Significance of SAP FICO in the Growth of BusinessCategory: SAP FICO Training Posted:Jul 13, 2017 By: Ashley Morrison
Over a decade, enterprise software has gained more popularity in IT industry due to various reasons like managing a Business environment which is filled with complexities. Enterprise Software Company like SAP plays a huge role in helping their customers to maintain complex Business environments. Leading companies like IBM and Microsoft are implementing ERP solution delivered by SAP to extend their resources and build a durable Business model. Out of several efficient SAP ERP solutions, SAP Financial Accounting and Controlling (FICO) is one such module that stores transaction data.
The user requires sufficient potential to execute accounting jobs like developing reports and balance statements to perform in-depth forecasting. Enterprises that require simplicity can choose SAP FICO as it’s a definitive Financial Accounting and Controlling solution. It is simple to configure and compatible host with different software tools.
SAP FICO entitles all kinds of Businesses to reach self-defined success, by ensuring that every decision made by its users reflects an accurate data and it even helps in achieving the organizational goals with enhanced efficiency. It is perfect for augmenting Business operations with effective fiscal oversight activities.
Because of its simple compatibility with other systems and quick configuration features, SAP FICO application is more popular when compared with other financial software applications based on platforms like Oracle, BAAN and so on. Also, it saves a lot of employee’s productive time, as it is integrated with other important modules like Production, Inventory or HR etc.
The fact that it is developed around the R/3 system makes it a robust and error-free application which can efficiently implement and handle financial and cost accounting in a easy manner, along with all other related archived documents. It unites the numerous procedures of the Business to enable high-end utilization of the resources, and delivering the desirable outcome within a short period of time.
Following features of SAP FICO makes it highly robust:
- SAP FI – The Financial Accounting feature is used for external reporting like balance sheet, profit and loss statements.
- SAP FICO’s ability to integrate with other SAP modules like Sales and Distribution (SD), Production Planning, Project Systems (PS), Plant Maintenance (PM) and Materials Management (MM ) makes it more accountable and versatile to handle large processes and complex workflow.
- The FI feature can receive postings from different modules like SD, MM, and Human Resource through an integrated network.
- Real-time posting of Logistics (LO) accounting.
Businesses can enhance their accounting and Financial Management with SAP FICO as –
- This enterprise solution is explicitly built for diverse financial issues since it helps in implementing correct strategies and resolving complex issues with ease and accuracy.
- Finance Managers can compute entire financial condition of the Business in a real-time base through SAP FI.
- With the evaluated results, the Finance Managers can define strategic decisions for future projections and objectives with a logical approach.
- The organization can look forward in enhancing their entire financial structure by integrating SAP FICO with different Business aspects like Sales, Human Resource, Production Planning and Materials Management.
- The availability of the sub-module in SAP FICO is an added advantage which is not available with other Financial Management ERP solutions. These sub-modules enable the organization to implement the all-in-one application for structuring and managing entire financial and accounting structure.
Nowadays, with the help of SAP FICO, Financial Management systems are becoming more organized with better record management, improved finance reporting and ease in the decision-making process.
According to Gartner, advanced analytics market concerning with financial services and other industry it is estimated at $2 billion. There is a continual growth of interest in the improvement of Business performance by applying advanced analytics. As per the research results, data availability is growing rapidly and new sources of data are being identified. Econometrics and financial modeling are getting huge acceptance as it helps in understanding financial ability and work successfully for an organization.
At enterprise level, almost every aspect of the Business is highly automated. With SAP FICO in place, an enterprise can enjoy automation and simpler management of all its financial operations. This also gives the enterprise an opportunity to comply with various federal regulations and also meet accounting standards all across the globe. It can get bit cumbersome and perhaps even impossible for manual controls of the same. At this point, SAP FICO training plays a crucial role to help you in mastering core concepts of SAP FICO.
It is quite interesting indeed to be equipped with knowledge on various aspects of Finance and Control because it enormously improves the employability for an individual. Considering the fact that SAP training is constantly getting updated with the latest technology and methods of operating specific aspects of Business, an individual has to undergo periodic training and update his knowledge levels as well.