In 2020, SAP consultant is one of the most lucrative job prospects in the market.
If you are keen to learn SAP FICO, here are some realities for your understanding.
SAP FICO consists of 2 components:
● SAP FI (finance & accounting)
● SAP CO (controlling)
SAP (systems, application & products) module in data processing helps in meeting the accounting and finance requirements of a company. The SAP FICO unit is used by the financial managers to evaluate the financial status of the organization in real-time. This module runs overnight in the system to generate financial statements which are then reviewed by organization management.
SAP FICO is one of the most extensively used modules among several SAP units and consists of:
● SAP FI configuration
● SAP CO configuration
● SAP CO user
● SAP FI user
Financial managers and companies are constantly upgrading their skills using the SAP FICO module because of its significance in SAP implementation. 1 SAP report can compile 800+ million customer data.
There are 5 components of SAP FICO module namely:
● General ledgers
● Accounts receivable
● Account consolidation
● Accounts payable
● Asset Accounting
In the current situation, SAP FICO training is in high demand because the average income of an SAP expert is between 8 to 10 lakhs per annum. FICO has a market share of more than 3% and most fortune 500 companies (Tata, Reliance etc.) are registered under SAP FICO financial management. Once you are trained in SAP FICO, you can deliver cutting-edge means of managing and reporting financial transactions. Such pioneering analytical skills generates a huge turnover for the company.
SAP CO Module under SAP FICO is also known as SAP Management Accounting module as it helps in managing accounting elements. It covers areas of Profit Centre Accounting, Product Cost Controlling, Internal Orders, Activity-Based Accounting, Cost Element Accounting and Profitability Analysis. SAP CO is vital to tracking cost head, making future strategies using the cost head, monitor cost for focused events, allow activity-based price for several processes and generate sales reports safeguarded through internal measurement.
SAP FI was developed to manage finances flawlessly that was previously handled manually under several compromises. SAP FI includes Accounts Receivable, Accounts Payable, Asset Accounting, Account Consolidation and General Ledger Accounting. SAP FI records, gather and executes financial transactions providing essential inputs for external reporting.
SAP FICO training classes are conducted by highly skilled instructors and project trainers. It helps you outshine subjects like cost controlling, financial accounting, management and eventually, secure yourself a high position in top companies around the world.
Here Are Some Advantages Of SAP FICO training
● Equips you with excellent knowledge and skills essential to challenging financial projects
● Allows you to set foot in the international market
● Makes you a company asset
● Global recognition and building customer confidence
How to Get the Best SAP FICO Training?
ICA offers project-based practical training on SAP FICO module along with job assistance and skills development (orientation, vocabulary building, etc.). At ICA, students get assistance with corporate training, one to one focus study, identifying gaps, imparting training on CRM marketing, CRM user interface, Master Data Configuration, SAP project management, Financial Consolidation and others.
Increasing Demand For SAP FICO training
SAP FICO is exceptional in managing master data and financial statements by migrating it to the system resulting in better documentation and easy decision making. With the help of SAP FICO training, you can manage variances, control product expenses and keep track of the company’s sales reports.
ICA SAP FICO training focuses on using the best methods to teach financial accounting. The curriculum makes it easy for all students to understand the fundamentals of accountancy. Candidates can choose among various SAP modules such as material management, sales & distribution, financial accounting and human resource management.
Want to get trained and placed as an SAP expert? Get trained by the best minds.