced Efficiency- SAP FICO improves the overall efficiency of the business by reducing manual work. Furthermore, it results in improving the data quality by minimizing errors.
- Scalability- This is a highly scalable solution capable of scaling with business growth. Thus, making it an ideal solution for small and growing companies.
Career Opportunities in SAP FICO
SAP is a revolutionary software tool that has transformed the way a business works. Implementing SAP solutions helps increase the company’s efficiency and productivity. SAP FICO is a very significant and primary module of the SAP ERP. Using this module provides businesses with numerous benefits regarding reporting and accounting. Therefore, many leading companies like TCS, IBM India, Accenture India, HCL Technologies Ltd, and NIIT Limited use it. Furthermore, this tool is in great demand in various industries ranging from banking and manufacturing to healthcare and consulting. Thus, generating many high-paying professions in this domain. Many institutes provide SAP FICO Training and one can enroll in them to start a career in this domain. Below are some high-paying jobs you can explore after learning SAP FICO.
- FICO consultant
- FICO Analyst
- FICO manager
- FICO business analyst
- FICO Project Manager
- FICO Auditor
- FICO business process analyst
SAP FI and SAP CO, make up FICO. This module of SAP guarantees a smooth connection with other SAP modules and third-party applications. It improves data consistency throughout the organizational processes. Furthermore, it provides a number of reporting and analytical tools. SAP FICO ensures financial regulations and standardization to businesses to make compliance easier. It also offers various tools for dealing with profit- and cost-center accounting. In conclusion, it enhances efficiency and raises the overall efficiency of the company.