Planning for a Career in SAP FICO? Get an Understanding of This Module
In order to enhance the planning of resources in enterprise businesses, one of the leading tools available at the moment to provide software for enterprise application is SAP. The full form of SAP is Systems, Applications and Products for Data Processing. This concept was founded in the year 1972 and over the years it has undergone major developments that have been changing the face of the entire industry.
SAP FICO stands for the SAP Finance and Controlling. As this has been a widely growing aspect of the enterprise business, a large number of SAP FICO jobs are available and this is the most commonly used module available under SAP.
The other things that are included in SAP FICO are the configuration of SAP FI, configuration of SAP CO, the users of SAP FI and the users of SAP CO. So, if you are looking for the latest SAP FICO jobs, then you must have an understanding of the SAP FI and SAP COmodules.
Applications of SAP FI Module
SAP FI is a module that relates to the financial aspects of SAP. All the activities that involve accounting and finances are well-covered by the module SAP FI. Some of the popular components that come under SAP FI module are general ledgers, consolidation of accounts, accounting of the assets, payable accounts and receivable accounts. The implementation of the SAP FI module involves the configuration of SAP FI. Some of the essential requirements for the configuration of SAP FI are currencies, variants, fiscal year and charts of accounts.
Applications of SAP CoModule
The SAP CO module works with the master day, reporting and configuration. The master data can combine several things like the type of activity, key figures of statistics, the functional area, internal orders, profit centers, cost centers and elements of costs. The SAP CO module lets you view the data pertaining to the costs with the internal management. This in turn helps to understand the finance reports in a much better way and also helps to make the decisions with more accuracy.
There are a number of advantages of including SAP in organizations. Firstly, it helps to track the cost heads,which can be useful to make future decisions. Secondly, it keeps a track of the cost that is invested on special events and then assigns them to the desired and appropriate departments. Thirdly, it helps to avail the costing of the processes that is based on the activity and lastly it manages all the costing of products and their production along with the variances.