The need for financial managers is expected to grow by 16 per cent in the coming 20 years. So, you see, employing a financial manager to keep up the financial fitness of an organisation is equally the need of today and tomorrow.
Are you planning a career in financial management? Or are you already an appointed finance manager struggling to get through with your daily duties? In either case, you might know all that it takes to be an expert in this profession. There is a range of responsibilities that starts with preparing business reports and budgeting to forecasting and making crucial financial decisions. In short, one can have a tough time as a financial manager.
Worry not, SAP (System Analysis Program Development) has come up with a one-stop solution to sort all your financial concerns. Since SAP has been helping management across businesses and IT domains, it has a module dedicated to financial solutions alone, the SAP FICO.
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What Is SAP FICO?
SAP FICO is a software solution that is used widely to carry out all financial undertakings of businesses smoothly. It assists companies in monitoring and managing financial details to do reporting, planning and find ways to reduce costs. SAP FICO has two sub-modules which are the SAP Finance (FI) and SAP Controlling (CO) that makes financial accounting and controlling systems function with full potential.
In case your business uses the SAP ERP to create an efficient model to keep business resources intact, then combining the FICO module will ensure quick workflow, which can be an added advantage.
Why Should You Choose SAP FICO Training?
As a finance manager, you are faced with a number of challenges as businesses pick up complexity. You need to ensure that the right steps are taken with your financial account management practices. Failing of which, you tend to run much behind your competitors. Getting trained in SAP FICO tools will make you organised and work in harmony. But the question is, how? Let’s elaborate on some specific Financial and Controlling components to see how SAP FICO can be a great business companion.
1. SAP Financial Accounting (FI)
- It helps store transactional data including customer activities, vendor purchases and transactions within the company.
- Process and streamline bank account transactions- both incoming and outgoing.
- Manage the funds of the company, including fund expenditure, fund receive and future fund plans. Keeping track of existing funds to budget forecast the funds appropriately.
- Deals with the transactions related to the fixed assets of the company.
- Produce financial statements like balance sheets or profit or loss statements.
- Track travel-related expenses from planning to execution.
Besides all these functions, SAP FI helps you generate data in real-time.
2. SAP Controlling (CO)
Gone are those days when monitoring and reporting business processes were hefty tasks. CO carries out steps like organising, chasing, execution and reporting. Expertising with the CO module will also have the following benefits:
- Check inter-departmental business operations
- Outline the company’s revenue and costs. It covers the source of the cost and the specific costs that the company is subjected to.
- Figure out the cost of manufacturing a product or service and profitably marketing it to the public.
- Analyses profitability for each region and country, distribution channel and product type.
- Detect profits and losses of the organisation effectively.
There is a lot more that SAP FICO can do to transform your financial management career. The reason being plenty, it is highly preferred than other financial softwares.
- FICO is quick at configuration and reliable at giving significant information
- Can be easily merged with other SAP modules like Material Management (MM), Production Planning (PP), Sales and Distribution (SD) and much more.
- Develops smart strategies to shoot up the business performance of the organisation.
- It helps in hassle-free management of income, payables and receivables, credit administration and accumulations.
A career in finance management can take you to different ways. You might become a finance officer, cash manager, risk manager, controller, credit manager or a treasurer. All of these job roles require you to sharpen up your analytical skills which you can do better with SAP FICO.
Being a finance manager, SAP FICO offers you better solutions and cautions you of the possible outcomes. Further, it helps you have an idea of the market trends and lookout for the best opportunity to expand. As a result, you can use SAP FICO to enable quick administration and therefore bring about transparency within the company.
Companies are always on the lookout for professionals with SAP FICO training to bring positive changes to their business operations. So, if you are highly assertive as an enterprising individual, but you don’t want to lag lacking software expertise, then get skilled the right way. On the whole, a finance management expert should also be a SAP FICO expert to win the game.