SAP FICO Training

Each business organization aspires to its objectives and goals, procedures, and requirements. The success of any business depends on effective communication and data exchange between its functionalities and departments. Earlier, the working of organizations was decentralized which witnessed several obstacles in its ways. 

For any changes or updates, if data needs to be shared with each department, it created several challenges including duplicacy, gaps and redundancy in data, and late processing of Information and tasks. To counter and overcome these hardships, centralized SAP ERP solutions were created.

The SAP stands for Systems, Applications & Products in Data Processing while the term ERP is an abbreviation for Enterprise Resources Planning.

SAP FICO is a submodule under SAP which stands for FI (Financial Accounting) and CO (Controlling). This SAP module is used for financial reporting both externally and internally. These two are core modules of SAP. 

Controlling (CO) is used for the purpose of internal reporting and financial accounting (FI) is used for external reporting. This is the basic purpose of using FI and CO. External requirements are nothing but income statements, balance sheets, and cash flow. Internal reporting is sales & profit analysis, and cost center reports.