Duration : 1 Month
Fees : 20,000 /-
SAP is the biggest software application provider for businesses the world over. When it comes to Enterprise Resource Planning (ERP), and its implementation, there is no name more well-known than that of SAP.
There are numerous ways in which SAP has been providing enhancements in Management across business and IT domains. SAP FICO aspirants have plenty to learn and many tasks to accomplish.
SAP has around 28 modules in all with a few of them being considered mainstream. SAP FICO is one such mainstream module. This module has been in demand for quite some time by different companies to meet financial needs.
FICO MODULE OBJECTIVE
- SAP FICO is a blend of two distinct SAP modules – SAP finance and SAP controlling, this also includes user management and configuration.
- Earning a certification in FICO module will make candidates eligible to work as an SAP FICO consultant, account & finance executive, analyst programmer and a whole lot more.
- To know what a FICO consultant does, it is advisable to familiarize yourself with the two main modules it consists of.
Necessity of SAP FI module
- SAP Financial Accounting is associated with the improvement of finance management concepts in businesses. All enterprises will have finance as a critical part of it, which calls for flawless management skills. Manual financial accounting Management is challenging and complex. SAP FI is executed for this reason, in the organization to streamline management processes in handling accounts and financial requirements. It helps the company to assess its financial standing in the market
- The FI module includes elements such as Accounts Receivable, General Ledgers, Asset Accounting Account Consolidation, and Accounts Payable.
- Since the IT boom in several sectors, companies have demanded more and efficient manpower, but finance accounting is the only department of any organization that seems to lag if automation is utilized because even manpower has its own limitations. Advanced features of SAP FI have made it among the most popular modules to be implemented in any organization. The tools and SAP FI suite comes in the strong amalgamation of a suite those aims to provide top quality service to any organization in an area of financial needs and accounting activities. Since the advent of the internet the importance of finance and its awareness has reached every nook and corner of the world.
Job Description for SAP FICO consultant
- Consultants are accountable for system configuration and implementation based on business needs, refining methods, GAAP i.e. generally accepted accounting principles analysis and eyeing for new projects. Consultants could be either internal or external. External consultants are the part of the implementation team. Their role finishes when a project goes live. However an internal consultant works for the enterprise through implementation and even after the project goes live
Responsibilities of a Consultant
- Executing SAP Business Warehouse (BW) in projects.
- Guiding other consultants from MM, PP, PS, and PM modules
- Financial configuration based on business needs.
- Training the recruits and the end users.
- Offering support in the testing process to discern issues and errors in the documentation or applied business processes.
- Harnessing opportunities for business system enhancement.
Ways to Advance your goal as SAP FICO consultant
- While it is recommended to have 2-3 years of experience in SAP FICO modules to be successful as a consultant, like any job, such a requirement can be trumped by passion and dedication to the cause. But a university education will serve as a great advantage in getting jobs as a consultant. It will give you an edge if you possess a Bachelor’s or a Master’s degree in any domain and it will also be helpful to take on subjects related to the module such as financial and management, accounting and management.
- To implement SAP is a multifaceted task and needs progressive skills, which can be achieved either by self-study or by sufficient training. It is advisable to make efforts in publishing articles online on SAP forums related to FICO. This will mean that you will be active on SCN, or SAP Community Network. You can also opt for online resources, offered on YouTube or Google consequently. With SCN, you can get to know about necessary educational material which will supplement certified training.
- Joining an institution would be a smart move for those who are go-getters. Taking the training of both FI and CO SAP courses would prove too much for any individual. It is advisable instead to opt for SAP FICO training.
- Apart from the convenience of integrated and accelerated learning, FICO training builds in-depth expertise while improving knowledge and understanding towards the optimal management of reporting and finance accounting in a company.