Last Updated on April 26, 2023 by Pradeep
Why Should I learn SAP FICO?
SAP FICO is the best choice for people who are new to SAP and have a background or knowledge in Finance and Accounting. It is also the 1st step towards upgrading yourself for SAP S/4HANA Finance. Thus, to become a successful SAP FICO consultant, or to upgrade your career into S/4HANA Finance, you should learn SAP FICO.
Importance of SAP S4 HANA FICO
SAP FICO on S4 HANA course covers deep knowledge of the basics of SAP FICO as well as the delta changes involved in migration to S4 HANA.
SAP FICO works on the ECC platform. While here we are talking about S4 HANA FICO which also includes the process of migration to S/4HANA along with the basics of FICO. HANA works on cloud computing platforms. Thus, to properly understand the delta changes infused in HANA, you should need to learn SAP FICO on S4 HANA.
SAP FICO is still trending
Everyone is talking about SAP S4 HANA Simple Finance these days. Some also consider that SAP FICO is outdated now. However, in India, SAP FICO is still the most desirable module. It may take some more time, perhaps years for companies to fully adopt SAP HANA replacing ECC.
So you can choose to become an SAP FICO consultant since it is still in demand. You may also choose to become SAP S/4HANA Finance Consultant, which is again trending and is the future. In both cases, learning SAP FICO will help.
Introduction to FICO
You already might know what is SAP FICO. It is an application to analyze the true financial condition of a business in comparison to industry standards & competition. FICO has two parts; FI & CO. FI is mainly used to enter financial transactions in the SAP ERP system. Whereas CO monitors & controls the cost accounting and managerial functioning of the business.
With the help of SAP FICO implementation, you can integrate the financial transactions with other processes of the business such as sales, production, marketing, etc. This is to say, that all workflows get in sync with their respective financial valuation. Furthermore, in FICO, you can generate reports automatically on a timely basis to get complete control over the financial operation of the company.
SAP S/4 HANA FICO
SAP FICO on HANA is nothing but SAP S/4HANA Finance itself. Many people call it S4 HANA FICO, FICO being an old popular term.
It is the core functionality for finance operations as part of the SAP S/4 HANA System. This includes various business function solutions:-
- New General ledger
- New Asset Accounting
- Controlling
- Material Ledger
- SAP Cash Management
- Bank Accounting
- SAP FSCM etc.
SAP S4 HANA FICO Vs. S4 HANA Finance
Let me clarify the difference between SAP S4 HANA FICO Vs. S4 HANA Finance.
SAP FICO on the S4HANA course at Skillstek starts from scratch. From the very basics of SAP Finance and Controlling to the HANA Migration process, everything is covered.
While SAP S/4HANA Finance Training shares migration to HANA, the delta changes. It is an advanced level course, thus, people who are already working as FICO or S4HANA Finance consultants will get benefit from this training.
SAP is gaining popularity at a very fast pace. Companies having SAP ERP enabled, need proficient SAP Financial Consultants to do their implementation job effectively. Now, if you are a fresher and aspire to be a part of such an organization, you must have a good hold of overall basic concepts and deep knowledge of your domain. Thus, to handle Financial & management accounting successfully, you should gain basic knowledge of SAP FI.
That’s why you need to master SAP FICO and get an SAP FICO job in the initial phase.
SAP FICO is the 1st rung of the ladder in the SAP Financial Accounting career path. Thus, even to become an SAP S4HANA Finance consultant, learning SAP FICO on S4 HANA would surely help.
So, if you are a beginner and want to become an SAP FICO or S4HANA Finance or SAP S4HANA Controlling Consultant, learn SAP FICO from a quality trainer. Importantly, the trainer should be highly knowledgeable and experienced to make you comfortable in learning new things.
How to choose the best course for me?
It depends on your profile and portfolio as to which of these should you choose. So, if you are a beginner or new to SAP, you can learn SAP FICO on S/4HANA. This covers FICO on the HANA platform. So no need to learn SAP FICO and S/4HANA Finance separately.
If you are already an SAP FICO consultant or an S4 HANA Finance consultant, you can opt for SAP S/4HANA Finance training. This covers S4HANA delta changes, considering that you are already aware of basic financial accounting concepts. So it depends majorly on your profile and prior knowledge.
Who should learn SAP FICO S4 HANA – Eligibile Person
Anyone can learn SAP S4 HANA Finance by having good knowledge of Business process knowledge like Record to Report (R2R), Order to Cash (O2C), Procurement to Payment (P2P), Knowledge of Product Costing etc.
Any SAP ERP Consultant working on the SAP FICO module who wants to handle Migration Projects or Central Finance Projects is highly required to upgrade their skills in S4 HANA Finance.
Career Benefits
- Being the leading ERP solution across the globe, SAP is the best career choice in growing times.
- Finance is the most popular module in SAP that remains in trend always. The requirement for SAP Finance consultants is huge and is expected to grow much more in recent times.
- It enhances your profile and professional portfolio.
- SAP gives a very strategic career hierarchy which gives a sense of career security.
- The SAP Consultant profile is an interesting profession. It involves configurations, troubleshooting, support, and technical processes, thus creating stability and making it always enthusiastic.
