Why SAP FICO Consultant Is a Profitable Role

SAP is the Financial Accounting module which is created to depict a company’s business transactions in a manner so that it satisfies the external reporting needs. The system possesses the ability to monitor and report on various companies across the globe with different currencies. The software helps in the amalgamation of distribution, sales, materials management, and purchasing and helps the user to get down to the original transaction, be it a purchase or sales order or movement of the materials.One of the biggest advantages of SAP is system integration. The myriad contributions of this software have boosted the career prospect of a SAP FICO consultant.

SAP refers to the External Accounting as the Financial Accounting (SAP-FI) while Internal Accounting is known as Managerial Accounting (SAP-CO).SAP Financial Accounting is the advanced software which controls the financial transactions data in an ERP system. SAP FICO module is the Finance (FI) and Controlling (CO) modules of SAP ERP system and is the core modules of SAP. They are closely integrated with the Sales and Distribution Module (SD) and Materials Management (MM) module. The SAP FI module can be further divided into the following stated below.

The SAP FI module includes the following sub-modules:

• General Ledger (FI-GL)


• Accounts Payable (FI-AP)


• Accounts Receivable (FI-AR)


• Bank Accounting (FI-BL)


• Asset Accounting (FI-AA)


• Funds Management (FI-FM)


• Travel Management (FI-TV)

The Advantages Of The SAP FI Module Are:

• SAP FI offers the most comprehensive universal solutions for financial management. Using this module, an organization can augment the corporate performance.


• Besides, SAP FI helps to rapidly appraise, read and respond to changing business needs and offers effective solutions.


• SAP systems permit better transparency across departments, and boosts corporate governance.


• SAP also offers a greater attachment to accounting standards, federal regulations, and offers an improved administration of the internal controls.


• SAP FI automates collections and credit management and the disputes if any.


• SAP FI also provides generation of invoices and bills and payments electronically, which augment the accounts receivable and the accounts payable functions.


• Another merit of SAP FI is the outstanding ability to handle cash across locations, countries or continents.


• Besides enhancing the managerial and the financial reporting, SAP offers the pliability to report performance according to an organization, business unit or cost centre and also enhances the integration of treasury and the finance processes.


• SAP offers a competitive cost of finance and helps in the innovation of processes, teaming up with partners across the supply chain, and establishing the service operations globally in a collaborative manner.


• SAP FIalso manages a wide range of governance and compliance issues, like the compliance to Sarbanes-Oxley standards, segregation of duties,  and  adherence to the  Basel II rules and regulations and  IFRS.

SAP (CO) Module:

SAP (CO) Controlling module helps in offering operational information to management committee of an organization to support decision-making and business analysis. CO represents internal accounting viewpoint of a company. It offers information to the managers to help handleexpenses and operations of the company. SAP CO module is an important SAP module provided to companies. You can be successful in the industry with SAP FICO certifications.

The Advantages Of The SAP CO Module Are:

• The controlling module backs up the works of reporting, planning, and tracking the operations of organizations.


• It involves procedures to organize and examine expenses that are needed for the financial reporting.


• This Controlling module helps to plan, perform monitor and report about the costs.


• Controlling involves handling and configuring the master data that covers the price elements, profit centres, cost centres, functional area, internal orders, and so on.

SAP FI, the financial module is considered to be the central point of an integrated SAP system. The impact of thefinancial transactions in all the other modules gets posted to FI. Hence, it is vital to configure the FI/CO system as fast as possible, as this would be the supportive skeletal framework of the complete system as a whole.Learning the SAP FICO modules would enable you to get a high flying job in the industry.