Posted by Are you looking for various ways to enter the accounting world? This article is for you. Here, you will get a basic idea of why you should choose an SAP FICO course to conquer higher positions in accounting and finance.
SAP FICO has become the world’s biggest software application provider. SAP FICO plays a vital role in managing the financial data of an organisation. Systems Applications and Products in Data Processing or, in short, SAP is extensively used in the implementation and functioning of ERP(Enterprise Resource Planning). SAP has become an integral part of managing various IT domains and businesses. Numerous professionals, especially those working in IT, enroll on SAP FICO course and get certified due to its huge demand.
What is SAP FICO?
Before moving on, let’s get a basic understanding of SAP FICO. SAP is part of a centralised system; they play an essential role in ERP software. SAP software focuses mainly on business management and customer relationships. After the installation of ERP software, the whole management process gets simplified. Everything comes under a centralised unit that all the company departments can access. Each department will update its functioning and requirements on this software easily accessible to other departments. They can make necessary arrangements after seeing the conditions so that there is no shortage of stocks or services.
After the introduction of ERP software, businesses are functioning more effectively. There is no chance of duplication, redundancy and discontinuity in data. Information is passed across various departments quickly. It gives more control over the business, thereby increasing productivity. It also leads to customer satisfaction.
SAP FICO is the core component in the SAP ERP software, which is responsible for managing the entire financial data of an organisation. Their prime function is to create and manage financial statements for reporting and analysis. They also extend their help to efficient business planning and decision-making.
SAP FICO divides itself into SAP FI and SAP CO. SAP FI or SAP Finance mainly deals with financial reporting and accounting. In contrast, SAP CO concentrates more on planning and monitoring costs. The topics covered under SAP FI are General Ledger, Bank Ledger, Accounts Receivable, Accounts Payable, Asset Accounting, Consolidation, Travel Management, Funds Management and Special Purpose Ledger.
Because SAP CO deals mainly with cost controlling of various business operations, the topics covered here are related to cost control. Under this module, issues like cost elements, cost centres, internal orders, profit centres, product costing and profitability analysis. FICO is a part of SAP ECC, the latest version of ERP.
Importance of SAP FICO Course?
Due to its huge demand, many accounting training institutes have started certification programs in SAP FICO. This course covers the entire SAP FICO module and makes you industry-ready. SAP FICO courses come in a hybrid format, i.e., here, classes are offered both online and offline. The respective institute decides the duration of the course. It may sometimes take a few hours, or sometimes it will go up to a few months. Depending upon your convenience, you will have the freedom to choose the type you want to enrol in.
SAP FICO courses are designed skillfully to meet our industry’s current trends and competitions. Most of these courses don’t demand long working hours. You need to devote only a few hours from your schedule to attend this course. They also don’t require any prior experience. Students can enrol for this course after graduation or even after post-graduation.
Who and all are eligible for SAP FICO Courses?
There are no minimum eligibility criteria required to take up this course. Anyone interested in the finance field and who wants a career in this field can enrol for this course. However, it would always be best if you hold some extra qualifications to understand this SAP FICO course better. A commerce graduate or a business accounting graduate will be able to understand this course in a better way. It will also be easier for CA, CS or CFA qualified personnel. This course is also for those accounting professionals who have already worked in other accounting software. And if you have a basic understanding of accounting, you are eligible to take this course.
There is a massive demand for SAP FICO, because many companies are working on the ECC model and are using FICO as the primary part of their business management. There is a shortage of FICO consultants who can manage this software; this shortage showcases the importance of SAP FICO courses.
Career opportunities after doing SAP FICO courses
Several jobs are posted in various job portals looking for FICO consultants daily. It is a well-known fact that companies will be looking for FICO consultants to manage them after implementing the ERP software. It, in short, increases the demand for FICO consultants both inside and outside the country.
After completing the SAP FICO course, students can take up various job roles like Project manager, SAP Functional consultant, Process developer, Manager costing and SAP FICO consultant. All these are high profile jobs and have an annual salary ranging from 2 lakhs to 8 lakhs. You also need to possess some soft skills and an SAP FICO certificate to acquire these jobs. Soft skills like communication skills, decision-making skills, analytical skills, problem-solving skills, team management, team leadership, creative thinking, organisational skills, etc., are needed in this field too.
Now let us discuss the responsibilities of an SAP FICO Consultant. SAP FICO Consultants are responsible for the overall management of various business processes. Their commitment includes configuring and implementing the system depending on the requirements of businesses, GAAP analysis, refining methods and looking for new projects. They can function as internal or external consultants. External consultants are responsible for implementing the system; their job ends once the project goes live. On the other hand, internal consultants are accountable for the maintenance of the system, and they work for the company.
A business grows in functionality and technology when it shifts to SAP FICO. As a result, their employees thrive. They learn new skills and educate themselves with the latest updates and trends. So it is a wise decision to enroll in the SAP FICO course and start a career in this field. Find a recognised accounts training institute that provides SAP FICO, take up the course, and place yourself among the successful accounting professionals.