Have you ever wondered what it would be like if all of your most valuable financial accounting and controlling information was integrated in a single solution?
The solution? SAP FICO.
Read on to learn more about SAP’s Financial Accounting and Controlling modules, as well as how our team of consultants can help you optimize your business processes.
What is SAP FICO?
SAP FICO is an essential functional module comprised of two key components, Financial Accounting (FI) and Controlling (CO). SAP FI is centered around financial reporting and accounting management, while SAP CO emphasizes planning and monitoring costs throughout the entire organization.
The fully integrated SAP FICO modules help organizations improve the quality of their financial data, record financial transactions more accurately, and analyze an organization’s financial conditions with enhanced visibility.
SAP FICO has pre-built integration capabilities with the following modules to further integrate and optimize operations within the SAP system:
- Sales and Distribution (SAP SD)
- Plant Maintenance (SAP PM)
- Materials Management (SAP MM)
- Quality Management (SAP QM)
- Production Planning (SAP PP)
- Extended Warehouse Management (EWM)
Key Features of SAP FI
SAP Financial Accounting is one of the most essential modules throughout the entire SAP ecosystem, and it helps organizations in various industries store financial data, assess the current condition of essential financial business processes, and maximize the productivity of other finance accounting functions within the system.
SAP FI also comes with pre-built integrations that connect it to other SAP modules and applications, like SAP Sales and Distribution, Materials Management, and more.
Main Components of SAP FI
The SAP FI module offers key sub-modules, tools, and components that not only help companies keep track of their accounting data, but also make it easier for them to maximize their SAP investment with optimized day-to-day financial accounting activities.
SAP Financial Accounting focuses on a few main components — accruals, general ledgers, financial statements, fast close functions, parallel valuations, and master data governance — to simplify key financial accounting practices.
SAP FI Sub-Modules
- Asset Accounting: Provides transaction details for all of a company’s fixed assets and integrates directly with SAP MM, PM, and EWM for greater connectivity.
- General Ledger Accounting: Manages internal transactions, customer transactions, and vendor purchases and maintains the centralized record for a company’s accounting details.
- Bank Accounting: Allows users to create and process inbound or outbound bank transactions, manage balances, and keep track of bank master data.
- Accounts Payable and Receivable: Manages and stores all customer transactions (i.e., invoice posting, invoice payments, down payments, etc.) and vendor transactions (i.e., credit memos, posting, automatic payments, etc.)
- Funds Management: Manages funds and integrates with other SAP Logistics modules (i.e., SAP MM) to use properly use funds and create more accurate budgeting forecasts.
- Travel Management: Helps organizations manage travel expenses and travel plans and requests more efficiently.
Key Capabilities of SAP CO
SAP Controlling is directly related to the SAP Financial Accounting module and helps organizations configure master data and manage profit centers, internal orders, and other functional areas of costing.
SAP CO can also be integrated with SAP Materials Management, Production Planning, Quality Control, and more.
Main Components of SAP CO
SAP CO offers capabilities that monitor, control, and optimize key business processes in organizations of any size, location, or industry. SAP Controlling functions include managing, monitoring, and storing master data and recording production factor and service consumption throughout an organization.
This module helps companies build, configure, and manage important organizational plans in a more efficient way. This way, organizations can compare data, control essential business flows, and determine key system variances.
SAP CO Sub-Modules
- Cost Element Accounting: Provides an overview of organizational costs and revenues and helps companies calculate and control expenses.
- Cost Center Accounting: Allows users to control purposes within their organization and manage expenses throughout their internal departments (i.e., human resources, marketing, production, sales, etc).
- Profit Center Accounting: Helps users evaluate areas of profit and loss throughout their organization, manage cost data across the company’s business lines, reduce total costs, and increase revenue.
- Activity-Based Accounting: Offers advanced analysis for cross-departmental business processes to further optimize business operations and improve interconnectivity.
- Internal Orders: Provides tools to help users collect, control, and maintain internal orders, assign budgets, and ensure correct system monitoring to stay within budget.
- Product Cost Controlling: Calculates cost of manufacturing a product or providing a service to help users determine the price at which they can market the product or service and remain profitable.
- Profitability Analysis: Analyzes the profit and/or loss of a company, provides a strong foundation for decision making, and helps determine price, market segment, and customer distribution channels.
How Can We Help?
Whether you need help tracking your company’s transaction data, updating customer accounts, executing customer reports, managing vendor accounts, integrating your SAP FICO module with other key areas of the SAP system, or anything in between, Surety Systems is here to help.
Our team of senior-level SAP consultants has the skills and experience needed to lead your team to success no matter what. Your company. Your needs. Our expertise. That’s the name of the game at Surety.
We’ve even included a sample profile of one of our top-of-the-line SAP FICO consultants to give you a better idea of what to expect when partnering with us.
Senior Surety SAP FICO Consultant
- US Citizen
- 25+ years of SAP FICO experience
- Certified SAP FICO Consultant and CPA
- Expert SAP FICO Functional Consultant, Solution and Integration Architect
- Excels in all modules/areas of SAP Finance and Controlling
- Maintains strong SAP S/4HANA and Fiori experience; Comfortable aiding in any capacity
Contact us today to learn more or get started with one of our expert SAP FICO consultants.