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Responsibilities of an SAP FICO Consultant

To begin with, SAP FICO can be termed as a financial and cost control module in SAP. This is a very wide module and it covers all business process activities in multiple organizations. In addition, SAP FICO consists of two modules are SAP FI and SAP CO.

SAP FI stands for financial accounting and it is useful in storing the financial data of an organization. In addition, it is beneficial for an organization as it helps to analyze its financial conditions. SAP FI consists of the following modules-

Modules Of SAP FI

  • General Ledger- This module is responsible for recording all the company’s transactions. Above all, these transactions are recorded in real-time with GL data.
  • Accounts Receivable- It records and manages the customer’s transactions.
  • Accounts Payable- It includes transactions related to the vendor. In addition, invoice posting, credit memo posting. Etc are some of its transactions.
  • Asset Accounting- Asset accounting includes all the transactions relating to the company’s assets.
  • Bank Ledger- This module manages the data related to a company’s bank account transactions.
  • Consolidation- It provides the overall financial statement of a company that is helpful in knowing the company’s financial position.
  • Funds Management- It deals with the company’s budget of income and expenses.
  • Special Purpose Ledger- It has been used for reporting purposes.
  • Travel Management- This module manages the data relating to the official business travel of a company.

SAP CO stands for controlling and it assists in coordinating, monitoring, and optimizing the organizational processes. Above all, planning is the primary objective of this module along with managing and configuring master data. SAP CO consists of the following modules-

Modules Of SAP CO

  • Cost Elements- This module helps in knowing a company’s cost and revenue on the basis of profit & loss statements.
  • Cost Centres- This module manages the costs related to a company’s internal departments like sales.
  • Profit Centres- Profit centres manage the data related to a company’s expenses and revenues.
  • Internal Orders- The cost of non-fixed assets & minor projects is managed by this module.
  • Profitability Analysis- It is useful in analyzing the profitability of products and making decisions related to the products.
  • Product Costing- It handles the cost data necessary for the production of goods.

Career Opportunities in SAP FICO

To begin with, learning SAP FICO can be very beneficial for your career as it allows you to gain experience and understanding of developments from a user’s point of view. In addition, there are many SAP FICO Training Institute in Gurgaon that provide courses related to it. Given below are some of the job titles available for an SAP FICO professional.

  • Senior SAP FI/CO consultant
  • Audit management consultant in SAP FI.
  • Revenue Accounting and Reporting Consultant in SAP FICO
  • SAP FI/CO Analyst
  • SAP FI/CO Director
  • Specialist In SAP
  • SAP FI Functional Lead
  • Senior Business Analyst
  • SAP Team Lead FI/CO

Responsibilities of an SAP FICO Specialist

SAP FICO professionals play an important role in the growth of a company. Above all, these professionals are required to understand the requirements of a business.  In addition, they are required to prepare financial statements along with doing profit & loss analysis. They need to sort out the queries of end-users and provide them with a solution. In addition, SAP FICO professionals are responsible for providing reviews of balance sheet accounts. Managing general ledgers, cost centres, and master data. Moreover, they need to perform Functional Testing and Integration Testing regularly.

Conclusion

In conclusion, SAP FICO stands for SAP financial & cost control module and it consists of SAP FI & SAP CO. There are a number of career opportunities in it and one can make a good career in it through SAP FICO online training. However, professionals in SAP FICO also have tons of responsibilities.

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