Benefits of SAP FICO Training and How to Get It Easily

SAP FICO consists of two portions FI- Finance and CO- Controlling, used to manage the business financial systems. SAP FI deals with financial accounting and reporting along with monitoring the cost.

SAP FICO is the most important functional component in SAP that allows any organization to manage all its financial information. SAP FICO stores the complete details of the financial transaction data of an organization. It generates financial analysis and reports to help to make business planning and decision-making.

Both the FI and CO modules are needed to store a large amount of financial data. This is the required tool in almost all organizations to perform various transactions and generate needful reports. This way, SAP FICO is highly recommended and reliable to maintain the financial system of the organization.

SAP is the largest leading software application provided to most businesses across the world. SAP is used in ERP( Enterprise Resource Planning) and its implementation. SAP plays an important role to develop managerial skills. SAP FICO helps to get positive change in the business operation and IT profession.

Let's take a look at what exactly SAP is

SAP is one of the world's largest software producers to manage business processes and develop solutions. This facilitates the effective processing of data and information flow across the organizations. And it is in high demand across the world.

SAPs are developed in varied ranges so that they can be useful for small-size, mid-size and big-size companies. The software is so developed that it collects and processes the data which is mapped and designed on one platform.

Modules of SAP FI

SAP FI helps an organization to analyze and make a report of the financial statement. These financial statements include profit and loss statements in the balance sheet. Sub-modules of SAP FI are -

• General Ledger deals with the company’s transactional data in the chart of accounts. It provides lists of all the accounts. And transactions are recorded as er real-time details.
• Accounts Receivables manages customer accounts and apprehends customer transactions. Transactions include credit memo posting, invoice posting, payments, down payments, and executing customer requirements.
• Accounts Payable includes all the transactions along with vendor accounts and management. This transaction involves credit memo posting, execution of the vendor reports along with the down payments, automatic payment catalog, invoice posting, and payments.
• Asset Accounting involves the managing of all the transactions relating to the company’s fixed assets like buildings, land, and any heavy equipment. These transactions also include retirement, transfers, sales, and depreciation values.
• Bank Ledger manages the company’s bank account data and transactions. It can coordinate with all the bank transaction records. Also, compares these transactions in the system.
• Consolidation helps the business to combine the financial statements with multiple aspects to provide an overview of the company’s financial position as a total.
• Fund Management governs the budget of the company’s expenses and revenues.
• Special Purpose Ledger illustrates the ledgers in SAP FI for reporting purposes.
• Travel Management deals with managing all the transactions involving travel processes, along with booking trips and handling travel-related expenses.

Modules of SAP CO

While SAP FI tackles the internal and external reporting and accounting of the company, SAP CO collar up for the processing of plans, reports, and monitoring of the business operational costs. It can be instrumental to improve the company’s profit. SAP CO handles specific processes :

• Cost Elements provides an audit of all the company’s revenues and costs based on profit and loss accounts. Cost Elements accounting depicts the origin of the costs representing the costs incurred in the company.
• Cost Centers accord with the costs related to the company’s internal departments or divisions, like production, sales, human resources, or marketing. Cost Centers involve expenses only.
• Profit Centers handle cost-related data of any company’s business. It also deals with expenses and revenues.
• Internal Orders are used to manage the internal projects and non-fixed assets of the company.  
• Profitability Analysis helps the company to analyze the profits of its products. This can be useful to make decisions on product price, distribution strategies, and target market sections. Profitability analysis is applied to each region or country along with the product categories and distribution channels.
• Product Costing helps to manage the data related to the costs required for the production of the company’s goods and services. This can also manage manufacturing costs by optimizing efficiencies.

Hence, the SAP FICO modules above mentioned are the details of its functionality across the company.  These modules serve the company’s management and generate the financial statements to maintain the reports and analyze them.

Along with these, if you are looking to become SAP FICO certified, then I can recommend you enroll in the best institutes available near you. Become part of learning from the best learning platform and fetch the best job for your career.

Benefits of SAP FICO

• Makes Business flow easier

SAP FICO makes the company work systematically by organizing its financial details and analyzing them as needed. This SAP FICO software can extend to almost every facet of business operations. SAP provides easy and efficient accounting details by making the business flow easier.

• Selecting the in-demand career

SAP FICO is an emerging module in the market. With an increase in the career bar for aspirants who are looking for opportunities. If you have completed the SAP FICO certification, then no doubt you are going to grab a decent job in the industry. As many MNCs and global companies are looking to hire professional who has SAP FICO certification.

SAP is usually implemented in large-scale enterprises and provides attractive salaries as per the experience in the profession.

• Except for good growth with the reputation

If you are interested to get into SAP then earn SAP FICO certification and jump into the industry. The certification will add a good reputation to your CV. This is a highly recommended and reputational job across the industry. You are highlighted among the others for this position in the industry.

• Highly recommended by organizations

SAP FICO is extremely flexible and user-friendly in the business world. Because of its emerging ability to tackle the company’s financial accounts, SAP FICO is one of the favorite professions in most organizations worldwide. Learning SAP FICO can help you to learn about the accounts payables, bank configurations, asset and account configurations, etc. With these as the basic functionalities SAP FICO is a highly recommended job.

• Higher salary

Earning SAP FICO certification can help you get the handful of jobs per your interest. The titles can be Module Lead, Project Lead, SAP consultant, etc. The expectation of salary is comparatively high in this field. And is expected to increase much more as the experience increases.

Importance of SAP FICO in the Financial Industry

SAP FICO has modules that are easy to integrate with sales, material management, distribution, etc. By utilizing the proper software one can look into the issues related to the

Business. Henceforth, there is always in search for professionals who can work on this software.

Almost every business small-scale or large-scale deals with a lot of complexities in their process. This enhances the necessities of SAP FICO software and can help the business to run quickly and smoothly. So, SAP FICO provides an organization with well-structured and effective financial control.

Key features of SAP FICO-certified candidates in the Finance industry

• SAP FICO-certified candidates are expected to know the basic working principles behind SAP Financial accounting.
• They know how the financial modules integrate with multiple SAP modules.
• A clear understanding of the General ledger and its features.
• Fundamental concepts relating to the SAP Financial accountings.
• Basic knowledge of SAP FICO modules like accounts payables and receivables, ledgers and sub-ledgers, asset accounting, etc.

Why take SAP FICO training

There is a huge scope of SAP FICO in the industry. Most the industries use ECC model and use FICO as the functional aspect of their business processes.

• Stable Business flow

The main purpose of SAP FICO training is to assist businesses with their financial data, report generation, and maintaining business statements. Certainly, this way SAP FICO helps for the stable flow of financial accounting and control within the organization. Moreover, it facilitates data processing and tracking in real time with valid business decisions. SAP FICO helps to manage the changing business requirements at a faster pace.

SAP FICO training assists in building milestones and timelines. SAP FICO enables timely delivery as per the customer's requirement with various functional designs, test scenarios, cases, and results. This ensures the execution of planned projects by identifying their issues and enhances the system's purposes.

• Effective financial management

Earning SAP FICO training helps to gain technical strength and confidence to handle more comprehensive portfolios. With this training, you can identify accurate data needed to make a proper company plan for the future. Comprehensive data can be processed with proper projections and cost verifications. SAP FICO helps to create valuable technical support for the organization.

With SAP FICO certification, you learn to handle internal reports to improve cost savings with predictive accounting to analyze the sales systems.

• Reliable data maintenance

SAP FICO helps in providing quick and reliable data relevant to business processing. This equips organizations with the latest software tools to manage the complete financial transaction data and activities with just a single click. Also, you will be capable to develop and maintain all the incoming cash flows. This way you can record and update all the transactions with the customers and clients.

Moreover, SAP FICO assists in the real-time settlement of financial and accounting transactions of the organization. This improves the financial process of the business with massive transformation and adds value to the progress. It enhances the smooth coordination between various departments and increases productivity across the workplace.

• The smooth running of the tasks

SAP FICO training provides you with details in designing and documenting business processes. This, in turn, helps in developing the right documents and deliver in the right time. It is obvious to have errors and issues during the transactions. SAP FICO helps to exchange the ideas and information needed for the enhancement of the functional areas of the organization.

This summarizes the capabilities of the design, configuration, and program task management. The SAP FICO baseline functionality along with the customer reporting and configuration changes the business processes.

• Study Business details

SAP FICO training will give clear details about the concepts and financial details of the organization. It is the process-oriented, report-simulating process to enable the reports and functionality of the organization.

• High-income profession

SAP FICO welcomes you into the high-income profession. As all the mid-sized, and large-sized business uses SAP implementations, there is always a need for trained candidates.

SpecEspeciallyndidates with the combination of the best communication skill and SAP FICO certification are in high demand. This is an advantageous platform for those candidates to get recognized among other fellow candidates looking for a job in the industry. The industry is ready to pay these candidates which in turn can help to get them better clients and customers in the future.

• Chase for the lead role

Companies always seek managers who are good experience to provide the best overall direction to implement new SAP modules. This helps to significantly gain knowledge in training with immense value to determine the application system development.

SAP FICO trains individuals to organize and lead the various forums to address issues in the company or organization. And you can become the leader of the project in any given functional area like sales and distribution, manufacturing, finance, accounting, etc.  

Challenges of taking SAP FICO training

You can find it difficult to learn SAP FICO if you do not know certain details and conditions -

• No business knowledge

There is some general basic knowledge about the business that you must have to know before jumping into the training. For example - calculating the cost of production, P2P, profitable analysis, O2O, etc. You need to be aware of these details in prior.

• With no domain experience

Almost every company needs an experienced candidate for their SAP FICO consulting position. This business knowledge is gained by gaining domain experience. Without this, you can find it difficult to get into a consultant role for any organization.

• Lack of SAP hands-on

Even though you may have read all the SAP FICO concepts, you need to expose to practical knowledge about SAP FICO. Practical hands-on experience with theoretical concepts is always recommended. So, having practical knowledge with hands-on experience will help you to get into the best job.

• No PG qualification

Nowadays, most industries are looking for a post-graduation degree. Having PG in your hands and earning SAP FICO certification can be like honey in your hand to grasp the best suitable job as your wish.

• Poor communication skills

SAP consultants are expected to have good communication skills. As they need to interact with the clients on the daily basis. The industry always picks candidates with good communication to improve their client relationships in the present and future.

Conclusion

The increasing demand for SAP FICO professionals in various enterprises improves business processes by simplifying process flows. The continuous expansion of SAP products is becoming an essential part of the growing businesses. Henceforth, it is highly recommended to take SAP FICO training and earn the SAP FICO certification to fetch a better job with a handful salary.

FAQs

Q.1 What are the other SAP solutions other than FICO?

Ans. There are so many modules in SAP. like -

• ERP and Finance
• Network and Spend management
• HR and people engagement
• CRM and Customer satisfaction
• Digital Supply chain
• Digital transformation

Q.2 What is the necessary qualification needed to join SAP FICO?

Ans.  There are no such compulsory criteria to join SAP FICO training. However, having certain knowledge or competition of degrees can be beneficial to know the SAP FICO functionality easily -

• B.Com or M.Com
• BBA or MBA
• Work experience in accounts
• Atleast basic knowledge of accounts

Q.3 Is SAP FICO outdated?

Ans. SAP FICO is expected to be in high demand by 2027. As almost all businesses need FICO to maintain their financial and marketing details. Small-scale,mid-scale, and large-scale businesses all need these SAP FICO candidates to hold their reputation in the market.

Q.4 Can I take SAP FICO training and get the certification?

Ans. Yes, taking SAP FICO training can help you earn the certification. And many institutes provide high-quality SAP FICO training. They also help you to earn SAP FICO certification. Along with that, you may get placement support and guidelines to crack the interviews in a better manner. This way, you can take SAP FICO training and earn the certification from reputed institutions at your convenience.

Q.5 What are the roles and responsibilities of any SAP FICO consultant?

Ans. 1. Configuration of the functional modules of FI and CO in the SAP ERP system

2. Implementation of FI and CO in the SAP ERP database

3. Support teams in resolving issues on the daily basis

4. Integrate FI with MM, PP, and Distribution

5. Interact with the end users for the collection of business requirements.