SAP FICO is one of the most used SAP modules which makes reporting and finance accounting better.With proper training and practice, you can become a financial management expert and there is a great demand in the market for that. Keeping this in mind we have planned our SAP FICO module at Igrowsoft solutions. Igrowsoft is a leading SAP FICO training institute in Hyderabad that offers the students every skill they need to learn and become industry-ready professionals.
Let’s learn a little more about SAP FICO and its sub modules to gain a better understanding of how SAP FICO makes financial management better.
SAP FICO consists of two modules – Finance and Controlling. SAP FI is used for financial accounting and reporting and SAP CO is used for financial planning and to monitor costs. SAP FICO thus helps companies to make the process of financial analysis and planning easier which ultimately helps in making better financial decisions.
SAP FI has all the features required for handling accounts and financial transactions. The reports generated by the software can be used by managers, stakeholders, tax authorities, and banks.
Let’s take a look at the submodules and their functionalities:
- General Ledger: It is used to provide a complete report containing the transaction data and accounts of the company. The reports can be used for internal or external accounting.
- Accounts receivable: Records used to manage customer accounting data. These are also used to manage transactions and customer accounts. The transactions include invoice payments, invoice posting, down payments, and customer reports.
- Accounts Payable: Accounts payable include the vendor accounting data along with vendor account and vendor transactions.
- Asset accounting: Used to manage the assets of the company. It includes all the fixed assets of a company like land, buildings, equipment, and so on. It also has the asset transactions like transfers, sales, evaluations, and acquisitions.
- Bank ledger: Contains the bank account transaction data.
- Consolidation: Helps companies to combine financial statements from various entities and provides a complete view of the financial health of the organization.
- Fund management: Helps in managing the budgets for expenses and revenues.
- Travel management: The module manages all the travel process transactions including managing travel expenses and booking trips.
SAP CO is used for monitoring, controlling, and optimizing business processes. It has facilities to manage master data that covers cost centres, cost elements, internal orders, etc. SAP CO helps companies in planning and analysis.
Let’s take a look at the submodules and what they do:
- Cost Centers: The sub module deals with the expenses related to various departments in the company like marketing, sales, HR, etc. It however only includes the expenses and not the revenues.
- Cost Elements: Provides an overview of the costs and revenues based on income statements. It defines the cost origins and the different company costs.
- Profit Centers: It has all the cost data of the company’s business lines and the module deals with expenses as well as revenues.
- Internal orders: Used to manage expenses of non-fixed assets.
- Profitability analysis: This is a crucial process for decision-making for measuring product lucrativeness, pricing, and assessing target markets. This makes the process of profitability analysis for each region of business a lot easier. Additionally, customer profitability, distribution channels, and product types can also be analyzed using this sub-module in SAP CO.
- Product costing: This module deals with the costs related to the goods and services of a company. It eventually helps to optimize manufacturing costs and business efficiency.
Now that we have seen the various modules and their applications, it becomes much clearer why more and more companies are looking for skilled SAP FICO professionals.
Scope: As mentioned earlier, there is a steady demand for skilled SAP FICO professionals and the average salary in India is around 6.5 LPA.
With experience and expertise, this is only likely to go higher.
People with a background in accounting can be greatly beneficial as we provide the Best SAP FICO online training in Hyderabad.
Our real-time and practical course grooms the trainees. The students are prepared as highly skilled SAP experts capable of competing with the market and delivering optimum solutions. The course content is planned to give the students in-depth knowledge from the basic to the advanced levels.
The course structureis developed keeping in mind the requirements of the industry and what trainees need to become excellent consultants. Interactive classes, helpful notes, study materials as well as real-life scenarios and projects, tips and tricks to master SAP FICO and a lot more makes the students capable of landing good jobs with solid knowledge. This is what has made us one of the best online SAP FICO courses.
Our track record and successfully placed students are the reason why we are one of the best SAP FICO online training providers.
If you are looking for online SAP FICO training from Hyderabad, get in touch with us to know more and give your career the push it needs.