INTRODUCTION: SAP FICO is the Finance and Cost ,controlling module in SAP ERPwhere FI stands for Financial Accounting and CO stands for Controlling. SAP FICO module is very robust and covers almost all business process encountered in various industries. It is one of the very important and widely implemented modules in SAP.
SAP Financial Accounting:
SAP Financial Accounting highly exceptionally complex methods of financial transaction reporting and better handling of accounts. Well suited for professionals desirous of excelling in the fields of accounting and finance. The external reports generated with the help of SAP FICO are being increasingly utilized by banks, administrators, Tax Authorities, stock holders and managers, in line with their specific requirements.
Module emphasis on data for internal users.
ERP software buyer guide for small-sized and medium –sized businesses:
The user requires sufficient potential to execute accounting jobs like developing reports and balance statements to perform in-depth forecasting. Enterprises that require simplicity can choose SAP FICO as it’s a definitive Financial Accounting and Controlling solution. It is simple to configure and compatible host with different software tools. High Level information on what you can expect when searching and implementing ERP software .
SAP FICO entitles all kinds of Businesses to reach self-defined success, by ensuring that every decision made by its users reflects an accurate data and it even helps in achieving the organizational goals with enhanced efficiency. It is perfect for augmenting Business operations with effective fiscal oversight activities. The fact that it is developed around the R/3 system makes it a robust and error-free application which can efficiently implement and handle financial and cost accounting in a easy manner, along with all other related archived documents. It unites the numerous procedures of the Business to enable high-end utilization of the resources, and delivering the desirable outcome within a short period of time. Because of its simple compatibility with other systems and quick configuration features, SAP FICO application is more popular when compared with other financial software applications based on platforms like Oracle, BAAN and so on. Also, it saves a lot of employee’s productive time, as it is integrated with other important modules like Production, Inventory or HR etc.
Following features of SAP FICO makes it highly robust:
SAP FICO’s ability to integrate with other SAP modules like Sales and Distribution (SD), Production Planning, Project Systems (PS), Plant Maintenance (PM) and Materials Management (MM ) makes it more accountable and versatile to handle large processes and complex workflow. The FI feature can receive postings from different modules like SD, MM, and Human Resource through an integrated network. Real- (LO) accounting time posting of Logistics. SAP FI – The Financial Accounting feature is used for external reporting like balance sheet, profit and loss statements.
Businesses can enhance their accounting and Financial Management with SAP FICO as :
The organization can look forward in enhancing their entire financial structure by integrating SAP FICO with different Business aspects like Sales, Human Resource, Production Planning and Materials Management. Finance Managers can compute entire financial condition of the Business in a real-time base through SAP FI.The availability of the sub-module in SAP FICO is an added advantage which is not available with other Financial Management ERP solutions. These sub-modules enable the organization to implement the all-in-one application for structuring and managing entire financial and accounting structure. This enterprise solution is explicitly built for diverse financial issues since it helps in implementing correct strategies and resolving complex issues with ease and accuracy.
It is an enterprise resource software which can completely digitalise any particular business processes combining all the departments in an company like sales department, finance department, production department, inventory department, logistics department, etc. in to a single server. By the way, there are many companies in this world and everyone’s business process is not same. In some companies goods-issue is done automatically while in other it is done once a month to all the sales-orders manually. In other scenario, one company completes finance transaction once delivery notes is done accounting teams i. e, SAP fi module records the transaction as revenue automatically while in other company all revenue posting is done once per month. Using ERP software you can achieve such a flexibility and sap is pioneer in it.