SAP FICO is an acronym for SAP Finance and Control. This article talks about SAP FICO, various job opportunities for FICO and how to apply for them.
What IS SAP FICO?
SAP FICO is also mentioned as SAP FI/CO, where SAP FI stands for Financial accounting and SAP CO is Controlling (Management accounting). SAP FICO is one of the modules of SAP and is usually the first module to be implemented in a client’s site.
This module is used to monitor and review the financial situation of a company. Using SAP FICO, you can monitor the inside operations by planning and creating reports and quickly find solutions for accounting requirements.
For pursuing a career as a technical or functional SAP FICO consultant, you will have to know more about finance and the jargons involved in a financial domain. If you have worked as an IT consultant in a financial domain, you will be preferred much for a SAP FICO consultant position. Learn about accounts payable, accounts receivable and general ledger, procedures to post accounts, close books & prepare financial statements and balance sheet etc.
It is also helpful if you are familiar with other modules in SAP, especially SAP ABAP since it is the most essential.
Modules and components of SAP FICO
These are the sub modules of the SAP FI:
AA – Asset Accounting
AP – Accounts Payable
AR – Accounts Receivable
BL – Bank Accounting
FM – Funds Management
GL – General Ledger Accounting
LC – Legal Consolidations
SL – Special Purpose Ledger
TM – Travel Management
Controlling (CO), the second part of FI/CO means “Managerial Accounting”. There are three organizational elements in CO which are Operating Concern, Controlling Area, and Cost Centers.
The following are the components of the SAP Controlling module:
Cost Element Accounting
Cost Center Accounting
Product Cost Controlling
Profit Center Accounting
How to become a SAP FICO consultant?
You will have to have a degree as the basic qualification. A degree in finance & accounting will be a good advantage.
You will have to understand how SAP works and should try to increase your knowledge in multiple SAP modules, not just in SAP FICO. As mentioned earlier, you should also have knowledge in finance and accounting.
Usually, employers who hire SAP FICO consultants look for these qualities:
1) Financial background
2) SAP certification
3) Knowledge in various SAP modules
4) Number of years of working experience
5) Good communication skills and ability to be a good team player.
[From Shanmugam Piramanayagam, Factoidz Writer]