The SAP FICO, SAP Certified Application Associate Financial Accounting with SAP ERP 6.0 EhP7 certification exam confirms that the candidate owns fundamental knowledge and proven skills in the area of SAP ERP Financial Accounting.
The SAP FICO, exam checks that the candidate has a good overall understanding within the consultant profile and can use their knowledge practically in projects under the guidance of an experienced consultant. This SAP FICO certificate is the ideal prerequisite for the qualification to SAP Certified Professional in Financial Accounting.
The SAP FICO certification is considered as an entry-level qualification to allow consultants to get acquainted with Financial Accounting projects.
Why IS SAP FICO Important as a Career Option?
SAP has around 28 modules. Some of the modules are considered as mainstream. The SAP FICO is one such mainstream module. The SAP FICO module has been in demand for quite some time by different companies to meet financial needs.
SAP FI/CO, which is a combination of finance and controlling, is the foundation module on which SAP made its name. It is an excellent application for finance-related roles and is one of the most widely used products in terms of implementation and scope.
This implies that a very high count of institutions like banks and financial institutions are already using it as well as a steady number of enterprises are adopting it as their commercial software platform. This inevitably translates into an urgent and constant requirement for FI/CO experts, which will sustain and grow in the years to come.
How to Start a Career with SAP FICO?
Pass the C_TFIN52_67 exam first. SAP certification requires adequate knowledge of related terminologies, for which you can prepare yourself or take the training. A 15 days training program in SAP module is the prerequisite so it would help you to crack eligibility criteria. For the job, your knowledge and skills matter a lot, along with certification, you must have the knowledge of how to deal with the financial issues.
How IS the SAP FICO Helpful for Financial Organizations?
- SAP Financial Accounting is linked with the improvement of financial management ideas in markets. All enterprises have finance as a significant part, and to handle finance, flawless management skills are needed. Manual financial accounting management is a challenging and complicated process. So, SAP FICO is utilized for an organization to streamline management processes to handle accounts and financial needs.
- The SAP FICO module includes elements such as accounts receivable, general Ledgers, asset accounting account consolidation, and accounts payable.
- SAP CO, the Controlling module helps to maintain, justify, and to plan business processes in every business. CO is directly linked with financial accounting; as using it, one can view and organize the connected costs. One can also manage and configure master data, which spans the information related to cost centers, internal orders, profit centers, cost elements, and more.
- The process is managed as comprising, organizing, chasing, execution, and reporting. The SAP FICO aids in tracing cost heads to plan consequently. It benefits the costing across processes, based on activities. It supervises product variances, production costs, and it’s costing. It includes constituents associated with Profitability Analysis, Internal Order Accounting, Cost Centre Accounting, Overhead Management, etc.
Job Description as SAP Consultant:
SAP FICO Consultants are accountable for system configuration and implementation based on business needs, refining methods, GAAP i.e., generally accepted accounting principles analysis. Consultants could be either internal or external. External consultants are part of the implementation team. Their role finishes when a project goes live. However, an internal consultant works for the enterprise through implementation, and even after the project goes live.
Responsibilities of a Consultant:
- The SAP FICO consultant needs to participate in executing SAP Business Warehouse (BW) projects.
- He should guide other consultants from MM, PP, PS, and PM modules.
- He must make financial configuration based on business needs.
- The consultant should train the recruits and the end-users.
- One of his jobs is to offer support to the testing process to solve issues and errors in the documentation or applied business processes.
- He must harness opportunities for business system enhancement.
The SAP FICO module is used for financial reporting both internally and externally. The objective is to record all financial transactions that are posted by an entity and produce financial statements that are accurate at the end of the trading period. So if you want to make a career in the financial sectors, grab the SAP FICO certification.