Enterprise Resource Planning covers various aspects of enterprise management. One of the crucial areas covered in Finance and Control and the software which has been specialized designed for this kind of operations in the SAP FI/CO. This is just an acronym to denote Systems Analysis Program for Financial and Control. It basically deals with financial data of organizations and it’s also used for the preparation of Profit and Loss statements as well as balance sheets. In order to be proficient in the use of the software, it is imperative that one takes the requisite SAP/FICO training.
SAP FI/CO is basically a combination of two programs which normally run in tandem. They include SAP FI and SAP CO. In SAP FI, one can expect to learn the general ledger accounting which in most cases entails internal and external accounting. Included in this module are aspects of balance sheets, credits and debits and the general reporting of the transactions that happens in any business. Also included are trainings on accounts receivable and accounts payable and even bank accounting which basically involves how to manage and operate all transactions involving the bank.
SAP CO deals with the control of various financial aspects that are normally witnessed in the day to day operations of a business. The modules covered here will include-:
* Profitability analysis
* Activity bases accounting
* Accounting
* Cost controlling
* Product costing
* Internal orders
A training course in SAPFI/CO will not be complete without including other financial aspects of a company such as how to manage the company’s assets, and calculations of asset depreciations and appreciations. It also gives you the ability to be proficient in managing the company’s funds and budget according to different areas of priorities within the company. One great benefit that comes with SAP FI/CO training is that it enables the business owners to expand and coordinate their businesses more efficiently with a great deal of focus aimed at increasing the productivity. .
Even though any one can still enroll and successfully complete SAP FI/CO training, it is advisable that one should have some practical training in accounting or other related financial courses. This is for the simple fact that the systems utilizes accounting concepts and if a learner does not have the basic accounting knowledge, they may find that the trainings are a bit demanding and they may fail to get the results they hoped to achieve. But for those with background in accounting, they will find the training relevant and easy to follow and this will lead to their success with the courses.
