What is SAP FICO?

SAP FICO which is the acronym for SAP Financial Accounting And Control is a SAP software module that is used as a reporting tool both externally and internally. The main objective of SAP FICO is to keep a record of all financial transactions that are released by an entity or organization and to produce a financial statement that is very accurate at the end of the business trading period. This course is going to teach you about the major functionalities with the SAP FICO module.

SAP FICO consists of various sub modules. The sub-modules that are used most of the time are the accounts receivables module, the modules in charge of account payables, the sub modules responsible for income accounting, complete ledger Accounting and the banking accounts.

All the sub modules are integrated and interlinked together to the SAP FICO software in real time. A trial balance can be gotten at any time and it will always be correct because all the sub modules are connected together and work as a whole rather than as an individual.

Features of SAP FICO

1. Financial Accounting: The Financial Accounting feature of SAP FICO is used to generate external reports like the organization balance sheet, profit and loss statements, etc.

2. SAP FICO has the ability to be included into other modules of the SAP system such as Sales and Distribution (SD), Project Systems (PS), Production Planning (PD), Plant Maintenance (PM) and Materials Management (MM ). This makes it more accountable and totally able to handle large processes and complex organizational workflow.

3. SAP FICO can receive postings from different modules and sub-modules such as SD, MM, and Human Resource through an integrated software network.

4. SAP FICO allows organizations to carry out Real-time posting of their Logistics accounting.

5. The SAP FICO enterprise solution is singularly built for different financial issues since it helps in implementing correct and specific strategies and in resolving complex issues with ease and accuracy.

6. With SAP FICO, Finance Managers can sum together the entire financial condition of a Business in a real-time base.

7. With the calculated results that are presented by SAP FICO, the Finance Managers can clearly draw out strategic business decisions for future projections and targets with a logical and more simplified approach.

8. Organizations and businesses can look forward to developing their entire financial structure by integrating SAP FICO into several distinct Business aspects like Sales, HR, Production Planning and in the department that is responsible for the Management of Materials.

9. The Integration of sub-modules into the SAP FICO software is an added benefit which is not seen in other Financial Management ERP business solutions. These sub-modules lets the organization to implement the all-in-one software application for structuring and managing an entire financial and accounting structure in an organization.

Benefits of SAP FICO

There are many benefits of using the SAP FICO software and some of them are:

1. It can be easily integrated with the sales, distribution, and material management departments in an oorganization.

2. SAP FICO Makes managing the workflow of a business easier.

3. SAP FICO helps to track and produce reports on different companies in different countries with their different currencies.

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