By: Microtek Learning
Mar. 21, 2023
Last Updated On: May. 26, 2023
Enterprise resource planning (ERP) software products are best implemented when they are provided by SAP, a market leader. Since its founding, SAP has offered top-notch solutions to enhance management in the IT and business fields. There is a lot you need to learn and do if you want to work as an SAP FICO consultant.
There are 28 modules in SAP; however, only a few are widely used. One of them is FICO from SAP (Finance and Controlling). In the market, it has been increasingly utilized to satisfy financial necessities.
This blog will help you fully understand this SAP Certification.
Applying SAP Finance with SAP Controlling, user administration, and configuration makes up SAP FICO. Employment opportunities include senior analyst programmer, account & finance executive, SAP FICO consultant, and more. Understand the following two primary modules to gain an understanding of what a FICO consultant does:
SAP Financial Accounting has anything to do with improving business finance management strategies. All firms need finance as a critical component, which calls for excellent management abilities. Financial accounting is complex and taxing to manage manually. Because of this, the organization uses SAP FI to streamline the management of handling accounts and financial requirements. It aids the business in assessing its economic standing in the marketplace.
Account Consolidation, General Ledgers, Accounts Payable, Asset Accounting, and Accounts Receivable are some components that make up the FI module.
Any organization may plan, maintain, justify, and monitor business processes with the help of the SAP Controlling (CO) module. As it sees and arranges the underlying costs, it is closely related to financial accounting. Additionally, it organizes and manages master data, which includes details on internal orders, profit centers, cost centers, cost components, and much more.
Step-by-step management of the process is used for organizing, chasing, carrying out, and reporting. Finding cost centers makes it easier to make informed plans. The cost of various techniques based on activities is beneficial. It oversees costing, production expenses, and product deviations. It has elements for overhead management, internal order accounting, profitability analysis, and cost center accounting, among others.
Overall If the two modules are combined, data management and financial accounting might aid experts in corporate management. You initially require the following to enter the field of financial accounting:
In accordance with the needs of the business, consultants are in charge of setting up and implementing systems, improving processes, doing GAAP analyses, and exploring new projects. External or internal consultants are both possible. The implementation team also includes outside consultants. With a project's launch, they cease to exist. As the project is being installed and even after it has gone live, inside consultants work for the company.
A minimum of two to five years of experience working with the SAP FICO modules Accounts Payable, Internal Orders, Cost and Profit Center Accounting, Accounts Receivable, and General Ledger.
Before considering becoming a FICO consultant, you must complete the necessary academic coursework. The following qualifications are needed to enroll in this SAP course:
Instead of SAP FI and SAP CO consultant training, one could choose SAP FICO training. It improves comprehension for improved management of reporting and financial accounting in an organization in addition to developing competence. Also, you can work with Microtek Learning to enhance your management skills. They introduce you to the fundamental ideas of SAP implementation, assuming you are a complete novice in the field. Hence, no prerequisite knowledge is required to begin these SAP Certified courses.
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