SAP FINANCE AND CONTROLLING (SAP-FICO)

SAP FICO is the Finance and Cost controlling module in SAP ERP where FI stands for Financial Accounting and CO stands for Controlling. SAP FICO module is very robust and covers almost all business process encountered in various industries. It is one of the very important and widely implemented modules in SAP

It is an important module in SAP, designed for meeting all the accounting and financial needs of an organization. Company-wide control and integration of financial information is essential to strategic decision making and SAP FI enables to centrally track financial accounting data within an international framework of multiple companies, languages, currencies, and charts of accounts. SAP FICO deals in managing financial transaction within enterprises.This financial accounting module helps employees to manage data involved in any finacial and buisiness transactions. The controlling module supports in the process works of planning, reporting and monitoring operations of business. SAP Courses Sales and Distribution Financial Accounting Production Planning

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows.

1.How does SAP accounting work?

The SAP FI module is the most popularly used module for financials and accounting. Diverse accounting tasks such as maintaining ledgers, balance sheets, and profit and loss statements etc., are managed automatically by SAP ERP solutions. SAP FI modules help towards asset management in enterprises.

2.Types of SAP

• Human Resource Management (SAP HRM)
• Production Planning (SAP PP)
• Material Management (SAP MM)
• Financial Supply Chain Management (SAP FSCM)

3.Benefits of SAP Software

1.Well-suited for any business

With SAP, you’re sure to find solutions tailored specifically for your enterprise, no matter how large or small. In fact, 80 percent of SAP’s clients are small to mid-size companies. So regardless of the number of employees you have, or whether your organization is well-established or in the growing phases, “SAP has a comprehensive portfolio of leading cloud-based ERP solutions and tools to fit your needs.” Furthermore, your business can rely on SAP’s 24/7 support teams.

2.Innovative technology

With over 40 years of experience in ERP, SAP is up to speed in all the latest innovations, ensuring that your business is equipped with the right tools for the future. SAP provides “future-proof Cloud ERP solutions that will power the next generation of business.” With its advanced capabilities, SAP can boost your organization’s efficiency and productivity by automating repetitive tasks, making better use of your time, money and resources.

3.Flexible and secure

Today, companies are seeking flexibility. SAP allows your business to “customize processes, use the public or private cloud, or pay only for what you need.” Furthermore, when it comes to keeping your business safe, it’s important to have a team of experts on your side that is constantly thinking ahead. SAP ensures that your data is secure, protecting your business from hackers. Moreover, SAP has the expertise to significantly reduce the number of threats your business faces every day, and “is built on one of the most advanced infrastructures in the world.”