SAP is a standard software for large organizations that have resources to handle multiple activities of an organization simultaneously. SAP FICO is all about finance and controlling. In SAP module FICO, FI stands for financial accounting and CO represents control. It introduces the right usage of financial accounting for business-focused reporting irrespective of the industrial or service sector.
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Who should go for SAP FICO certification?
Any graduate can get certified yet mainly the ones with finance backgrounds like Bachelors/ Masters in Accounts and Business Administration or specialized degrees in finance such as CA, CS, CFA are more inclined towards SAP FI & SAP CO. Those who have basic knowledge of SAP finance and accounting models. Those who need grip over SAP ERP modules of FI and CO will enjoy detailed learning and understand the business processes. The certification helps in the identification and analysis of business requirements pertaining to the accounting aspects.
Is SAP certification mandatory?
Though not mandatory the certification validates the learnings, which play a huge role in tapping new opportunities in the world of finance and accounting. SAP is in the market for over 50 years and by now the finance modules have offered unique benefits to the companies. SAP FICO certification the standards of dealing with finance and controlling professionally and precisely.
What does SAP FICO Consultant do?
The certification teaches the use of SAP modules but each scenario is different and every industry has its challenges. The SAP finance and controlling deals with facts and figures to provide a clear numerical picture of your organization. The SAP FICO Consultant is responsible and capable of handling the financial accounting of an organization.
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The consultant is involved in the following:
- Strategic Planning: Plan the strategy and integrate solutions.
- Operational Involvement: Information gathering and processing, and developing the functional design.
- Implementation: Implement the finance processes and introduce control wherever required.
- Trouble Shooting: Issue resolution, escalate, and provide solutions.
- Parallel Currency Accounting: Companies having head offices in countries outside India need to maintain accounts in INR as well as in foreign currency such as USD $ or Euro £.
- Documentation: Project-related information as received from a client and updated after discussion. End-user training documentation.
- MIS Reports: As needed by the internal or external customers for financial planning, budgeting, and forecast-based planning.
Continuous growth is inevitable and inimitable.
Is SAP FICO a career worth your time?
There are a few hundreds of jobs available that let you work on both SAP FI and SAP CO. Clear basics of finance and accounting will help you perform better if you have SAP expertise. Like every other career, it needs a plan of career growth nothing happens automatically.
You may get an opportunity to work with Fortune 1000 companies. Here are a few names that can create a positive impact on your decision to be in SAP FI or SAP CO. Samsung Electronics (Manufacturer of Medical Devices & Equipment), PepsiCo (Beverages), TCS (IT), Capgemini (IT), Deutsche Bank, Deloitte, etc.
What can you expect from this career?
The growth in the finance sector is secured but SAP finance consultancy is a respectable profession. There are chances of you working for large corporations of various sectors, international companies, meet lots of people, learn to communicate with people from different cultures and backgrounds. Various stages in this career can lead from SAP Associate Consultant to SAP Senior Manager level.
What does this career expect from you?
Your 100% involvement and commitment are not the only expectations. You need to have a proper understanding of business processes from an accounting perspective. Ability to handle and support the team for projects, understand the requirements of clients, and provide solutions in the stipulated timeframe. You should have skills to deal with different levels of people having different or no understanding of finance and accounting. Keep performing by matching the expectations of your organization and its clients.
Career Evolution of SAP FICO Consultant
Career evolution is not just a change in designation and salaries. It involves rights and responsibilities that build your reputation as a finance expert. Planning the career is like sowing the seed, growth takes its own time but luckily you have the means to shape up your career.
Begin with learning the technology and remain updated. Let the knowledge be used and tested in various financial and controlling roles. Concepts let you remain mindful but applying them improves vigilance. “Some concepts are so incredibly risky they take an honest fool to try to articulate them.” ― Criss Jami. Fortunately, FICO is neither a concept nor risky for your career.
After course completion, there are various job openings that you can apply to, according to your choice and strengths. SAP finance empowers you to work as Accounts payable associate, Accounts Receivable, Project Accountant, Junior SAP Consultant, Financial Analyst, Finance Manager, Finance Controller, and more… Initial beginner level consultant to mid-level has a bracket of 3.5 to 7 Lakh package, while a senior SAP Consultant (FICO) can bag a 12 Lakh package.
Let us discuss what all you will be able to offer as SAP Finance Consultant and what is the scope.
Specialized/Skilled Activities
- Financial Planning and Analysis
- Independently lead the module
- Handle FICO issues faced by the team
- Automatic Payments
- Automatic Bank Reconciliation
- Accounting and Financial Closure
- Problem Diagnosis
- Processing information in real-time
- Process Integration
- Analyze Solutions and its impact on business processes
- Identify risks and plan for risk mitigation
- Change Management Requirements
- Value-Added Solutions
- Business Documentation of financial requirements
- Incident management and problem-solving
- Provide constructive feedback to the team members
- Knowledge of Cross Module Integration
- Gap Identification, Gap Analysis, and Continuous Improvement
- Introduction and Implementation of Accounting Best Practices
- Quality Assurance and Customer Satisfaction
- Indian and International Accounting & Taxation
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Basic Activities
- Asset Accounting
- Product Costing
- General Ledger
- Accounts Receivable/Payable
- Profit/Cost Center Accounting
- Overheads Assessment
- Profitability Analysis
- Developing FICO Reports
- Demand and Forecasts
- Product-wise/ Region-wise Profitability Reports
- Support for Auditing and Liaison work
Conclusion
Certification along with the hands-on experience can ensure the career climb of an SAP FICO Consultant. Invite yourself to explore the upcoming possibilities that SAP finance modules grant you. Along with full-time jobs, some freelancing assignments can add to your exposure of SAP FI & SAP CO. Knowledge and experience in SAP and sustenance of motivation backed with the right people skills can turn the tables in your favor.
Take a step towards your brighter future and enroll in SAP FICO at UpTaught.
