SAP FICO
SAP FICO: An Overview and Key Considerations
What Is SAP FICO?
SAP FICO is SAP’s core functional module consisting of the tightly integrated Financial Accounting (FI) and Cost Controlling (CO) modules, designed to enable the recording of financial transactions across parent and subsidiary entities, the production of financial statements, and support both internal and external reporting, at the end of every period.
The SAP Financial Accounting (FI) module supports accurate financial accounting and financial reporting, while the SAP Cost Controlling (CO) module facilitates cost planning and cost monitoring.
Key sub-modules for SAP FICO:
- Financial Accounting (FI)
- Asset Accounting
- Accounts Payables
- Accounts Receivable
- Bank Accounting
- Fund Management
- General Ledger Accounting
- Travel Management
- Cost Controlling (CO)
- Activity-based Costing
- Cost Center Accounting
- Cost Element Accounting
- Internal Orders
- Product Costing
- Profit Center Accounting
- Profitability Analysis.
The primary objectives of SAP FICO are to provide financial transparency, improve data consistency, and enable business process integration within the organization. Organizations can leverage the inter-connected sub-modules and real-time data streaming to produce trial balances that accurately reflect most business processes from various industries. SAP FICO is an end-to-end solution that combines industry best practices with application expertise, deep-process knowledge, and technical innovation.
Key Considerations for SAPinsiders
SAP FICO: An Overview and Key Considerations
What Is SAP FICO?
SAP FICO is SAP’s core functional module consisting of the tightly integrated Financial Accounting (FI) and Cost Controlling (CO) modules, designed to enable the recording of financial transactions across parent and subsidiary entities, the production of financial statements, and support both internal and external reporting, at the end of every period.
The SAP Financial Accounting (FI) module supports accurate financial accounting and financial reporting, while the SAP Cost Controlling (CO) module facilitates cost planning and cost monitoring.
Key sub-modules for SAP FICO:
- Financial Accounting (FI)
- Asset Accounting
- Accounts Payables
- Accounts Receivable
- Bank Accounting
- Fund Management
- General Ledger Accounting
- Travel Management
- Cost Controlling (CO)
- Activity-based Costing
- Cost Center Accounting
- Cost Element Accounting
- Internal Orders
- Product Costing
- Profit Center Accounting
- Profitability Analysis.
The primary objectives of SAP FICO are to provide financial transparency, improve data consistency, and enable business process integration within the organization. Organizations can leverage the inter-connected sub-modules and real-time data streaming to produce trial balances that accurately reflect most business processes from various industries. SAP FICO is an end-to-end solution that combines industry best practices with application expertise, deep-process knowledge, and technical innovation.
Key Considerations for SAPinsiders
Leverage SAP FICO to generate timely insights within current processes. Organizations typically modernize ERP financial landscapes in phases and not all at once. As a result, finance and accounting managers must incorporate processes across multiple technologies, including legacy or manual solutions, to deliver business benefits. The flexibility of SAP FICO supports this option, as Mark Pockl, insightsoftware’s Solution Engineer, specializing in SAP and Orace EBS reporting solutions, provides best practices for leveraging SAP FICO inside Excel.
SAP FICO automation can enable the standardization of financial processes. With SAP FICO, finance teams are equipped with standard solutions capable of supporting automation across many manual processes related to financial transactions and reporting. This helps finance teams, including the finance departments at Kellogg Company and Newell Brands, effectively manage financial data within SAP ERP systems, including generating reports that different departments require for decision-making.
Economic disruptions increase the need for financial visibility across organizations. SAP FICO is designed to support multiple views of your organization in real time, providing visibility for finance managers at the most critical junctures. In addition, by accurately and quickly managing cost planning and cost monitoring requirements consistently across the business units, organizations can generate ad-hoc reporting from costing and profitability insights.
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