SAP FICO – A need of Enterprises, Globally!
SAP® stands for Systems, Applications, and Products in Data Processing. SAP®, founded in 1972 by five former IBM employees namely Wellenreuther, Hopp, Hector, Plattner, and Tschira, is the world’s fourth largest software supplier. Innumerable organizations are getting benefitted by using SAP® products to administer businesses.
SAP® as an ERP system
SAP® is counted amongst the software line, which is broadly used to provide ERP (Enterprise Resource Planning) solutions. ERP is a mix of Technology and Business Management Practices. By using SAP® as an ERP system, IT integrates with company’s major business processes like Production, Accounting, HR, Sales to name a few. Implementing SAP® based ERP solutions helps the organizations to achieve their targets.
Factors that make SAP® successful
SAP® has covered the market and has been able to grab the attention of huge number of users. Below mentioned are the factors that contribute to its success:
>> Works on Multi Lingual platform
>> Keeps the information secure
>> Widely used in Enterprises
>> Provides Best Business Practices
>> Easily integrates with organization’s IT system
Advantages of SAP®
SAP® is in demand by innumerable organizations, as it provides a large spectrum of advantages that are not given by other ERP solutions. It knows the demand of the processes in organizations and very aptly covers them that make it even more advantageous. Let’s get an insight into some advantages of SAP®:
>> Integration of various modules
>> User Friendly
>> Flexible Structure
>> Desktop Integration
>> Reduced Manpower
>> Real Time Reporting
>> Faster and Cheaper
>> Used in Multiple Countries
>> Increases Investment Potential
SAP® Modules:
SAP® covers various modules amongst which SAP® FICO is one of the most preferred SAP® modules. Let’s get an understanding about the SAP® FICO modules:
SAP® FI
SAP® FI stands for SAP® Financial Accounting and helps in upgrading Finance Management in organizations. Financial matters are a crucial part of every organization’s plans and progress that gives rise to the need of safe handling of financial matters. But, an Enterprise cannot rely on maintaining financial records manually, as it is likely to create errors. Hence, SAP® FI module plays a major role in order to aid the organizations in effective handling of financial matters. SAP® Financial Accounting module also assist the companies to keep an eye on the financial status of the company in real-time based market.
SAP® CO
SAP® CO stands for SAP® Controlling, which is also one of the important parts of SAP® modules. This module aids in the processes like planning, monitoring, and reporting carried out in organizations. SAP® CO includes methods that help in viewing and organizing the costs that are needed to create financial reports. SAP® Controlling also takes care of management and configuration of the information for apt implementation of processes.
Functional Components of Financial Accounting
>> General Ledger
>> Accounts Receivables
>> Accounts Payables
>> Fixed Assets
Functional Components of Controlling
>> Cost Center Accounting
>> Profit Center Accounting
>> Profitability Analysis
>> Internal Orders
>> Product Costing
SAP® FICO offers a wide scope of opportunities for aspirants and the ones who wish to get equipped with all the skills covered under SAP® FICO can go for a formal training to maximize the horizon of opportunities.
