What is the Future Scope of SAP FICO?

SAP FICO Course in Pune  is a certification degree Course that deals with the Finance and Cost controlling module in SAP ERP where FI represents Financial Accounting and CO represents Controlling. SAP FICO module is hearty and covers practically all business cycles experienced in different industries.

SAP Financial Accounting (FI) is responsible for managing an organization's financial transactions. This includes managing accounts receivable and accounts payable, managing general ledger accounts, and managing tax accounting. SAP FI also provides features for managing financial statements, managing budgets, and managing cash flow.

SAP Controlling (CO) is responsible for managing an organization's internal accounting processes. This includes managing cost centers, profit centers, and managing product costing. SAP CO also provides features for managing budgeting and forecasting, managing performance analysis, and managing profitability analysis.

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One must know the basics of the two essential modules to understand the roles and responsibilities of an SAP FICO consultant. Let us discuss them briefly.

SAP FI Module: The development of the financial management ideas in the business is linked with the SAP Financial accounting module. Every organization needs a system to manage their finances with flawless management ability. However, in the current scenario, it is a difficult task to manage complete financial accounting and management manually. Thus, in most organizations, the SAP FI module has appeared. It became a popular module that carries out the financial and accounting processes smoothly. Together with the complete set of SAP FICO modules, it becomes easy for the organization to manage the financial requirements and accounting smoothly.

SAP FI modules comprise of the following components:

Account Receivable

General Ledgers

Asset Accounting Account Consolidation

Accounts Payable.

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SAP CO Module: Another module of SAP FICO is SAP Controlling, i.e. SAP CO. Every enterprise can maintain, justify, supervise, and plan various processes with the help of this module. Since this module helps to view and manage the associated costs, the controlling module is directly connected with the financial accounting module. SAP CO comprises many other elements apart from just controlling like users and involves master data, reporting, and configuration.

Masters data includes:

Cost elements

Cost centres

Profit centres

Internal orders

Functional area

Statistical vital figures

Activity types

SAP FICO Training in Pune