Business and financial accounting processes need a lot of time and resources in assembling statements, forecasts, reports, charts, and other important data on a day-to-day basis. The SAP ERP software has modified the way Businesses are conducted, making them highly efficient and profitable.
SAP FICO (Finance and Controlling) Module has the ability to meet all the financial and accounting requirements of an organization. This module helps Financial Managers and other managers within your Business to review the financial position of the company in real time as compared to legacy systems. These systems often need overnight updates before financial statements are generated and executed for management review.
Among various SAP modules, SAP FICO (Financial Accounting & Controlling) is an extensively used module. It is composed of SAP FI configuration, SAP CO user, SAP CO configuration, and SAP FI user. Within Organizations, financial management is being upgraded continuously with the help of SAP FICO. Recently, there is an emergence of SAP FICO as a popular module. Popular components of the SAP FICO module are General ledgers, Accounts receivable, Account consolidation, Accounts payable, and Asset Accounting. SAP FICO configuration plays a significant role in SAP FICO implementation.
Rising Importance of SAP FICO
Financial statements, master data, etc. can be transferred or migrated to the SAP FICO system. SAP FICO also helps in well-organizing financial management systems. This results in better record management, and ease in the decision-making process. Managing variances, product costing as well as production costs have become easy. Across processes, there is more activity-based costing. For notable events, now organizations can keep track of costs where profitability and sales reports are being generated using internal or external measurements.
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Status of Market Overview
The demand for FICO professionals is not restricted to major cities it is shared across the globe. Besides SCM experts, LE, and SAP BASIS the FICO is the most sought SAP module. In these areas, there are limited FICO professionals with strong commercial experience. There has been an emerging trend in the volume of SAP FICO work. SAP FICO professionals help end-user to distinguish the technical features of the module. The salary distribution of IT jobs citing SAP FI/CO over the 6 months to 12 November 2017 is depicted below:
The most sought SAP FICO module at present
G/L Configuration, Accounts Payable (A/P), Bank Configuration, Accounts Receivables (A/R) Configuration, Asset Configuration, Cost Center Configuration, Configuration concerning Analysis of Profitability, Configuration concerning Profit Center, and so on. Classic G/L is assigned with an extension in the form of a new G/L along with new functionalities. The data structure has been extended. Real-time integration is attained by Co and FI. For parallel accounting, non-leading ledgers are also furnished.
As stated by Gartner, the advanced analytics market, involving financial services and other industries is gauged at $2 billion. There is an increasing interest in the enhancement of Business performance by incorporating Advanced Analytics. Data availability is going rapidly. New sources of data are identified with increased acceptance of Econometrics and Financial Modeling. It also helps in understanding the financial viability of an organization.
According to Therese Tucker (Forbs), finance and accounting fields are slowly being evolved with continuous enhancements in technology. There is an improvement in the visibility and control of data. It is helping to give more emphasis to business intelligence. Due to cloud-based solutions, it is easy to implement technology, despite financial and other constraints. The automation process of the FICO process has influenced Finance functions and with the help of the latest development, FICO is playing the role of an effective competitive differentiator.
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It is cited as an ERP finance and control. It consists of a real-time function. If a new event occurs there is an automatic update. Earlier conventional systems did not provide real-time analysis of a company’s financial health but now it is also possible. The FICO module of ERP also meets the requirement of outside reporting. It is a standard utility to direct documents concerning multiple currencies, companies, and countries.
In today’s world, just pursuing SAP Finance certifications without a finance background, might prove difficult to land a job. Now, SAP customers are more sophisticated, and they are in need of functional specialists with deep expertise in their area of interest.
Hiring Managers are looking for Consultants with deeper knowledge in the functional area. To stand out from the crowd it is best to gain some domain experience and then go for SAP FICO certification. If you are looking for in-depth knowledge about SAP FICO certification and training, look no further and get in touch with ZaranTech!
Click here to know more: https://zarantech.teachable.com/p/sap-fico-finance-controlling-training
These are the related articles that you can check
- SAP FICO: Is it Right for me?
- Introduction to SAP FICO
- How to Become an SAP FICO Consultant?
- Our trainer Sagar for SAP FICO was recently invited as a Guest Speaker for the SAP User Group at the University of Texas, Dallas, School of Management this past Wednesday
- Benefits of Choosing SAP HANA for Application Development
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