SAP FICO is the abbreviation for Financial Accounting and CO Controlling; this is the best formation of internal as well as external accounting methods. Both FI and CO are the important modules of ERP and stores the financial transaction data. SAP FICO is one of the most widely used SAP modules. SAP FICO module consists SAP FI configuration, SAP CO configuration, SAP FI user and SAP CO user.
SAP FI Module: It has developed as a popular module successfully instigated in organizations. The SAP finance account training module helps organizations in handling financial requirements and accounting activities. It allows one to review the financial position of an enterprise in real time market.
SAP CO Module: It is another important module engages SAP controlling includes SAP CO configuration and SAP CO user and consists of master data and reporting. This module helps you get a better vision of financial reporting and helps you manage the records related to the organization. In addition to this, this module enables organizations to accomplish reporting and information database as per the requirement for their business.
SAP FICO is the best solution for all your accounting and task controlling problems. There are some important advantages that the implementation of SAP FICO will bring to your organization:
- Allows smooth financial accounting and controlling functions
- Provides rapid, reliable and relevant data in order to meet the external reporting tasks such as Balance Sheet, Profit and Loss Statements, etc.
- Helps you to monitor and track data of various cost and profit centers situated across the world from one single platform
- Real-time financial processing enables faster management decisions
- Respond to changing business necessities effectively in timely manner
- Expands corporate performance and business policy formation
- Simplifies processes such as reporting, scheduling, financial consolidation, collaboration with other sections and brings about transparency across the organization
- Better management of cash-flow, payables, receivables, credit management, collections, finance and treasury functions, etc.
- Allows better practices in following accounting standards, government regulations, regulation of internal processes, etc.