Starting a Career as an SAP FICO Consultant?

SAP FI Introduction

SAP fico is the finance and cost-controlling module in SAP ERP. It is used for financial transactions in the company. It is a powerful module that can cover the business processes in every industry. Financial management requirements in large companies are constantly changing so it is more important for experts to keep upgrading their skills.

SAP FI is used for important financial purposes like profit, loss, and balance sheets in an organization.

SAP FI Module can be integrated with other modules in SAP ERP like material management sales and distribution, production planning, human resource, etc.

Journal vouchers are included in the financial transactions that take place in the company.

SAP FI Sub Modules.

•       General Leader: This includes providing complete reports for accounting for external and internal transactions of the organization, i.e. recording transactions like monthly records, debit and credit, balance sheets, and accounts.

Accounts used for reporting are managed by General Leader. These are the accounts that will be used to prepare the financial statements.

•       Account Receivable: This includes managing accounts payable-related data and records. Invoice postings, down payments, invoice payments, as well as execution of customer reports, can be done in accounts receivable. It is a sub-module in SAP FICO in which all transactions with clients can be implemented and managed.

•       Asset Accounting: It can manage all asset-related transactions in Finance and Accounting.

When transactions in asset accounts are posted, the accounts in the general ledger are updated in real-time.

These transactions include asset acquisition, asset sale, asset retirement, asset revaluation, asset transfer, and asset depreciation.

•       Bank Leader: It captures all the transactions in the banking accounting and records on the bank statement for comparison with the transactions in the system.

Due to this, accurate financial statements in the system are updated in real time from anywhere. Mainly it is related to all transactions like incoming and outgoing payments.

•       Consolidation: It enables an organization to consolidate financial statements for multiple organizations so that details from all organizations can be viewed simultaneously.

Travel Management: It supports business travel expenses within the organization, travel management plans, and travel expense reporting.

SAP CO Introduction

SAP CO is a separate module in SAP called SAP FICO Module. SAP CO Module is essential to improve the profitability of an organization.

Financial transactions from different modules are posted to the controlling module of SAP and reported in a structured way defined for internal management reporting.

SAP CO Module facilitates the planning, recording, and tracking of financial transactions in a company. Necessary expenditure planning and management can be done properly as well as optimization of business processes in the company.

Sub Modules in SAP CO?

Cost Elements: In this analysis can be done based on the profit and loss statement of the organization. A cost element defines the cost-related elements incurred by the company.

Cost elements can be managed and configured in cost elements, profit, internal orders, functional areas, as well as master data.

•       Cost Centers Accounting: The cost center accounting sub-module deals with the costing of internal departments such as production, sales, and human resources.

It can create master data to track expenses by the department in the company.

•       Profit centers: Profit Center evaluates the profit and loss in the company. It accounts for shortages and costs and is done on a statistical basis. Apart from this, you can display the raw figures on return on investment, and working capital. 

•       Internal Orders: Internal order is a sub-module to provide service and work cost tracking. It uses work-related costs and orders under business transactions.

•       Profitability orders: An internal order is used to plan the costs of a specific project in SAP Co. Also Internal Orders are used to monitor production costs.

You can assign a budget and limit expenses by creating an expenditure budget in Internal Order.

•       Product costing: Product costing allows singling out the cost of manufacturing a product. That is, for cost planning as well as the estimated cost of goods on hand and cost of products sold and preparing the bill of materials for finished goods in the company. To calculate product cost you need material master data, bill of material, and work centers.

SAP FICO Course Eligibility?

1. Candidates having Bachelor's or Master’s Degrees in the commerce field will be added advantages like BCOM, MCOM, MBA, ICWA, CA, and other financial backgrounds professionals.

2. Any financial executives and finance generalists can learn the sap fico course online.

3. Employees who are working in the financial division.

4. Graduates candidates looking for a prosperous career in IT Sector will learn SAP Fico Training in Mumbai.

5. Professionals who are switching career to finance profession from any domain can learn a sap fico course.

Job roles and Responsibilities of SAP FICO Consultant

• Understand the business requirements of the organization.

• Identifying the needs of the clients to meet their processes and objectives developing necessary product improvements and contacting them to troubleshoot and analyze their problems.

• Identifying and proposing new business processes for clients.

• Implementing and supporting SAP Financials such as - Focusing on FICO Controlling, Cost Center Accounting, Profit Center Accounting, Product Costing, Profitability Analysis, Project System, Results Analysis, Unsettled Costs, Month End Close, Overhead Assessment, and Settlement.

• Designing, customizing, configuring, and testing FI/CO modules.

• Understanding and supporting taxes like GST, TCS, and SEZ in the organization.

• Anticipating and resolving customer go-live issues.

• Working with teams or clients to define and document business requirements.

• Liaising with and overseeing third-party and offshore resources as per business requirements.

SAP FICO Job Profiles

•       SAP FICO Consultant

•       SAP FICO Support Consultant

•       SAP FICO End-user

•       SAP S/4HANA FI Consultant

SAP FICO Consultant Salary in India

SAP FICO Consultants' Salary depends on your experience and skills. At the fresher level, you can get 1.8 lakhs p.a. to 3.0. lakhs p.a. After 2-3 years of experience you can get 3.5 – 4 lakhs p., so try to learn new technologies in sap like SAP S4 HANA So that you demand the highest salary package. As mentioned on the pay scale, glassdoor, ambition box, etc. You can check the salary ranges for a sap fi consultant.

Scope of SAP FICO

There will be good career opportunities in SAP FI in the future. Now is the best time for you to learn SAP FI. Once you develop the skills in the Configuration of SAP FI, you can perform well as an SAP FI Consultant in a large organization. If you are working on implementing a project in the company then you will get expertise in configuration and design.

If you are working on a support project then you need to spend some time understanding the concept of design. As your experience increases, you will become an expert consultant in SAP FI.

Apart from SAP FI, you can learn SAP s 4 HANA Finance because SAP ECC is completely moved to HANA. If you are an expert in SAP FI you can also consider becoming cross skilled which will take your career forward in the future.

 Conclusion

SAP FICO is an important component of SAP ERP. SAP FICO is important for handling data related to financial transactions in an organization. It helps organizations manage better business processes in terms of data management. If you want to build a good career in SAP FICO then SAP FICO Training Institute in Mumbai is a good option. Because we have great study places, well-equipped labs, convenient fees, and good placement assistance for SAP in Mumbai.