SAP FICO stands for Financial Accounting and Controlling. It is a combination of two modules – SAP FI and SAP CO. Both these modules are the core modules in the SAP ERP software suite.
SAP FICO is a comprehensive solution for financial and controlling functions that enable you to carry out financial management tasks from the very first day of operation. With SAP FICO you can maintain your financial assets and liabilities, manage cash flow, track assets and debts, as well as record income and expenses. You can also control your business processes by using the integrated capabilities of SAP ERP Central Component.
The SAP FICO module has become an integral part of many organizations, especially since it offers a wide range of benefits. Here are the three most common advantages:
- Reduced costs: With the help of this system, you can reduce the cost incurred on data storage and maintenance. The system also allows you to eliminate double entry of transactions and maintain one single source of truth for all your financial data.
- Improved efficiency: The software will help you make better decisions based on real-time data collected from various departments in your company. You can also identify trends easily using this software because it provides comprehensive reports on all aspects like sales, purchasing, inventory, etc.
- Better compliance: The software helps in maintaining compliance with all accounting standards so that it becomes easier for your organization to stay compliant with legal requirements.
SAP FICO certification is a must-have for any professional who wishes to work in the field of accounting and finance. It certifies your knowledge on how to use SAP FICO software, which is one of the most widely used ERP systems in the world.
The following are some benefits of SAP FICO certification:
- Advanced understanding of how to use this software helps you in your day-to-day tasks at work.
- Helps you land better job opportunities with firms that use this software or are planning to do so in the future.
- Increases your chances of promotion as employers look at certified professionals more favorably than others who don’t have such qualifications.
If you’re planning to get certified, make sure you’re prepared thoroughly for the test. And for that, it’s recommended you sign up for the right program. TekSkilled is a leading SAP specialized training organization, offering a wide range of courses. Check out its programs here, sign up and learn from industry-leading experts.