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SAP FICO (Financial Accounting and Controlling) is an SAP software module that helps organizations to properly manage and keep proper accounts of their financial transactions and any report that concerns the finances of the organization.
This software module is a combination of two components, SAP Financial Accounting (FI) and Controlling (CO).
The bringing together these components to form SAP FICO was to ensure that it helps with proper financial accounting, management, and reporting, which will help organizations to make more informed decisions about their finances.
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The essence of SAP FICO Training is to learn how to effectively use this software system to carry out appropriate management, accounting, and reporting of the finances of the organization you are working for, or you will be working for.
This software module is best for people who have an educational background or experience in financial management, accounting, and the financial sector.
Key Features of SAP FICO
The key features of SAP FICO include:
• Asset Accounting
The SAP FICO feature helps you keep track record of your fixed assets such as landed properties, buildings, and equipment.
Keeping a proper account of these assets helps the organization carry out proper revaluation to know when the assets are appreciating and depreciating, and whether to sell them or buy more.
• Accounts Payables
Management of vendor accounts and transactions is made easy with the use of this SAP FICO feature.
This feature makes it simple for you to maintain the invoices and payments of vendors and also track and attend to their outstanding payments.
Other transactions you can carry out with this feature include credit memo posting, automatic payment program, invoice payment, execution of vendor reports, and lots more.
• General Ledger Accounting
Another thing that you can do with the SAP FICO module is the combination of financial data from different sources, and that is all thanks to the general ledger accounting feature.
It helps you properly manage the financial transactions of your organization and also create financial statements.
You can do reversals, extract trail balances and display the balances in general ledger accounts with this feature.
• Account Receivables
Just like the Accounts Payables feature, this feature helps you keep a record of transactions and maintain and manage accounts, but in this case, the accounts that are managed and the transactions that are captured belong to customers and not vendors.
• Bank Accounting
This feature keeps account of all the transactions you carry out with the bank.
And to ensure accuracy and unison, after a certain time, the transactions that have been recorded from bank statements are compared to the ones recorded on the system through Bank reconciliation.
• Financial Statements
With the SAP FICO module, you can generate financial statements and reports such as cash flow statements, profit/loss statements, and also balance sheets.
• Integration with various SAP modules
To help you get a better report and performance of your organization’s financial activities, SAP FICO allows you to integrate it with other SAP modules such as Sales and Distribution (SD), Materials Management(MM), and Product Planning, amongst others.
• User-Friendly Interface
Another remarkable feature of the SAP FICO module is its user-friendly interface which makes it easy for you to find your way around it and make operating it stress-free for you, even if it is your first time using it.
Importance of SAP FICO in Finance and Accounting
Here are some of the importance of SAP FICO in finance and accounting:
• Proper Financial Management and Accounting
The SAP FICO module is built with different features to help you effectively manage the finances of the organization in which you work and also provides you with an accurate account of the organization’s financial transactions.
• Generation Of Financial Statements, Reports, and Analysis
Another advantage of this SAP module is that it makes it easy for you to generate the financial data, reports, statements, and analysis of your organization, and know how you are performing financially.
• Aiding Organizations In Make More Informed Business Decisions and Plans
The financial reports and statements generated by this SAP module help organizations to know how they are performing financially, and this helps them to know which area to work on and saves them from making financial decisions blindly.
Now, let’s look at how the curriculum of the SAP FICO training program is usually organized.
Curriculum for SAP FICO Training Program
Overview Of SAP FICO Training Program
An SAP FICO Training Program is a program that equips you with adequate knowledge of the processes of financial management and how to use the SAP FICO software to generate an organization’s real-time financial information and statements, and also manage its financial transactions.
In this program, you will be taught different topics which will cover how to use this software effectively.
The training program can either be online, in-person, or self-paced, based on which you are most comfortable with.
Also, the duration of this program usually ranges between weeks to months depending on the number and length of the resources used in it.
Note that this module is mostly for people who have an educational background or looking to build a career in financial management, accounting, and people who have prior knowledge about how to use the software and want to enhance their skills and knowledge.
Course Topics Covered In SAP FICO Training Program
The topics covered in an SAP FICO training program include:
- Financial Accounting
- Cost Center Accounting
- General Ledger Accounting
- Bank Accounting
- Profitability Analysis
- Asset Accounting
- Financial Statements
- Parallel Accounting
- Accounts Payable
- Product Costing
- Tax Configuration
- Internal Orders
- Accounts Receivable
- Controlling
- Integration of SAP FICO with other SAP modules
Certification Process
The process to acquiring an SAP FICO certification is basically Acquire Knowledge — Register — Pass Certification Exam.
The first step is to acquire knowledge on how to use the SAP FICO software module.
You can do this by attending a SAP FICO training program either online or in a classroom, or learning on your own. We will talk more about this in a bit, keep reading.
After completing a training program and learning the required skills, the next step is to register for your certification exam.
The next and final step is to sit for the certification exam and ace it. To get certified, you need to get a score of 60% and above in this exam. Failure to do so, you will need to retake the exams at a stipulated time.
Also, this certification is only valid for two years, so you will need to sit for a renewal exam after that period.
Note: This is the typical process for getting an SAP FICO certification, but there may be differences depending on where you live.
Let’s now discuss the benefits of getting trained and certified on how to properly operate the SAP FICO software.
Benefits of SAP FICO Training and Certification
• Enhanced Career Prospects
With an SAP FICO certification and skills in how to use SAP FICO tools, your chances of securing a job in the financial and accounting sector are increased.
And if you already work in an organization that uses this software module for its organization then acquiring knowledge, skills, and certification on how to use it, you will have a high chance of being promoted and having your salary increased.
According to a survey carried out by Indeed, 87% of job seekers said getting an SAP FICO certification helped them get a job, while 80% of them said earning it helped them progress in their careers.
• Increased Efficiency In Financial Processes
With the knowledge and skills that you will gather from the SAP FICO training, you will be more efficient in handling financial processes and more skillful in managing and accounting for the finances of an organization.
• Better Decision-making Capabilities
One of the major skills that you acquire from an SAP FICO training program is the ability to analyze the financial information that you will generate using this software.
Proper analysis of this information will help you make better financial decisions that can boost the financial performance of an organization.
• Improved Job Security
As a certified SAP FICO consultant, you are in high demand so when you are employed in an organization and you use the knowledge and skills you have about the SAP FICO software to properly manage their finance and accounting and also handle their financial processes effectively, they will ensure that you stay with them and keep offering your services to them.
Types of SAP FICO Training Options
• Online Courses
An SAP FICO Online Training is a training course that allows you to learn the skills on how to operate the software from anywhere you are in the world.
With your mobile device and an internet connection, you can access the resources from this course anywhere you are and learn it from wherever you are.
An online course is also self-paced. You can learn it when you want to.
• In-person Training
In-person training programs require your presence.
You won’t be able to undergo this training from anywhere in the world like the online courses, you need to come to the training center where experienced tutors will teach you how to use SAP FICO tools to carry out financial processes.
This type of training usually costs higher than online and self-paced training. However, it has some advantages such as opportunities to network with other people who are working or aspiring to work in your field, interactive sessions with tutors who provide instant answers to your questions, and lots more.
• Self-paced Learning
With self-paced learning, you don’t need to register for a training program, you can learn how to use the SAP FICO tools and how to properly use the software module by studying free resources.
There is no time frame to this learning process because you are learning at your own pace and terms. This is also the cheapest way to learn how to use the SAP FICO software module.
However, if you opt for either an online or in-person training program, there are countless training providers that offer SAP FICO training programs so let’s look at the tips you should consider before choosing the right one for you.
How to Choose the Right SAP FICO Training Provider
• Assessing Your Needs And Goals
The first tip for choosing the right SAP FICO Training Provider is to figure out what you want to achieve with SAP FICO and make sure the training provider you go for can help you achieve them.
Make sure the training provider has the resources, level of training, and support that can help you achieve the goals you have set.
• Find A Reputable Training Provider
Reputation is another key factor you should consider before choosing a training provider.
To know how reputable a training provider is, you can check their online reviews, ratings, and testimonials from other trainees who have attended the training before.
You can also enquire from the experts in your industry for recommendations of good training providers you can learn from.
• Choose the Right Training Program
You should also make sure you choose the SAP training provider that offers the training program that suits you.
Check how they deliver their training, the quality of their resources, and the topics they cover.
In addition, consider how much their training program costs so that you won’t be going for one that is way higher than your budget.
Also, consider the duration of the training program so that you can go for one that fits your schedule.
• Get Certified
Before choosing an SAP FICO training provider, ensure that it has an SAP-recognized certification program that will teach you all you need and provide you with the necessary resources to help you ace your SAP certification exam.
Aside from acquiring knowledge and skills on SAP FICO operation, the end goal of undergoing a training program is to get a certificate, so ensure you consider it when choosing a training provider.
Tips for Success in SAP FICO
• Get Certified
No matter how skillful and knowledgeable you are about the use of SAP FICO tools, there is a limit to the level of success you can attain in the industry without being certified. So, ensure you get your SAP FICO certification.
• Study and Practice Regularly
As a certified SAP FICO consultant, you will be expected to effectively use the software’s tools to carry out financial processes in different aspects so ensure you keep studying and practicing on the software till you can efficiently operate all areas of the software module.
• Networking With Other Professionals
Another major way of succeeding as an SAP FICO consultant is by networking with other professionals.
There are certain things that other SAP professionals know that can help you to grow, and the only way you can get access to that information is by connecting with them.
• Staying Updated With Industry Trends
As time goes on, there are bound to be more developments and updates in the software so you must make sure you keep up with these trends so that you can stay relevant in your organization and industry, at large.
You can stay updated by following the experts in your industry, constantly doing research, reading articles, and subscribing to the SAP newsletter and newsletters of other giants in the industry.
Another way you can do this is by attending SAP events and joining an online SAP community or forum.
Conclusion
SAP FICO is an excellent investment for anyone interested in finance and accounting.
The training equips individuals with the knowledge and skills required to manage financial operations using SAP FICO software, opens up a plethora of career opportunities, and can lead to increased earning potential.
Pursuing SAP FICO is a smart choice for anyone looking to enhance their financial management skills and advance their career.
Click here to get a training course on SAP FICO.
FAQs
1. What Are The Job Roles For SAP FICO Professionals?
Job roles that SAP FICO professionals can take up include:
- SAP FICO Consultant
- SAP FICO Developer
- SAP FICO Manager
- SAP FICO Analyst
- SAP FICO Trainer
2. How Much Can One Earn With SAP FICO Certification?
How much you can earn as a certified SAP FICO consultant depends on factors such as your level of expertise and experience, your location, the industry you work in, and the organization you work in.
According to Payscale, SAP FICO consultants earn between 4.5 to 17 million naira per year in Nigeria.
3. What Are The Prerequisites For SAP FICO Certification?
The major prerequisite for getting an SAP FICO certification is prior knowledge of accounting, financial dealings, and management.
This is because this SAP software module deals with financials, so having an educational background or experience in the accounting, and financial sector will make it easier for you to understand the concepts explained in it.
4. What Is The Format Of The SAP FICO Exam?
The SAP FICO certification exam usually has 80 questions with a 180-minute timeframe. These questions are multi-choice questions and you will need to select the correct choice from the options provided.
To pass this exam, you need to get a score of 60% and above. If you get a score below this, you won’t be certified and you will need to retake the exam after a stipulated time.
5. How To Prepare For An SAP FICO Certification Exam?
The best ways to prepare for an SAP FICO certification exam are:
- Studying And Practicing Regularly.
- Creating A Study Schedule And Sticking To It.
- Networking With Other Professionals.
- Staying Updated With Industry Trends.
6. What Are The Benefits Of SAP FICO Online Training?
The benefits of SAP FICO online training include:
- Self-paced learning.
- Affordability.
- Worldwide Accessibility.
- Flexibility.
7. What Are The Benefits Of SAP FICO Classroom Training?
The benefits of SAP FICO classroom training include:
- An opportunity to network with other trainees in your field
- An Interactive learning experience
- Group learning and projects which fosters teamwork.
- Prompt answers to your questions whenever you are confused during the lessons
- Hands-On experience with SAP FICO tools
8. How To Choose The Best Sap Fico Training Provider?
To choose the best SAP FICO training provider, ensure you:
- Assess your needs and goals and choose one that can help you achieve them.
- Go for one with the right training program and training method for you.
- Find a reputable training provider.
- Select one whose fees aren’t more than your budget.
9. Are There Any Free Resources Available For SAP FICO Training?
Yes, there are. Here are some of them.
10. How Long Does It Take To Complete SAP FICO Training?
If you are undergoing an in-person SAP FICO training program, the duration can range from weeks to months depending on the number of resources used by the training provider, how it is delivered, and how long it will take to complete them.
If you are undergoing an online or self-paced SAP FICO training program, the duration will depend on the weight of the resources and the amount of time you dedicate to learning them.
11. How Do You Advance Your Career In SAP FICO?
To advance your career in SAP FICO, ensure that you:
- Get certified and ensure your certificate is always valid.
- Study and practice regularly.
- Network with other professionals.
- Staying updated with industry trends.
12. What Are The Latest Trends In SAP FICO?
The latest trends in SAP FICO include:
- Enhanced Adoption Of Cloud-based Solutions
With cloud-based SAP FICO solutions, members of an organization can have access to SAP applications and the data on it from anywhere in the world, on any device and this is a development that will make their activities more scalable, affordable, and flexible.
- An Increase In The Adoption Of Automation, AI, and IoT
An increase in the use of automation to make SAP FICO more efficient is currently been experienced. Automation tools such as Robotic Process Automation (RPA), are currently been used to reduce manual financial activities and increase accuracy, and save time and resources while making financing and accounting processes easier.
- More Advanced Real-Time Analytics
To make better and more informed financial decisions, organizations need to have accurate data on how they are performing financially and that is what Real-Time Analytics offers them.
With this, even when things are not in order, organizations can know the areas they need to quickly make changes that can help them remain agile and competitive in the market.
13. What Are The Benefits Of SAP FICO For Businesses?
The benefits of SAP FICO for businesses include:
- Proper financial management and accounting
- Generation of financial statements, reports, and analysis
- Helping them make more informed business decisions and plans