Category: SAP ERP courses
In accounting, ERP is the acronym for enterprise resource planning. ERP could be described as a database software package that supports all of a business’s processes and operations including manufacturing, marketing, financial, human resources, and so on. In other words, the goal of ERP is to have one integrated system for the entire company.
The integration of all of a company’s information from all departments, processes, operations, etc. requires that an ERP system be very sophisticated. This in turn requires a company to commit considerable resources for planning, training, and implementing an ERP system. Two of the most popular ERPs are SAP and Oracle.
Accounting Software vs. ERP
Accounting software, as indicated by its name, deals with accounting transactions such as payroll, accounts receivable, accounts payable, and trial balances. Common modules bundled with accounting software include billing, sales order, purchase order, general ledger, timesheet, expense, and electronic payment. Simply put, accounting software, as it is traditionally known, is a subset of any ERP bundle.
ERP software is a resource management system, tracking tangible and intangible assets, materials, human resources, and financial resources. If you are wondering why the software covers financial resources, it is because ERP covers a range of functionality not generally offered by accounting software, often factoring in intangibles like human work hours, product lifecycles, performance units, and customer relations.
What is SAP FICO?
SAP FICO is closely linked with other modules like SAP SD (Sale and Distribution). The FICO in SAP FICO stands for Financial Accounting (FI) and Controlling (CO). These modules of your ERP solution have been designed to meet all accounting and reporting requirements. With just a click of a button, you can gather information, analyze, prepare financial statements, reports and generate charts that can be presented to the management with greater accuracy and relevance. It is the go-to buddy that helps you carry out all the accounting and controlling responsibilities in a few clicks. A basic SAP FICO course will equip you with the skills required to use the program efficiently.
SAP FICO Features
The SAP FI module or class allows for real-time financial processing on the basis of which you can derive data for reporting. The FI module is usually integrated with modules such as Material Management, Sales and Distribution, Human Resources, and Production Planning.
The Controlling module is used to provide operational insights and key decision-making information to the management of the company. It’s like an internal accounting viewpoint that helps to sum up all the operating costs and expenses of the organization, enabling management to make essential business decisions.
- The Accounts Receivable record maintains and manages all transactions with customers and clients
- The Account Payables record tracks and manages all money payable to vendors or suppliers
- The General Ledger Accounting enables a real-time reconciliation between financial accounting and management accounting, paving the way for parallel accounting concepts in SAP
- The CO (Controlling) module has components like Cost Element Accounting, Cost Controlling, Cost Center Accounting, Internal Orders, Activity Based Costing, Product Cost Controlling, Profitability Analysis, and Profit Center Accounting
If you work in the field of financial and managerial accounting or are looking to get ahead in your career by assuming higher management roles, then you should equip yourself with skills in SAP FICO. SAP FI/CO training not only enhances your professional capabilities, but also gives you a wider picture of business operations and strategic processes. There are several certification programs and training modules that will help you master the SAP FICO application in a short duration of time. Here are some of the major benefits of undergoing training in the SAP FICO module:
- Increases your knowledge on the latest trends in the financial world
- Equips you with the latest software tools to manage financial activities in your organization
- Helps you improve the financial processes in your company thereby increasing value-addition
- Better coordination between various functions across the workplace, leading to smoother business operations
Enhances professional growth and gives you better job opportunities.