How can SAP FICO Training bring positive changes to your business operations?

One of the most difficult tasks in any business domain is effective financial management. To handle money-related tasks companies look forward to setting up controlling instruments. And what do you think is the best software that meets all the accounting and reporting requirements in a business? Yes, it’s the functional module of SAP named SAP FICO - FI (Financial Accounting) and CO (Controlling). Let’s learn more about this versatile software and a much-required certification for most accountants and financial managers out there. 

What is SAP FICO? 

SAP FICO is an ERP solution that is best-suited for any enterprise resource planning process. It has tools that can gather extensive business transaction data, analyse them and prepare financial reports that are highly accurate. Implementing SAP FICO modules is a way in which companies can construct a reliable financial system in real-time. The separate modules of SAP FICO, FI and CO are used for different purposes. While FI takes care of external financial transactions like balance sheets, income statements and cash flow, CO does internal transactions that consist of sales & profit analysis, cost centre reports and more. 

Advantages of SAP FICO in Business Operations

SAP FICO has numerous advantages making businesses more profitable. To see the real benefits that institutes like SAP FICO training in Abu Dhabi can bring to your business practices, we will go through the specific functions of FI and CO sub-modules separately:

Benefits of Financial Accounting (FI)

The FI submodule has several components and each of them serves different financial purposes. General Ledger Accounting, Accounts Payable, Accounts Receivables, Asset Accounting, Fund Management, Bank Accounting, Travel Management are all part of SAP FI. Let’s take a closer look at the functions of some major components of FI. 

• General Ledger: A company's primary financial data is held safe in General Ledger. It is responsible for accounting details like customer transactions, purchases from vendors, and internal company transactions.
• Accounts Payable: It handles vendor accounts and records data including invoice posting,  posting down payments, invoice payment, credit memo, automatic payment, etc.
• Accounts Receivables: All kinds of customer accounts and transactions are managed by this component. It sets up individual customer accounts and manages transactions such as invoice posting, down payments, credit memo posting and invoice payments.  
• Asset Accounting: Asset Accounting manages the fixed assets of the company. 

Benefits of Controlling (CO)

The CO module calculates and manages financial reporting and auditing in a company. CO offers components that help trace cost heads to plan consequently. Different segments like Cost Element Accounting, Product Cost Controlling, Profitability Analysis, Cost Center Accounting are used to organise, chase, execute and report. CO helps a company take note of their revenue and costs, process inter-departmental operations and analyse profits and losses effectively.  

Additional Business Benefits of SAP FICO Software

SAP FICO is user-friendly and extremely flexible. It has quick configuration features that make it the favourite of businesses worldwide, compared to other platforms like Oracle and BAAN. SAP FICO stands out in its ability to merge with other SAP modules like Human Resource (HR) Material Management (MM), Production Planning (PP) and  Sales and Distribution (SD). Analytical reporting, audit-controlling, profitability analysis, product costing and strategic budgeting are also made easier with SAP FICO. 

All in all, SAP FICO is a complete financial management solution. Getting trained in this industry valid software will allow you to acquire the latest business trends in financial management. At the same time as a FICO professional, you enhance your professional growth and prove valuable as an employee.