What is SAP FICO and What are SAP FICO Modules

Are you thinking of pursuing SAP FICO? We are here to help you with all the aspects related to it. This guide covers all that you need to know before getting started. Right from What is SAP FICO to What is SAP FICO modules, we have the answers for you below.

SAP FICO aims to streamline and manage financial activities like accounting, auditing and monthly closing in real time. To make it more clear, below we have discussed the same in detail. Let's get started.

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What is SAP FICO?

SAP FICO stands for SAP Finance & Controlling modules in SAP ERP. It includes the functional areas of finance, accounts receivable, accounts payable, general ledger accounting, fixed assets, cash management and profitability analysis. SAP FICO consists of the following core modules that help manage the critical financial operations of a company:

• FI (Financial Accounting): Enables general ledger accounting, accounts receivable, accounts payable, reconciliation, currency translation and financial reporting.

• CO (Controlling): Includes profitability analysis, cost centre accounting, product costing, investment management and internal order processing.

• PM (Project Management): Helps handle project accounting, planning, procurement management and activity management.

• AM (Asset Management): Covers asset accounting, asset master data management, depreciation, service management and maintenance planning.

• CO-OM (Operational Controlling): Optimizes cost centre accounting, product cost planning, budgets and actual cost analysis.

Hopefully, you are clear about what SAP FICO is all about. You might be thinking about the advantages that might follow. We have discussed the same in the below segment. Carry on reading.

What is SAP FICO Modules?

It is time for another primary section of the post where we discuss all the different modules that come along in the respective subject. Getting a good hold of the modules can make it easy for you to gain massively out of them. Let's explore the key SAP FICO modules in detail:

• FI (Financial Accounting): This module handles a chart of accounts, accounts receivable & payable, asset accounting, and tax & currency management.

• CO (Controlling): Offers profitability analysis, cost centre accounting, product cost planning, and investment management.

• PM (Project Systems): Helps manage projects, resource planning, procurement, project accounting and activity management.

• AM (Asset Management): It covers asset master data, depreciation, asset accounting, service management, and maintenance planning.

• TR (Travel Management): Automates travel booking, approvals, expense accounting and settlement processes.

• CM (Cash Management): Manages bank account administration, payment transactions, bank communication and liquidity planning.

• AA (Accounts Receivable):  Enables credit limit check, customer down payment, sales order to invoice and collection process.

• AP (Accounts Payable): Streamlines invoice verification, approval, payment processing and vendor accounting.

• G/L (General Ledger Accounting): Facilitates setup and maintenance of general ledger accounts and financial reporting.

• CO-OM (Operational Controlling): Optimizes cost centre accounting, product cost planning, budgets and actual cost analysis.

So, these are the modules that make SAP FICO. Pursuing any of the modules exquisitely can help you with top career opportunities. If you are thinking about how, then the below segment can help you with all the answers. Read on.

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Career Opportunities in SAP FICO

The aspects below reflect the different career opportunities that you can consider gaining from after pursuing the SAP FICO course.

• SAP FICO Consultants, Functional/Technical Developers

• Roles in Project Management, Testing, Support

• Banking, Insurance, Manufacturing, Retail

• System Integrators, Consultancies

• Product Firms, Mid-Large Sized Organizations

Final Thoughts

Hopefully, you are fully aware of what SAP FICO is and what the different modules that come along with the respective subject are. Pursuing SAP courses builds skills vital for driving finance digitalization. Professionals gain a competitive advantage with comprehensive knowledge of financial management on SAP. But, it is important that you get yourself connected to one of the best institutes in the business to get a proper guide on every single module. This can certainly enhance the chances of excellent growth opportunities ahead. Good luck!

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