SAP is the most widely used software application provider for enterprise resource planning (ERP) and helps to improve its implementation. Since its inception, SAP has provided excellent ways to improve business and IT management. There are many things to do and learn if you want to become a SAP FICO consultant.
SAP has 28 modules total, but only a few of them are considered mainstream. One of them is SAP Finance and Controlling (FICO). It is widely used on the market to meet financial requirements.
This blog will help you understand the SAP Certification in detail
What are the career opportunities for SAP FICO Certified Professionals
SAP FICO is a combination two SAP modules, SAP finance and SAP controlling. It also includes user management and configuration. FICO module certification will open many doors for you to work as a SAP FICO consultant, account and finance executive, senior analyst programmer, and many other roles. You need to understand the main modules of FICO consulting.
1. SAP FI Module required
SAP Financial Accounting is a tool that helps improve finance management in companies. Finance is a critical part of any business and requires excellent management skills. Manual management of financial accounting is complex and taxing. SAP FI is implemented in an organisation to simplify the management of accounts and financial requirements. It allows the company to assess its financial position on the market.
The FI module includes components such as General Ledgers and Account Consolidation, Asset Accounting Accounting, Accounts Payable and Accounts Receivable.
2. SAP Controlling (CO), Required
SAP Controlling (CO), module allows for planning, maintaining, justifying, and supervising business processes within any company. It directly links to financial accounting as it organizes and views the associated costs. It also manages and configures master information, which includes information about internal orders profit centers, costs centers, and cost elements.
It is managed step by step, including organizing, chasing and execution. It allows you to track cost heads and plan accordingly. It helps to cost across processes based on activities. It monitors product variances and production costs. It includes components such as Profitability Analysis, Internal Order Accounting and Cost Centre Accounting.
If they are correlated, both modules can be used to aid professionals in business management, data management, and financial accounting. First, you need to know the basics of financial accounting.
Test, research, and configuration skills
Business Support – Providing solutions passionately
Familiarity and familiarity with business processes
Management and Financial Accounting knowledge
Also read: SAP Financials – What’s the Deal?
