WHAT IS SAP FICO?
SAP FICO is a core functional component in the SAP ERP Central Component that allows a business to handle all of its financial data. SAP FICO allows an organization to accumulate a thorough version of their financial operation data. It is one of the most efficient and vastly implemented modules in SAP.
FEATURES OF SAP FICO
Let’s quickly breakdown the major features of SAP FICO for a broader understanding:
SAP FICO has two significant modules to begin with.
- FI module, i.e., the financial aspect.
- CO, the controlling module which consists of components like Cost Element Accounting, Cost Controlling, Cost Center Accounting, Internal Orders, Activity Based Costing, Product Cost Controlling, Profitability Analysis, Profit Center Accounting etc.
The FI and CO modules work in the most exceptional way to provide end-to-end financial accounting and controlling functions to its users, and ultimately, help the management in further decision making.
WHAT ARE THE MAJOR BENEFITS OF SAP FICO?
- The main purpose of SAP FICO is to help companies generate and manage financial statements for analysis and reporting, as well as to aid in effective business planning and decision-making.
- Management and representation of all accounting data. All trade transactions are documented based on the document principle, which offers a complete audit trail from the business statements to the individual documents.
- Companies can manage their company budget and finances across countries using SAP FI.
- SAP FICO generates procedures and systems for analyzing and observing overheads required for financial reporting
- Integration of Financial Accounting with other components
The Financial Accounting application module consists of the following sub-modules:
- General Ledger (FI-GL)
- Accounts Payable (FI-AP)
- Accounts Receivable (FI-AR)
- Bank Accounting (FI-BL)
- Asset Accounting (FI-AA)
- Funds Management (FI-FM)
- Travel Management (FI-TV)
- Special Purpose Ledger (FI-SL)
WHY IS SAP FICO SO POPULAR IN THE INDUSTRIAL DOMAIN ACROSS THE WORLD?
No matter what industry you belong to or at what level of business you run, maintenance of the accounts and financial statements is the core element of your business. SAP FICO is that module of the SAP software that helps you conduct all the financial transactions, accounting and reporting activities smoothly and in one place in the most authentic way possible.
SAP FICO thus enables you to work in a more organized way with better, timely and clearer access to data, at the tip of your finger for multipurpose segments of your business.
SAP FICO systems allow better transparency across the various departments and increase corporate governance, accountability and tracking.
CAREER PROSPECTS AFTER DOING SAP FICO TRAINING
A career in SAP FICO is very good and demanding, and it continues to grow. The popularity and demand for SAP are increasing day-by-day throughout the world. Moreover, SAP FICO offers you a great number of career options within its domain. It is even more lucrative for individuals who already belong to financial and accounting backgrounds.
Because of the pandemic, working from home and remotely having access to all important data for the smooth functioning of business became the need of the hour. The year 2021 Witnessed Increasingly Diverse Jobs in SAP and a Successful Career in SAP FICO.
Now with the new normal of remote work and social distancing, organizations have been forced to realize that cloud-based services are far more affordable and reliable than their on-premise counterparts.
The finance department is the crucial department of any organization as most of the important decisions are taken in this department only. Thus, the SAP consultant can get a chance to work with the chief people of the organization and deal with industrialists and business persons. The use of SAP is increasing every day across the industries. That is the reason it offers loftier job opportunities for the people who own a professional qualifications.
How much does a SAP FICO Consultant earn?
The pay scale varies from company to company, but the average income of an SAP FICO consultant in India is around 7 lacs to 10 lacs yearly. Whereas, the senior-most positions and consultants earn around 20lacs a year.
IGROWSOFT: THE BEST PLACE FOR SAP FICO TRAINING
The growing demand for SAP FICO in India has led to the rise of many such institutes and places that offer SAP FICO training. However, Igrowsoft stands as the best SAP FICO training institute in India. With its skilled faculty, live training and rigorous training procedures, it has become the go-to institute for SAP FICO training as well as the finest provider of SAP FICO online training in Hyderabad.
Igrowsoft has a solid placement record and is trusted by many students who enrolled with the school. Igrowsoft offers the best SAP FICO online training in Hyderabad. With around 15 skills up-gradation programmes offered by the institute, it is evident that they are diligently working to create a skilled and advanced workforce in Hyderabad and India as well.