Companies of all shapes and sizes use enterprise resource planning (ERP) systems to streamline their business operations. From the smallest kiosks to the world’s largest multinational corporations, every company needs a business software to stay organized, and therefore ERP business solutions have been a great helping hand in this arena for over a decade. However, with the extreme popularity of SAP products, SAP FICO, one of SAP’s flagship financial products, has become the most preferred financial software for handling complex financial transactions. Over the years, tech companies have been offering SAP FICO training to their employees to improve their business operations.
According to a recent survey conducted by SAP, the world’s 16 percent of business transactions are done using SAP FICO alone. As a result of this, the average annual salary of an SAP FICO Certified Professional ranges anywhere between US$67,793 and US$103,305. The recent upward swing in SAP FICO career opportunities is anticipated to continue for a long time to come. SAP FICO Consultants will be wooed by top multinational companies and emerging start-ups, and a close look at the job boards reveal that top multinational companies are constantly on the hunt for an SAP FICO Consultant.
What is SAP FICO all about?
SAP FICO is a combination of FI and CO modules. FI stands for Financial Accounting and CO for the Controlling module. This course is best suited for Accounting and Finance professionals, aspirants who desire to make it big in the finance industry, and SAP ERP Consultants who wish to learn FICO modules. The SAP training lays its emphasis on making financial reporting better and handling user accounts and users’ internal data effortlessly. The SAP FICO module can be incorporated with other SAP modules mentioned below:
- Material Management (SAP MM)
- Sales and Distribution (SAP SD)
- Production Planning (SAP PP)
- Human Resource Management (SAP HR)
What is the curriculum covered under the SAP FICO training?
As a part of the training, there are two separate modules, SAP FI and SAP CO, available within the SAP ecosystem.
SAP FI Curriculum:
- SAP FI is used for external and internal reporting. One of the main objectives of the FI module involves generating the company’s financial statements, such as balance sheets, income statements, and cash flow statements. Furthermore, it contains as many as eight key sub-modules as follows:
- SAP FI General Ledger Accounting: This sub-module records all the transactions of an organization including purchases from sellers, customers, and the organization’s internal purchases.
- SAP FI Asset Accounting: This sub-module is responsible for effectively managing all transactions related to the company’s fixed assets, such as lands, buildings, and heavy equipment.
- SAP FI Funds Management: This sub-module deals with managing the budget for the company’s revenues and expenses.
- SAP FI Accounts Receivables: This sub-module captures customer transactions and manages customer accounts. Predominantly, the transactions would revolve around invoice posting, down payments, invoice payments, etc.
- SAP FI Accounts Payable: This sub-module contains all the details related to transactions with stakeholders and also manages stakeholders’ accounts.
- SAP FI Special Purpose Ledger: This sub-module is responsible for defining the ledgers in the SAP FI module for reporting purposes.
- SAP FI Travel Management: This sub-module is responsible for managing all procedures involved in a business trip.
- SAP FI Bank Accounting: This sub-module deals with all financial transactions that happen through banks.
Now, let us move ahead and elucidate some key pointers on SAP CO:
SAP CO Curriculum
SAP Controlling (CO) is another important SAP module covered as a part of the SAP FICO training. This module is used for the organization’s internal reporting purposes. Some of the main functions of the SAP Controlling module are coordinating, monitoring, and improving all processes in an organization. The Controlling module also contains methodologies to plan and analyze the costs involved in financial reporting. Using the SAP CO module, companies can effectively manage the decision-making process. Like the SAP FI module, the SAP CO module also has some sub-modules.
- Cost Element Accounting: This sub-module is responsible for reconciling costs and revenues in Financial Accounting (FI) and primary costs in Controlling (CO).
- Profit Center Accounting: This sub-module is responsible for analyzing revenues and costs for a specific company.
- Activity-Based Accounting: This sub-module is responsible for tracing the overhead costs to activities and then it assigns them to direct objects.
- Internal Orders: It is responsible for supervising the overhead costs that the company incurs for a specific project or for staging an event.
- Profitability Analysis: This sub-module plays a huge role in analyzing the profitability of various segments of the company, such as customer service, sales, production, etc.
- Product Cost Controlling: This sub-module plans the costs and prices of the materials, and it also controls the cost of goods manufactured (COGM) and the cost of sales (COS) for every product unit.
Let’s now talk about the perquisites before you take up this course.
Things You Should Consider Before You Enroll in this Course:
- Basic knowledge of financial management and business processes
- Basic knowledge of computers
- Understanding how financial software is necessary and not mandatory
Who can enroll in this SAP FICO Course?
The SAP FICO training can greatly benefit a huge number of people, including:
- Accounting Professionals aspiring to know everything about SAP FICO
- Business Analysts
- Business Development Officers or Executives
- Professionals in the financial industry or the banking domain
- Project Managers and Project Management Professionals
Key Features of the SAP FICO certification training
- Instructor-supervised training
- Self-paced course
- Unlimited access to the course material
- 24/7 support
- Certification and placement opportunities
- Enroll in the SAP FICO Training and Get Certified to Surge Ahead in Your Financial Career
The SAP FICO training and certification, in association with SAP as the knowledge partner, is designed by the industry’s top-notch experts for aspiring financial professionals to get high-paying jobs in multinational companies. The complete training program includes real-world case studies and hands-on learning with industry-approved projects. SAP FICO certification is recognized by some of the leading multinational companies such as Cisco, Mu Sigma, Sony, Hexaware Technologies, Genpact, Tata Consultancy Services, and many more.