SAP FICO
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SAP FICO: An Overview and Key Considerations
What Is SAP FICO?
SAP FICO is SAP’s core functional module consisting of the tightly integrated Financial Accounting (FI) and Cost Controlling (CO) modules, designed to enable the recording of financial transactions across parent and subsidiary entities, the production of financial statements, and support both internal and external reporting, at the end of every period.
The SAP Financial Accounting (FI) module supports accurate financial accounting and financial reporting, while the SAP Cost Controlling (CO) module facilitates cost planning and cost monitoring.
Key sub-modules for SAP FICO:
- Financial Accounting (FI)
- Asset Accounting
- Accounts Payables
- Accounts Receivable
- Bank Accounting
- Fund Management
- General Ledger Accounting
- Travel Management
- Cost Controlling (CO)
- Activity-based Costing
- Cost Center Accounting
- Cost Element Accounting
- Internal Orders
- Product Costing
- Profit Center Accounting
- Profitability Analysis.
The primary objectives of SAP FICO are to provide financial transparency, improve data consistency, and enable business process integration within the organization. Organizations can leverage the inter-connected sub-modules and real-time data streaming to produce trial balances that accurately reflect most business processes from various industries. SAP FICO is an end-to-end solution that combines industry best practices with application expertise, deep-process knowledge, and technical innovation.
Key Considerations for SAPinsiders
SAP FICO: An Overview and Key Considerations
What Is SAP FICO?
SAP FICO is SAP’s core functional module consisting of the tightly integrated Financial Accounting (FI) and Cost Controlling (CO) modules, designed to enable the recording of financial transactions across parent and subsidiary entities, the production of financial statements, and support both internal and external reporting, at the end of every period.
The SAP Financial Accounting (FI) module supports accurate financial accounting and financial reporting, while the SAP Cost Controlling (CO) module facilitates cost planning and cost monitoring.
Key sub-modules for SAP FICO:
- Financial Accounting (FI)
- Asset Accounting
- Accounts Payables
- Accounts Receivable
- Bank Accounting
- Fund Management
- General Ledger Accounting
- Travel Management
- Cost Controlling (CO)
- Activity-based Costing
- Cost Center Accounting
- Cost Element Accounting
- Internal Orders
- Product Costing
- Profit Center Accounting
- Profitability Analysis.
The primary objectives of SAP FICO are to provide financial transparency, improve data consistency, and enable business process integration within the organization. Organizations can leverage the inter-connected sub-modules and real-time data streaming to produce trial balances that accurately reflect most business processes from various industries. SAP FICO is an end-to-end solution that combines industry best practices with application expertise, deep-process knowledge, and technical innovation.
Key Considerations for SAPinsiders
Leverage SAP FICO to generate timely insights within current processes. Organizations typically modernize ERP financial landscapes in phases and not all at once. As a result, finance and accounting managers must incorporate processes across multiple technologies, including legacy or manual solutions, to deliver business benefits. The flexibility of SAP FICO supports this option, as Mark Pockl, insightsoftware’s Solution Engineer, specializing in SAP and Orace EBS reporting solutions, provides best practices for leveraging SAP FICO inside Excel.
SAP FICO automation can enable the standardization of financial processes. With SAP FICO, finance teams are equipped with standard solutions capable of supporting automation across many manual processes related to financial transactions and reporting. This helps finance teams, including the finance departments at Kellogg Company and Newell Brands, effectively manage financial data within SAP ERP systems, including generating reports that different departments require for decision-making.
Economic disruptions increase the need for financial visibility across organizations. SAP FICO is designed to support multiple views of your organization in real time, providing visibility for finance managers at the most critical junctures. In addition, by accurately and quickly managing cost planning and cost monitoring requirements consistently across the business units, organizations can generate ad-hoc reporting from costing and profitability insights.
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Ask the FI/CO Expert: “Is CATT the Best Tool for Changing Field Values in Master Data Records Automatically, or Is There a Less Cumbersome Way to Get the Job Done?”
Reading time: 8 mins
“Ask the FI/CO Expert” is a monthly Q&A column where readers can ask FI/CO Expert senior consultants questions on difficulties they’ve encountered using R/3 functionality. The question for this month’s column concerns doing mass updates to accounting information on customer masters. A guest FI/CO Expert senior consultant from ICM America carefully details, step by step,…...…
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Use Result Analysis Functionality to Meet IFRS Requirements of Revenue Recognition
Reading time: 21 mins
Result Analysis functionality in SAP can help you meet the requirements of International Financial Reporting Standards (IFRS) and other accounting principles for recognizing revenues and costs for long-term contracts. Learn how to: • Use some of the key Result Analysis methods in your SAP system to recognize revenues and costs in a make-to-order business scenario.•…...…
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Synchronize Your Budget Structure with Your Organization Structure
Reading time: 10 mins
Review the technical specifications for a custom-developed tool that caters to the requirement to synchronize the organization structure and the budget structure for organizations using SAP Enterprise Compensation Management budgeting for their compensation management. Learn:How to create the program to address the create, movement, and delimit scenariosThe high-level design as well as pseudo code of…...…
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- SAP Human Capital Management
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SAP and SuccessFactors – An Overview
Reading time: 70 mins
In this exclusive in-depth report, learn about SuccessFactors and what the acquisition means for SAP ERP HCM and your business. Get a detailed, comprehensive overview of SuccessFactors, SAP’s strategy, the future of SAP ERP HCM, and how the acquisition of SuccessFactors affects your business. It aims to dispel any myths or confusion around SuccessFactors and…...…
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How to Plan and Manage a Successful Payroll Parallel Run
Reading time: 13 mins
Parallel runs are often the most demanding phase of any HR and payroll implementation. Yet little formal advice is available and most users seem to learn through experience only. This general overview of the process shows that detailed planning, setting expectations, and good communication are the keys to a successful parallel run. Key Concept A…...…
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2 Ways to Address Your Country-Specific Legal Requirement Challenges Using SAP Tools
Reading time: 14 mins
Learn two approaches for installation of a country version in an SAP system to meet country-specific legal requirements. Key Concept A country version contains country-specific functions supplied as part of a standard SAP system. Each country version consists of generic SAP system functions, country-specific functions, and a country template. These do not constitute separate application…...…
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Fast Data Conversion, Migration, and Updates for Functional Analysts with LSMW
Reading time: 11 mins
SAPepxerts/FinancialsData conversion is no longer a one-time activity. Gone are the days when it was required only during an initial SAP implementation project. Here are some day-to-day business scenarios when you may be called upon to convert data. Data conversion is no longer a one-time activity. Gone are the days when it was required only…...…
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Create an Error-Free Connection Between Your HR and FI Modules
Reading time: 16 mins
Ilene Schuss, SAP HR project manager, explains what’s involved in connecting the Financial Accounting (FI) and Human Resources (HR) modules. Her advice on implementing this interface, which is based on her first-hand experiences, takes many factors into account: people, politics, technology, custom needs of each organization, and geographic proximity of FI/HR end users. Although SAP…...…
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Business Content — SAP HANA Style
Reading time: 10 mins
The concept of business content in SAP NetWeaver Business Warehouse (BW) does not exactly exist in the SAP HANA world. Instead, SAP provides Rapid Deployment Solutions (RDS) for SAP HANA. This option provides content and consulting services to enact a quicker implementation. Although it is possible to access the models used in the Operational Reporting…...…
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How Grupo Modelo Brews Up Process Change and Manages Risk
Reading time: 6 mins
SAP S/4HANA offers enterprises tremendous potential to go beyond performance and simplicity and deliver significant business value as part of an enterprise-wide digital transformation, but this approach must be understood, considered and incorporated into by SAP and Partners SAPinsider - 2006 (Volume 7), January (Issue 1) by SAP and Partners SAPinsider - 2006 (Volume 7),…
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