What is SAP FICO?
SAP FICO, now called SAP Simple Finance, is an extremely popular and widely used SAP module. FI in SAP FICO is an abbreviation of “Financial Accounting” and “CO for Control.” It is used for balance sheets, profit and loss statements, external reporting, etc. It can be integrated into many SAP modules, such as Sales and Distribution (SD), Materials Management (MM), Plant Maintenance (PP), etc. In this blog about “SAP FICO Consultant Roles and Responsibilities”, the role, skills, and salary of FICO will be discussed in detail.
The SAP FI module receives data and postings by integrating other SAP modules (such as sales, human resources, and materials management). On the other hand, with automatic account determination, all accounting transactions performed in SAP Logistics (LO) are posted to FI in real-time. You can also pass this data on to CO.
To learn in detail about the working of this SAP module, register for SAP FICO Training.
Let’s now gain insight into the various sub-modules of SAP FI and SAP CO.
Sub-modules of SAP FI
The sub-modules of SAP FI are as follows:
- Accounts Receivable/Accounts Payable (AR/AP): It includes information related to the amount paid by the customer as well as the amount paid by the organization to the vendors. AR consists of customer transactions while AP includes vendor transactions.
- General Ledger Accounting (GL): It contains all transactional information of the organization. It consists of entries including purchases from vendors, customer transactions, and internal transactions within the organization.
- Asset Accounting: It deals with the organization’s fixed assets and provides details with respect to the transactions associated with these assets.
- Consolidation: It allows the organization to treat its branches as a single unit. It enables you to get the details for all the branches in one financial statement. This allows the organization to get a clear view of its financial conditions as a single unit.
- Travel Management: It is used to manage the organization’s travel expenses. It also includes travel requests and plans that are involved in the trip.
- Bank Accounting: It focuses on transactions that are made through the bank. It contains all the incoming and outgoing transactions, bank transaction master data, and balance management. With the help of this sub-module, you can create and process various methods of bank transactions.
- Fund Management: It is used to manage the organization’s funds. It uses other FI modules like G/L, AR/AP, and bank accounting to get details of the funds. It includes all fund expenditures, the fund received, and future expense transactions.
Sub-modules of SAP CO
Following are the sub-modules of SAP CO:
- Cost Center Accounting: It is used to control the organizations’ purposes
- Internal Orders: They are used to collect as well as control as per the jobs that provoked them. You can set limits to the budgets of these jobs which are further monitored to ensure that they do not exceed the assigned budget.
- Cost Element Accounting: It gives you an overview of the revenue and cost that occur within the organization. It only calculates those costs that do not have any other expense or contain a single expense in Financial Accounting.
- Profitability Analysis: It helps to analyze the organization’s profit or loss. This helps in providing a basis for informed decision-making.
- Product Cost Controlling: It helps in calculating the manufacturing cost of the product or in order to provide a service. In addition, it also allows you to calculate the cost at which you can market it to gain profit.
- Profit Center Accounting: It helps in evaluating the profit or loss of independent departments in the organization
Organizations use the combined module of SAP FI and SAP CO called SAP FICO in order to perform the significant financial tasks in the organization.
Check out Intellipaat’s YouTube video on SAP FICO:
Who works on this SAP FICO module?
SAP FICO Consultants handle this unique job role wherein they work with this combined SAP module. They are responsible for building and deploying solutions based on SAP. Further, they perform analysis on the data and design SAP FICO systems. They also conduct internally structured tests in order to ensure the stability of the solutions and make room for improvement.
The main role of these professionals is to keep an account of the configuration and implementation of the SAP system as per the business requirements, generally accepted accounting principles (GAAP) analysis, and more. These consultants can be of two types: internal and external. The internal SAP FICO Functional Consultants work for the organization even after the completion of the project. However, the external consultants are in the organization’s implementation team and their work is completed once the project is live.
Further, you will learn how to become a professional in this field.
In the blog “SAP FICO Consultant Roles and Responsibilities,” we will now continue to learn how to become a FICO Consultant.
How to become an SAP FICO Consultant?
Before learning about the roles and responsibilities of SAP FICO Consultants, let’s find out the qualifications and various skills required to become an SAP FICO Associate Consultant. To attain this profession, the only caveat is that you have a bachelor’s or a master’s degree in finance and management from a reputed institute. Further, you need to acquire skills in other SAP modules including SAP ABAP, SAP SD, SAP MM, etc. You can learn these skills by enrolling in an industry-recognized SAP FICO certification. Besides, you need to gain experience in this field by working on real-life projects. Finally, you need to update your resume and apply for SAP FICO Consultant jobs in leading enterprises.
You will now get an overview of the various roles and responsibilities of SAP FICO professionals.
Roles and Responsibilities of SAP FICO Consultants
SAP FICO Consultants have various roles and responsibilities in their organization including:
- Implementing the SAP Financial Accounting (SAP FI)
- Analyzing the complex requirements of business processes
- Providing system solutions, along with identifying, validating, and interpreting customer requirements
- Mapping processes, objectives, and requirements of clients and developing the required modifications in the product
- Designing, customizing, configuring, and testing modules of FICO
- Identifying issues and bringing out temporary, work-around solutions
- Troubleshooting in order to analyze, investigate, and solve issues of the software
- Documenting functional designs, various system test cases, and results
- Identifying and proposing system enhancements in the organization
- Providing consultancy on the existing projects, as well as new implementations
- Providing user support as per the requirements
SAP FICO Jobs
There are numerous job opportunities available for FICO professionals. Following are some of the highly in-demand SAP FICO jobs:
- SAP FI Consultant
- SAP FICO Consultant
- SAP FICO Functional Consultant
- SAP FICO ABAP Consultant
- SAP Functional Analyst
- SAP FICO ABAP Business Analyst
- SAP FICO Support Consultant
- SAP FICO Analyst
- SAP FICO COPA Consultant
To make a career in SAP FICO, you must check out these SAP FICO Interview Questions!
SAP FICO Functional Consultant Salary
SAP FICO Functional Consultants are among the highest-paid financial consultants today. Various leading organizations hire these professionals to increase their financial conditions. There are about 725 job openings for SAP FICO professionals in the United States alone. In India, there are approximately 450 jobs available for these professionals.
SAP FICO Consultant Salary in the US
As per Glassdoor, the average income of an SAP FICO Consultant in the United States is US$83,974 per annum which might rise to US$118,000 with performance and experience.
SAP FICO Consultant Salary in India
In India, the average salary of these SAP FICO Consultants is about ₹622,049 per year. With experience, it might increase to ₹1,207,000 per year, which is almost double the initial salary.
Future of SAP FICO Consultants
In this volatile industry, technologies change on a regular basis. However, SAP is here going to stay for the long run as one of the most widely used ERP software. There are various job opportunities in this field with potential growth. Since most organizations have already implemented or are planning to implement this software, various jobs have been created with high salaries.
In this blog, you have learned about the various roles and responsibilities of SAP FICO Consultants. Moreover, you have also read about the qualifications and skills required to be in this professional field. So, register for Intellipaat’s SAP FICO training wherein we will make you proficient in this ERP software. You will gain hands-on experience in solving real-time business problems by working on various industry-based projects. Finally, you will receive the SAP FICO certification recognized by leading organizations once you successfully complete the training course.
You can refer to our SAP Community to clear any doubts regarding this concept!