What exactly is SAP FICO?
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Answer 1
SAP Consultant
SAP FICO (Financial accounting and Controlling) 1st we seewhat is fico
SAP Financial Accounting (FI)
SAP FI module as the term suggests deals in managing financial transactions within enterprises. This financial accounting module helps employees to manage data involved in any financial and business transactions in a unified system. This module functions very well for reporting requirements. The SAP FI module is very flexible and functions well in any type of economic situation. Be it a smaller organization or a larger organization, SAP implementation helps in consolidating data for diverse business transactions and legal requirements. Financial Accounting module helps one to get real-time financial position of an enterprise in the market. SAP FI incorporates with other SAP modules such as SAP SD, SAP MM, SAP PP, Payroll and more for better work results.
SAP Controlling (CO)
SAP CO module is another important SAP modules offered to enterprises. The controlling module supports in the process works of planning, reporting and monitoring operations of businesses. It involves methods to view and organize costs that are required for financial reporting. Controlling module enables one to plan, track, perform and report about costs. Controlling includes managing and configuring master data that covers cost elements, cost centers, profit centers, internal orders, and functional area and so on.
Answer 2
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SAP FICO is the Finance and Cost controlling module in SAP ERP where FI stands for Financial Accounting and CO stands for Controlling. SAP FICO module is very robust and covers almost all business process encountered in various industries. It is one of the very important and widely implemented modules in SAP. It is a core module of ERP processes, wherein real-time financial transactions are integrated with various parallel SAP modules for best results.
Some important features and benefits of using SAP FI CO are:
- SAO FI offers some of the most essential components for diverse SAP implementations.
- SAP FI (Financial Accounting) is an effective tool for reliable, accurate and time based external reporting in the form of Profit and Loss statements, Balance Sheets and so forth.
- Other SAP modules like SAP SD (Sales and Distribution), MM (Materials Management), PS (Project Systems), PM (Plant Maintenance) and SAP PP (Production Planning) integrate well with SAP FICO and provide it with postings in a consistent way. These benefits of SAP FI CO are being utilized by applications in most organizations, globally.
- All accounts-relevant transactions are generated in Logistics (LO) and are posted in real-time to Financial Accounting modules through automatic account determination techniques. All this data is also capable of being passed on to Controlling (CO).
