SAP Financial Accounting as the term suggests upgrades finance management in enterprises. Finance is the most critical part of every business and this aims at the perfect management of finance. It becomes stressful and complex to manage the entire financial accounting part by man-power. Therefore, SAP FI module has emerged as a popular module successfully implemented in organizations. SAP financial accounting module comes with a package that helps organizations in handling financial needs and accounting activities. It allows one to review the financial status of an organization in real time market.
The SAP FI Module has the capability of meeting all the accounting and financial needs of an organization. All the financial sections like Accounts Receivable, Accounts Payable, General Ledger, Tax, etc are incorporated into SAP. So as payments are made, products are sold, entries in the books are automatically updated in the system in real time. It makes month ends much easier in companies now with all the automation.
The real-time functionality of the SAP modules allows for better decision making and strategic planning.
Controlling, on the other hand represents the flow of costs and revenues from the transactions that take place in the company. It helps to track internal costs within the company. Thus, CO is a management tool which helps them analyze on how well the company is doing. The various segments include Cost accounting, Profitability, Product costing, etc. SAP CO user and consists of master data, configuration and reporting. Master data mentioned here can be cost elements, cost centers, profit centers, internal orders, functional area, statistical key figures and activity types. Cost elements include all the cost and revenue accounts, cost centers and profit centers include all the departmental units that handle cost and profit of an enterprise, internal orders include all the important events and so on
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