SAP is one of the leading software application providers for many companies. SAP enhances the implementation of Enterprise Resource Planning (ERP). Since the bygone era, SAP has continued to provide a large number of methods for the development of Information Technology and other business domains. Any candidate wishing to start their career as an SAP FICO consultant should learn more about it.
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SAP ECC FI – It’s Career Analysis:
In SAP, there are approximately 28 modules; of these modules, few are considered mainstream. SAP FICO, the financial and control module is one of them. To meet financial needs, it has become the choice of many organizations today. SAP FICO constitutes two different SAP modules, SAP Finance and SAP Control, and also involves user management and configuration. In order to become SAP FICO consultants, candidates should obtain the certification of the SAP FICO module; this not only makes them eligible to act as SAP FICO consultants, but they can also assume various other roles, such as customer and financial executives, senior analyst programmers, and so on.
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SAP FI module:
The SAP financial accounting module is interrelated with the concept of the development of corporate financial management. Currently, manually managing complete financial accounting is a difficult and challenging task. Thus, the SAP FI module has become extremely popular- and is successfully implemented in most organizations to smoothly execute financial and accounting processes. A complete set of SAP FICO modules can help organizations perfectly manage financial needs and accounting activities. It can analyze the financial situation of the organization in the real-time market. The SAP FI module contains the following components: Accounts receivable, general ledger, asset account consolidation, and accounts payable.
SAP CO module:
SAP control, that is, SAP CO is another module of SAP FICO. With the help of this module, each enterprise can supervise, maintain, demonstrate and plan various processes. The control module is directly connected to the financial accounting module because it helps to view and manage related costs. SAP CO includes control and users, and involves master data, configuration, and reporting. Master data includes cost elements, cost centers, profit centers, internal orders, functional scope, statistical important data, and activity types, while cost elements include all cost and income accounts, and cost centers and profit centers include managing enterprise costs and profits, and internal orders contain all basic events, etc. SAP CO implementation enables organizations to view the data costs involved in internal management. With this module, organizations can quickly view financial reports and management records, and make important business decisions related to the organization. Organizations can manage reports and information databases according to business needs with the help of the SAP module.
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How to become a successful SAP FICO Consultant?
The candidates should know the complete summary of the SAP FICO module to become successful SAP FICO consultants. Many people enter this field only because of profitable income, but they may lose themselves in the SAP resource pool. You need to invest a lot of time and money to have the opportunity to find a good job in the SAP FICO field. You will need more than six months to hold an entry-level position as an SAP FICO consultant in a company.
You can become an SAP FICO consultant by following the steps below:
- Candidates should receive SAP FICO training from authorized centers. These centers provide training on two modules of SAP FICO, namely SAP FI and SAP CO. According to the requirements of the candidates, they can study either or both of these modules. At the end of the training, aspiring people can take a certification exam, which will grant you a FI or CO certificate from SAP. These certificates are essential to get a job in the SAP field.
- Use practical training to learn each part of the SAP module. Candidates can invest in practical training to learn SAP FICO approximately three months after certification.
- Candidates with three to five years of field experience can join large IT companies and businesses. Most companies want experienced people instead of candidates, and then train them to learn SAP FICO in their internal projects.
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As the market grows, more and more industries are implementing SAP systems. In the next five years, from a financial point of view, there will be a huge demand. Few certified SAP FICO consultants share their expertise with complete subject knowledge in the market.
SAP FICO is one of SAP’s more demanding modules, and there are a lot of job opportunities in this field. Candidates who are looking for a career as an SAP FICO consultant should have a complete overview of SAP FICO. Candidates can participate in the comprehensive training of SAP FICO instead of only SAP FI or SAP CO training because it not only helps to become an expert but also helps to better manage the organization’s reporting and financial accounting understanding.
