SAP stands for ‘systems applications products’ in data control of a business, FI means Finance and CO for Controlling, in a SAP FICO certification. SAP was founded in 1972 by Wellenreuther, Hopp, Hector, Platner and Tschira. It had been renamed SAP in 1977, before that it was known as the machine Analysis and Program Development. SAP is an Enterprise Reference Planning (ERP) system. ERP can be an amalgamation of business management practice, where information technology assimilates with the primary procedures of your business to facilitate the attainment of explicit business goals.
SAP has many advantages. It can help integrate many different modules, it’s faster and cheaper, all the reporting can be done instantly, it is in multiple dialects (40+) in multiple countries (225+) dealing with multiple currencies (200+). In addition, it greatly reduces the man power needed for the work.
SAP has many modules two of which are Finance (FI) and Controlling (CO). the FICO module handles internal and external accounting. The practical the different parts of FICO are for Financing: General ledger, account receivables, account payables, fixed possessions. For the Controlling; cost centre accounting, internal orders, income centre accounting, product priced at, and profitability evaluation.
SAP Financial accounting (FI) can be an imperative core module where real-time financial digesting transactions can be captured which in turn supply the basis by which data can be drawn for the use of external reporting. The SAP FI module of the SAP software helps the companies to unite many parallel modules which normally may have needed the utilization of many software programs. SAP FI has the capacity to meet all the financial and accounting needs of a business. Using this module permits better strategic planning and common sense making.
“Managerial Accounting” is known as ‘Controlling’ in SAP. The organizational elements of CO were just mentioned previously showing that the SAP CO module facilitates the managers by giving reports on profit centers; cost centers, profitability etc. In disparity to FI, CO centers more on inner users. The transactions that are submitted in FI are delivered to CO for cost accounting processing, audit-controlling and analytical reporting.
But, one should be a little more patient when browsing through the web site since they have a lot of heavy images and might take some time to fill the. The syllabus also provides focus on which topics are to be concentrated more on. There are just a few steps to check out to truly get you registered for the certification. This qualification is a very crucial step in careers of the lot of accountants and other financing majors out there since Financials and Controlling are the two major types of functionality which are required to the run the accounts of a company. There are many different schools and even companies that offer trained in SAP FICO and it is an opportunity which should not be missed.