Importance of an SAP FICO Consultant in Finance IndustryCategory: SAP FICO Posted:Nov 16, 2017 By: Ashley Morrison
Across the globe, SAP is an eminent vendor for delivering enterprise software applications towards better enterprise modules in SAP were discovered for various processes. SAP launched its unique Business solutions in 1972, that leveraged organized processes in enterprises. Leading MNCs like Microsoft and IBM are executing ERP solutions delivered by SAP to expand their capital and build a substantial Business model. Out of many efficient SAP ERP solutions, SAP Financial Accounting and Controlling (FICO) is one such module that keeps transaction data. SAP FICO consists of SAP CO configuration, SAP CO user, SAP FI user, and SAP FI configuration.
SAP FICO always stays ahead in its popularity when compared to finance solutions delivered by other platforms like Oracle, BAAN many more, as it’s easily compatible with other systems. In addition, it can integrate with other important modules like Inventory, Production or HR, and so on.
The Financial Accounting module in SAP is developed to depict the Business transactions of an organization that fulfill external reporting prerequisites. The system has facilitates to route and report on numerous enterprises across the countries with different currencies. The software also initiates an integration with purchasing, sales and distribution, and materials management. It also validates the user to examine the movement of materials, original transaction, and sales order or purchase order.
SAP FI, the Financials module is considered as a core component of an integrated SAP system, since everything that has a financial impact in the modules will result in flowing to FI in real-time. The financial impact of these transactions in different modules will be dispatched to FI. Hence it is very important to set up the FI/CO system as soon as possible, as it is a supporting skeletal framework of the entire system as a complete pack.
Importance of SAP FICO in the Finance Industry
Nowadays, organizations need to deal with lots of complexity that arises in the Business Process. This has enhanced the necessity of software that can help them in conducting their Businesses smoothly and quickly. Appropriate software not only aids you in conducting business in the present but also allows you to keep an eye on the future. SAP FICO is one such software that provides organizations well structured and effective financial as well as controlling mechanisms. These mechanisms include almost each and every aspect of business operations to get wide-reaching and in-depth changes with benefits.
Another advantage of the SAP FICO module is that it can be easily integrated with sales, distribution, and materials management, and so on. With proper utilization of this software, one can address issues and areas such as Accounts payable, Accounts receivable, Bank accounting, General and other ledgers, Cost and profit centers, and Management of different financial assets.
Due to all these factors, organizations have started to implement this module in their business and are in continuous search of adept professionals who can work with this software. To work with this software, it is important for an individual to:
- Understand the working principle behind SAP financial accounting
- Know how the finance module integrates with different SAP modules
- Master the fundamental concepts of SAP Financial Accounting
- Perceive the importance of General Ledger and learn about its features
- Learn a few core concepts of SAP FICO module like Sub-Ledgers, Accounts Receivable/Payable, Asset Accounting
Roles and Responsibilities of an SAP FICO Consultant
Aspiring professionals looking for a Career shift to SAP are curious about the role of SAP FICO Functional Consultant. And many of them even with sufficient Functional experience they still have the urge to understand their role after SAP training and Career shift to SAP.
The actual role of SAP FICO Functional Consultants will differ based on the type of project they are employed in. The assigned project may be SAP Upgrade, Implementation, Rollout, SAP Support (post-implementation), and more. Following are the key roles and responsibilities of an SAP FICO Consultant in an enterprise:
- They are known as Business Experts, as they design the SAP implementation solution based on the requirements of your company.
- Generally, they use the acquired process knowledge to gauge the influence of the SAP implementation on the company’s processes.
- They even interact with the customers to collect the requirements based on that SAP implementations are customized.
- SAP FICO Technical Consultants play a key role in migrating the data from the legacy system to new SAP ERP implementation.
- Simplify the support and implementation of SAP Financials (aim on Profitability Analysis, Profit Center Accounting, Product Costing, FICO Controlling Cost Center Accounting and so on)
- Conduct a comprehensive analysis of complex business process requirements and provide appropriate system solutions
- Perform workshops to gather Business requirements
- Interconnect the client Business requirements, processes and objectives
- Act as a mediator with the client to troubleshoot, investigate, analyse, and solve software problems
- Deliver efficient consulting services on both new executions and existing support projects
SAP FICO is the highest-paid SAP module, it has very good growth and many companies are looking for SAP FICO certified Consultants. But it is not that easy to get a job in SAP FICO, the competition for SAP FICO is too high, so you should be very good in the technical. According to the Glassdoor reports the average salary of a Senior SAP FICO Consultant is around $86,000.
Due to an increase in the reliability of organizations on the SAP FICO module, there has been a precise increase in the demand for knowledgeable and certified SAP FICO consultants. Enroll in our SAP FICO training to ease your learning methods and get certified to attain a successful career in the Finance industry. For more information please visit our website.
These are the related articles that you can check
- SAP FICO: Is it Right for me?
- Top Four Reasons to Learn SAP FICO
- Introduction to SAP FICO
- Our trainer Sagar for SAP FICO was recently invited as a Guest Speaker for SAP User Group at University of Texas, Dallas, School of Management this past Wednesday
- Before you join SAP FICO training, ask these questions