What is SAP S/4HANA FICO? What are the Key Advantages?

What is SAP S/4HANA FICO?

SAP S/4 HANA Finance is an important module for managing SAP Finance and Accounting offered by SAP HANA. This module is used to perform financial and accounting operations in real-time and provide proper reporting using Business Intelligence - BI tools. SAP S/4 HANA Finance helps in analyzing the financial position of an organization.

We at Aspire Techsoft Academy the Best SAP Fico Training Institute In Noida will teach a complete course from the basics to advance of SAP S/4 HANA Finance and how to Configuration and Implementation in its various modules and sub-modules.

From real-time analytics to reporting, integrated financial and management accounting, the system enables finance professionals to make data-driven decisions, streamline financial processes, and drive business growth.

SAP S/4HANA Finance offers various benefits to drive finance-related changes in your organization. By leveraging the power of SAP S/4HANA Finance, organizations can optimize and configure their financial operations, enhance compliance and controls, and achieve superior financial performance.

Who Should Learn?

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.

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

Employees who are working in the financial division.

Graduate candidates looking for a prosperous career in the IT Sector will learn the SAP Fico course.

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

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 the 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.

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: The 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.

Key Advantages of SAP S/4HANA Finance

• Run quick Business Processes
• Manage next-generation Warehousing
• Build Modern Application
• Exploit Analytics in insights-driven application
• Advantage Real-Time Operational Intelligence
• Real-time analysis and reporting
• Interpreted financial process
• Integrated Financial and Management Accounting
• Enhanced compliance and controls
• Improved cash flow management
• Forecast analysis and planning
• Cost optimization
• Efficient financial closing and reporting
• Integrated Treasury and Risk Management
• Scalability and flexibility

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 in Noida is a good option. Because of great study places, well-equipped labs, convenient fees, and good placement assistance for SAP in Pune.