FICO stands for Financial Information Control Object. It was developed in the early 1990’s by SAP AG. FICO is a comprehensive package that controls information that is used by cost centers and financial planning, reporting, and budgeting.
SAP FICO or SAP finance and controlling is the latest SAP module released in 2018. The quick overview of this module is that it is a joint controller and finance software. It was created to provide the company with data analysis in an easy to use package. One of the most important functions of this new software is that it tracks relationships between business partners, customers, vendors and suppliers through something called “Single Source of Truth”.
This post is going to cover following topics about SAP FICO:
-What are the benefits of using SAP FICO?
-What makes this a good tool for decision makers and control budgets.
-The different types of configuration that may be required in order to get this right.
-A few best practices when it comes to managing the data and setting up rules for validation purposes.
What are the benefits of using SAP FICO?
FICO can be used to control costs and compare them to budgets, but it is more than a standard mechanism to control costs. It can also serve as a good tool for performance evaluation, including net profit and other measures of profitability (for example gross profit). FICO will help us track the financial situation of your company. The main point is that it will allow you to have more control over the expenses resulting from cost items involved in projects as well as cost items related to purchasing materials and supplies.
SAP FICO Online Course plays a significant role in the control and management of the financial planning and reporting process.
The main usage of FICO is to control costs and to compare them to budgets. But FICO makes it possible to monitor net profit and other measures of profitability, including gross profit. This will help you track the financial situation of your company more easily and effectively.
The first step is to identify the cost items that will be controlled using FICO. After that, you’ll use FICO’s modules for controlling these costs and comparing them with budgeted figures.
With FICO, it’s easy to set up:
The time-based valuation method uses time-related values for calculating the value of assets and liabilities.
If you’re looking for a real-time analysis tool, SAP FICO training in Hyderabad will give you an accurate picture of the financial situation of your firm and the related components. Unlike many other reports, FICO’s analysis doesn’t use any assumptions; all analysis is done using real figures.
FICO helps control the costs of acquisitions by following raw materials and supplies from their creation to their disposition. This information can help improve pricing and reduce waste by avoiding overproduction or ordering too much.
The different types of configuration that may be required in order to get this SAP FICO (SAP Finance and SAP Controlling)
In order for you to be able to issue a purchase order with your SAP system, there are a few things that may need to be configured on the back end. We have created a guide article on what those changes are:
Fico online training in ameerpet is an informative and factual blog post about the different configurations that need to be made in order for you to issue an SAP purchase order.
SAP FICO (SAP Finance and SAP Controlling)
When you start working for an organization and their SAP business suite, the first thing that you want to do is to get your SAP Finance module and your SAP Controlling module configured so that you can fulfill a purchase order. The reason for this is simple: In order for a vendor to receive payment from an organization, they need to know how much money it will be costing them. When you create a purchase in an SAP system, there are two windows that appear sometimes – one for creation of the actual PO and one for receiving payments.
The first window that appears when you issue a purchase is the Create Purchase Order (PO) window. This window allows you to enter information about the item or items that are being purchased.
Conclusion
For more details please go through Fico online course training to learn more effectively. Learn SAP FICO are Financial Analyst and Financial Planning from SAP FICO Online training in Ameerpet.
