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How to begin your Career as an SAP FICO Consultant?

SAP FICO consultants

The best way to become an SAP FICO Consultant is to get certified in the SAP FICO module. But before moving on to the SAP FICO course, let us first understand SAP and SAP FICO. A German-based company developed SAP or Systems Analysis Program Development to spread ERP(Enterprise Resource Planning) software globally. SAP software brings all enterprise domains under a highly cognitive and single digital system. 

SAP FICO is a combination of SAP FI and SAP CO modules. These are the crucial modules of the SAP ERP system, where SAP FI deals with finance and accounting, and SAP CO refers to cost controlling and planning.

Benefits of SAP FICO training

To become an SAP FICO consultant, you must know the SAP FI and SAP CO modules. Training in SAP FICO is the best way to land your dream job. The training session covers all the relevant areas of the software and makes you an expert in using it. You will be placed immediately after the SAP FICO course, as there is a shortage of SAP professionals in the current world. Some of the institutes provide internship programs. This way, you will also have hands-on experience using the software. The course is beneficial for both working professionals and students.

Now let us understand in detail about SAP FI and SAP CO modules.

Overview of SAP FI and SAP CO module

SAP FICO modules

SAP FI Module 

SAP FI module is responsible for the financial development of an organization. All the departments of the organization are financially dependent on each other. So the company has to maintain a fully functional financial domain. SAP FI module assures proper financial field implementation and takes care of its further operations. Organizations update the SAP FI module regularly depending on the changing trends and rules. The topics covered under the SAP FI module are discussed below.

Major Sub-Modules in SAP FI Module are:

General ledger

The general ledger carries out all the financial transactions happening inside an organization. In short, it looks after the accounting process. All the real-time data are entered and retrieved through the general ledger. 

Bank Accounting

Bank accounting comprises all the bank transactions and their related data. The authorized persons can retrieve this data and compare it with previous records.

Travel management

As the name suggests, travel management performs all travel-related transactions.

Funds management

It stores the details of the funds of the organization. After going through these details, organizations plan their budget.

Accounts receivable

Accounts receivable are responsible for customer accounts and transactions. Transactions refer to the down payment, invoice payment, invoice posting, credit memo payments, etc.

Accounts payable

Accounts payable is just the opposite of accounts receivable. It deals with vendor accounts and transactions; here, the transaction means down payment, invoice payment, automatic payments program, invoice posting, etc.

Assets accounting

Assets accounting is in charge of the fixed assets of an organization. Fixed assets may include buildings, land, equipment, etc., so its transaction details are all about sales, depreciation, transfers, asset acquisition, revaluation, retirement and transfers.

SAP CO Module

SAP CO functions for the betterment of an organization. It mainly carries out its planning and executing decisions, thereby increasing the organization’s profitability. It receives the data from financial accounting and analyses, regulates the cost centres, and audits the result. SAP CO comprises the following modules.

Major Sub-Modules in SAP CO Module are:

Cost centre accounting

It calculates the expenditure of various departments in an organization, such as human resources, sales, marketing, etc. But the income of these departments does not come under this category.

Profit centre accounting

It calculates both the income and expenditure details of an organization. For example, the cost of a period or sales looks after the profits and losses of the organization.

Profitability analysis

It analysis the profitability of different products. There are many techniques to determine the profitability of products. Sales of the types of products in other regions, pricing and distribution of products, etc., are some of them.

Cost element accounting

It takes care of the different costs in an organization by referring to the income statements. These statements are the profit and loss details of the company.

Product costing

It refers to product costs. By product, we mean both goods and services. It plays a vital role in controlling the production cost leading to an increase in the profitability factor of the organization.

Internal orders

It is in charge of the costs of non-fixed assets like product marketing.

Final Thoughts

Demand for SAP professionals is increasing daily and will likely go up in the coming years. You can start your work from the entry level and, within 1 to 2 years, move to higher positions based on your experience and skills. Accounting or finance students will find it much easier to get placed. But students of other streams can also become SAP consultants by undergoing SAP FICO training. After undergoing SAP FICO training, you will become eligible to work as an SAP FICO consultant worldwide. In India, SAP FICO consultants earn an average salary of around 5 to 6 lakhs. Your salary is widely dependent upon your experience and company. Some top companies hiring SAP FICO consultants are Infosys, Tata consulting services, Capgemini, IBM, CTS, Accenture, DXC Technology, Wipro, etc. SAP professionals with a minimum of three years of experience have opportunities to work in overseas companies.

SAP FICO is the future of all business enterprises. Unlimited job opportunities are awaiting SAP professionals all over the world. Through an SAP FICO certification course, freshers and working professionals can quickly grab their dream job. Enrol in the unique SAP FICO certification course of Finprov Learning and become a skilled SAP FICO consultant. 

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