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Starting a Career as a SAP FICO Consultant

Starting a Career as a SAP FICO Consultant

SAP is one of the largest providers of enterprise software application towards better enterprise resource planning. SAP stands for Systems, Applications, and Products in Data Processing. Back in 1972, SAP was founded launching business solutions that help organizing processes in enterprises. Over the years, different modules in SAP were developed for different processes. SAP Finance and Controlling (FICO) is one of the most widely used SAP modules. SAP FICO module includes SAP FI configuration, SAP CO configuration, SAP FI user and SAP CO user. Anyone looking forward to begin their career as an SAP FICO consultant needs to build a strong base covering all these aspects of SAP FI module and SAP CO module. Let’s have an overview of SAP FI and SAP CO module.

SAP FI Module and its Application

SAP Financial Accounting as the term suggests upgrades finance management in enterprises. Finance is the most critical part of every business and this aims at the perfect management of finance. It becomes stressful and complex to manage the entire financial accounting part by man-power. Therefore, SAP FI module has emerged as a popular module successfully implemented in organizations. SAP financial accounting module comes with a package that helps organizations in handling financial needs and accounting activities. It allows one to review the financial status of an organization in real time market. Popular components that comprise the FI module are:

  • Accounts Receivable
  • Accounts Payable
  • Asset Accounting
  • Account Consolidation
  • General Ledgers
SAP FI implementation involves SAP FI configuration. The business manager can configure SAP FI user after setting up few primary configurations. These configurations are usually done by the business manager aligning with client, company, business area configurations and more. Thereafter, right from master data to financial statements can be migrated to the SAP FI system for driving the best out of organized financial management system. The requirements for SAP FI configuration are chart of accounts, fiscal year variants and currencies. Once the configuration is completed, the document posting will automatically be posted thereafter. Enterprises will be able to view its real-time financial status. This enables enterprises to keep a track of every financial transaction and helps in finance reporting at the end of fiscal year.

SAP Controlling Module and its Application

SAP CO is another important module in SAP. SAP controlling includes SAP CO configuration and SAP CO user and consists of master data, configuration and reporting. Master data mentioned here can be cost elements, cost centers, profit centers, internal orders, functional area, statistical key figures and activity types. Cost elements include all the cost and revenue accounts, cost centers and profit centers include all the departmental units that handle cost and profit of an enterprise, internal orders include all the important events and so on. SAP CO implementation allows one to view the data of costs involved within internal management. This module helps you get a better view of finance reporting and helps you manage records and take various decisions related to the organization. Also this module enables organizations to manage reporting and information data base as per the requirement for their business. Some of the most advantageous facts about SAP implementation in organizations are:
  • Track cost heads and make future plans accordingly
  • Keep a track of costs for specialized events and assign them to appropriate departments
  • Avail activity based costing across processes
  • Manage product costing, production costs and variances
  • Build reports on sales and profitability ensured through a product or an internal measurement
  • Build reports on sales and profitability ensured through a product or an external measurement

Sub-Components of SAP CO Module:

  • SAP CO-OM: Overhead Management
  • SAP CO-OM-CCA: Cost Center Accounting
  • SAP-CO-OM-OPA: Internal Order Accounting
  • SAP-CO-OM-CEL: Cost Element Accounting
  • SAP-CO-OM-ABC: Activity Based Costing
  • SAP-CO-PCA: Profit Center Accounting
  • SAP-CO-PA: Profitability Analysis
  • SAP-CO-PC: Product Costing

Professionals need to have a complete overview of SAP FICO in order to become a successful FICO consultant. Financial Accounting and Controlling is inter-related and helps one to manage a better business process towards better finance accounting and data management. SAP implementation is complex and requires adequate training. Thought it is not mandatory to take up SAP FI consultant training and SAP CO consultant training, it is widely recommended by experts to attend SAP FICO training to enhance one’s understanding on the same and build expert hands on using SAP FICO module towards better management of finance accounting and reporting in enterprises.

SAP is one of the largest providers of enterprise software application towards better enterprise resource planning. SAP stands for Systems, Applications and Solutions.

Eshna is a writer at Simplilearn. She has done Masters in Journalism and Mass Communication and is a Gold Medalist in the same. A voracious reader, she has penned several articles in leading national newspapers like TOI, HT and The Telegraph. She loves traveling and photography.

Leave a Comment

  • agney joshi February 10, 2016 03:20 pm

    hello folks if you want sap server access please goto the below link www.sapquickaccess.com lowest price in the market guaranteed.

  • vishal morajkar February 6, 2016 05:46 pm

    Sir , I will complete my B.com in 2016, I am planning to do sap FI. Please send me the sap FI training institute in Goa fees, duration. What is the job surety after sap FI?

  • Ninad Kher February 4, 2016 11:58 pm

    Email Course duration Content and from mumbai which institut teach me this SAP-FICO Course that name and address sent me and it is useful for payable, receivables and related to compliance oriented jobs means in which area i will get good growth after joining this course.

  • LOKESH February 4, 2016 08:58 pm

    Please email me SAP Fico fees ,duration of the course and place of study

  • Jagadish Tandi February 4, 2016 12:58 pm

    Hello sir, Please E Mail me Course Duration, fees, which Institute offer this course in hydrabad

  • KAPIL JOSHI February 1, 2016 12:43 pm

    hello sir, can i know the course duration and fees structure of FICO Module.

  • neha bakshi January 15, 2016 08:20 pm

    Hello. Sir plz mail me the course duration and fee structure for sap fi/co in delhi

  • Dharmendar mahato January 14, 2016 03:44 pm

    Hi, how Can I Know about the SAP FICO Course, Please E Mail me Course Duration, fees, which Institute offer this course in kolkata

  • bisakha January 13, 2016 12:07 pm

    Sir I am b.com graduate in 2014 and also completed online sap fi course .i am a fresher .now I am searching job so can you suggest me for building up my career .my e-mail I'd is bisakha.agarwal@gmail.com

  • Awadh Kumar choudhary January 7, 2016 03:59 pm

    Hi, Can I Know about the SAP FICO Course, Please E Mail me Course Duration, fees, which Institute offer this course in Jabalpur.

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