What is SAP FICO?

SAP FICO

SAP FICO (Financial Accounting and Controlling) is a module of SAP ERP which is used for financial reporting both externally and internally. A SAP FICO consultant is a professional who specialises in implementing and customising the SAP FICO module for businesses.  It is a core module within SAP ERP (Enterprise Resource Planning) that helps organisations manage their financial accounting and management accounting processes. The role of the SAP FICO consultant involves the creation and execution of SAP-centered ERP solutions with a specialization in finance and controlling functions. This requires close collaboration with the client’s finance unit to examine and devise SAP FI/CO solutions, conduct testing, and guarantee solution stability.

FI

SAP FI is one of the important modules in the SAP software and stands for Financial Accounting, and with the other half of that module being the Controlling module, together they make up SAP FICO.

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The financial accounting (FI) module manages the financial information for a company, much like all the other core ERP components of SAP modules they easily integrate with the other core modules such as SAP SD, SAP PP, SAP SCM etc.

The SAP FI is made up of various different elements:

• Financial Accounting General Ledger
• Financial Accounting Accounts Receivable and Payable
• Financial Accounting Asset Accounting
• Financial Accounting Bank Accounting
• Financial Accounting Travel Management
• Financial Accounting Fund Management
• Financial Accounting Legal Consolidation

The advantages of using SAP FI is that it enables an organisation to manage multiple companies, currencies and languages in order to effectively analyse and control inventory, financial statements, tax accounting, and much more.

CO

The Controlling module sits alongside the financial accounting (FI), with the benefit of the CO being that you have the ability to investigate variances by analysing actual data, benefiting the organisation by helping to understand the business flow. Ultimately, the SAP CO module assists senior management to make decisions on where and how to improve profitability.

SAP Controlling module comprises of:

• Sap Cost Element Accounting
• Cost Centre Accounting
• Activity Based Accounting
• Internal orders
• Product Cost Controlling
• Profitability Analysis
• Profit Centre Accounting

The SAP FI and CO are independent components but the information that each entails means that using these modules in tandem allows the data flow to take place much easier on a regular basis and in real-time. The advantages of the real time information means CO documents are always available in reports in New General Ledger Accounting.

Furthermore, the user friendly interface of SAP FICO provides an ease of access unlike many other financial accounting software’s, combining this with the flexibility and transferability of other SAP modules, there is very little downside when SAP FICO is being used in the workplace.

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A career in SAP FICO

A SAP FICO consultant needs to have a strong understanding of financial and accounting principles, along with comprehensive knowledge of SAP ERP software and the FICO module’s functionalities. They should also possess excellent analytical, problem-solving, and communication skills to work effectively with clients and various stakeholders throughout the implementation and support phase

The growing demand, lucrative salaries, and abundant career growth prospects make SAP FICO an attractive field for aspiring professionals. It presents a remarkable opportunity for individuals looking to combine their financial acumen with technical expertise. By acquiring the necessary SAP FICO skills, staying abreast of industry developments, and continuously honing their expertise, individuals can embark on a fulfilling and challenging journey in the world of SAP FICO.

SAP specialists at Cavendish Professionals

At Cavendish Professionals, we are SAP technology specialists who offer flexible recruitment models that can assist with permanent, contract and temp-to-perm placements. Our strength is us, understanding your requirements, embedding ourselves in the industry and creating strong long-term relationships with both clients and candidates to find the right person for your organisation.

Get in contact with us today and see how we can assist in your SAP recruitment search.

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