SAP Finance and Controlling Module
Nowadays business software that is in demand is SAP. SAP is an enterprise resource planning software launched by SAP AG. This ERP software is combination of different technical and functional modules. These module deals with different departments but in a whole provide effective ERP solution to the organizations.
SAP FICO stands for SAP Finance and Controlling. This module is an important part of SAP ERP and enables the companies to efficiently manage their financial transactions data. SAP FICO helps organization in planning and decision making by proving many useful financial and analysis reports. SAP financial function records all the accounting and monetary transactions taking place in business, while SAP Controlling enables organizations to control costs while operating businesses. Controlling module tracks costs and its effects on performance of organization.
SAP growth and rising market share is attracting more company towards SAP ERP software. This increase in demand for SAP ERP software is generating many jobs opportunities. SAP FICO is not restricted to major cities it is shared across the globe. Besides Supply Chain Management and SAP BASIS experts the FICO is the most sought SAP module. There are limited professionals with prior FICO experience and are in huge demand.
Sub Modules of SAP Finance and Controlling
Travel Management – It deals with travel related activities and records all transaction involved in travel process. Booking trips, expenses incurred in travelling and other related activities are collected by this sub-module.
Special Purpose Ledger – This is used for reporting purposes and one can define the ledgers required for reporting.
Consolidation – Companies can combine different financial statements by this option. Consolidation will help organizations in comparing performances to get overview of its financial position.
Bank Ledgers – Bank Accounting deals with all bank and contra entries transactions. It can also perform bank reconciliation.
Accounts Payable – This function is related with managing vendors and vendor accounts. Transactions include posting of invoices, hire and purchase system, posting of credit memo, payment of invoices, automatic payments program (APP) and reports relating to executing vendor.
Accounts Receivables – This option deals with managing customers and transactions related to customer accounts. Transactions include posting of invoices, posting of credit memo, hire purchase systems, payments of invoices, execution of customer reports and dunning.
General Ledger Accounting – It deals with all transactions related to chart of accounts (CoA). In this one can perform legal and internal management reporting together.
Funds Management – This function deals with budgets and help in managing expenses and revenues of a company.
Internal Orders – It is used for managing non-fixed assets and other smaller inward undertakings.
Profitability Analysis – Profitability Analysis empowers the organization to break down the profitability of its products. For instance, Profitability Analysis can be valuable for settling on choices on issues like item estimating, circulation channels or target advertise portions.
Profit Center Accounting – It handles all the cost information identified with the organization’s business lines. This function deals with both revenues and expenses, dissimilar to Cost Centers, which deals with costs.
Cost Center Accounting – Cost Centers manages the expenses related with the organization’s inward divisions or offices. Cost Centers includes just costs, not incomes.
Cost Element Accounting – This provides an overview of all cost components describing the starting point of the expenses. Cost Elements gives a review of all the organization’s expenses and incomes in light of benefit and misfortune explanations, which are otherwise called wage articulations.
SAP FICO integrates with other SAP modules like Production Planning (PP), Plant Maintenance (PM), Materials Management (MM), Quality Management (QM) and Sales and Distribution (SD).