Starting a Career as a FICO Consultant

ERP is one of the pre-eminent platform providers in the field of enterprise software application towards better enterprise resource planning. ERP stands in Data processing

for  systems, applications and products. In late 1972, ERP was established launching business solutions that help organize processes in enterprises. On top of many years different  modules in ERP were developed for different processes. ERP Finance and Controlling (FICO) is one of the most vast  used ERP modules. ERP FICO module contain ERP FI configuration, ERP CO configuration, ERP FI user and ERP CO user. Anyone seeking to establish  their career as an ERP FICO consultant needs to build a strong base covering all these aspects of ERP FI module and ERP CO module. Let’s have a brief overview of ERP FI and ERP CO module.

ERP FI Module and its Application

ERP Financial Accounting as the term proposes to  upgrade finance management in enterprises. Finance is the most  censorious part of every business and this aims at the perfect management of finance. It becomes nerve- racking  and complex to manage the entire financial accounting part by man-power. Therefore, ERP FI module has come out  as a popular module successfully implemented in organizations. ERP financial accounting module comes with a package that helps organizations in grasping financial needs and accounting activities. It allows one to review the financial status of an organization in the real time market. Some of the  Popular components that comprise the FI module are:

  • Accounts Receivable
  • Accounts Payable
  • Asset Accounting
  • Account Consolidation
  • General Ledgers

ERP FI implementation includes ERP FI configuration. The business manager can design ERP FI users after setting up a few primary configurations. These configurations are normally done by the business manager aligning with client, company, business area configurations and more. subsequently, right from master data to financial statements can be migrated to the ERP FI system for driving the best out of organized financial management systems. The requirements for ERP FI configuration are charts of accounts, fiscal year variations and currencies. Once the configuration is completed, the document posting will automatically be posted afterwards. Enterprises will be able to view its real-time financial bank. This authorizes enterprises to keep a track of every financial transaction and helps in finance reporting at the end of fiscal year.

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ERP Controlling Module and its Application

ERP CO is another foremost module in ERP. ERP controlling incorporates ERP CO configuration and ERP CO user and is made up of master data, configuration and reporting. Master data states here can be cost elements, cost centers, profit centers, internal orders, functional areas, statistical key figures and activity types. Cost elements involve all the cost and revenue accounts, cost centers and profit centers include all the departmental units that hold  cost and profit of an enterprise, internal orders include all the important events and so on. ERP CO execution  allows one to view the data of costs included within internal management. This module helps you get a better view of finance reporting and helps you manage records and take different  decisions related to the organization. Also, this module authorize  organizations to manage reporting and information databases as per the requirement for their business. Some of the most advantageous facts all about ERP implementation in organizations are:

  • Track cost heads and make future plans accordingly
  • Keep a track of costs for specialized events and allocate  them to appropriate departments
  • Avail activity based costing across processes
  • Manage product costing, production costs and variances
  • Build reports on sales and profitability make sure through a product or an internal measurement

Sub-Components of ERP CO Module:

  • ERP CO-OM: Overhead Management
  • ERP CO-OM-CCA: Cost Center Accounting
  • ERP-CO-OM-OPA: Internal Order Accounting
  • ERP-CO-OM-CEL: Cost Element Accounting
  • ERP-CO-OM-ABC: Activity Based Costing
  • ERP-CO-PCA: Profit Center Accounting
  • ERP-CO-PA: Profitability Analysis
  • ERP-CO-PC: Product Costing

Professionals should have a complete overview of ERP FICO in order to become a successful FICO consultant. Financial Accounting and Controlling is interrelated and helps one to run a better business process towards better finance accounting and data management. ERP implementation is complex and needs adequate training. Though it is not compulsory to take up ERP FI consultant training and ERP CO consultant training, it is all the way recommended by experts to attend ERP FICO training to increase one’s understanding and build expert hands on using ERP FICO module towards better management of finance accounting and reporting in enterprises.

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