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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.
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:
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.
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 with plan 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:
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 is 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.
If you are a SAP consultant that specialises in FICO get in touch with our recruiting SAP team to discuss available opportunities.