WHY SAP FICO?
SAP – “Systems, Applications, and Products in Data Processing” – was founded in 1972. It has grown Leaps & Bounds since then and has carved a finer niche in the ERP Market. Today it occupies a major market share in ERP implementation. “SAP is a completely integrated enterprise with wide information system that replaces legacy systems with a series of software modules that communicate with each other seamlessly, replacing current business processes with best practices”. One such module SAP FICO is truly a complete package which can integrate, diversify, and streamline their work-processes with multi-dimensional compatibility. The prescriptions have been developed by SAP based on "best practices" in companies that have already implemented SAP.
In the contemporary competitive business environment, business processes are becoming more intricate and complex with several interlinks and parameters. All businesses have unique challenges. But if you delve deep into the business, we see that underlying operation is rather alike for every business. That is exactly what SAP FICO is, which has not just helped solely to transform but also helped them to reach functional excellence. SAP is a very versatile product and has proven its credential in almost every business over a period of time.
SAP FICO – FINANCE & CONTROLLING
SAP Financial Accounting (FI) is an important core module where in live-time, the financial processing Transactions are all captured to provide the basis via which data is drawn for external reporting. There are many sub-modules that streamline and specialize in each aspect of the Financial Accounting Processes SAP FI:
GL – General Ledger Accounting
AP – Accounts Payable
AR – Accounts Receivable
SL – Special Purpose Ledger
FM – Funds Management
LC – Legal Consolidations
AA – Asset Accounting
BL – Bank Accounting
TM – Travel Management
Out of the above, FI-AR, FI-AP, & FI-AA are the three sub-modules that send simultaneous postings to
SAP Controlling (CO) is the term by which SAP refers to “Managerial Accounting”. The Organizational Elements in CO are Operating Concern, Controlling Area, and Cost Centers. The transactions posted in FI are transferred to CO for cost accounting processing, analytical reporting, and audit-controlling spectrums. There can be either a one-to-one relationship or there can be one-to-many relationship between Controlling Areas V/s Company Codes. Hence, CO becomes the governing module that oversees the consolidation of costing data whereby management can derive their perspectives for analysis.
The SAP Controlling (CO) Module’s Components are:
| Cost Element Accounting
Cost Center Accounting
Product Cost Controlling
Profit Center Accounting
SAP FICO IN ONE’s BUSINESS
With SAP, all that data is integrated. That’s why "integration" is the buzz in SAP circles. Everything is interconnected by a series of relational databases.
- The integrated nature of SAP forces employees to understand how the other functions in the company operate.
- It changes your business processes dramatically, but it’s also infinitely customizable. In other words, you can force the software to mimic your current practices.
- Provides information across departments in real time
- Provides control over various business processes
- Increases productivity, better inventory management , promotes quality ,reduced material cost , effective human resources management, reduced overheads boosts profits
- Better Customer Interaction, increased throughput, Improves Customer Service
- Local legal considerations are pre-delivered with the system
- Ability to manage and report on multiple companies in multiple countries with multiple currencies is part of standard functionality
- The flexibility of the Finance modules organizational structure gives the module the ability to handle any economic situation
- The FI module can support and automate most financial postings and reporting.
- External reporting must be in compliance with a country's accounting principles. The module also handles legal consolidations
- SAP CO Module helps management by providing reports on cost centers, profit centers, contribution margins, profitability, etc. It focuses on internal users
- Reconciliation of Controlling and Financial Accounting
A consulting firm in Denver, cites another paradox: "The value of SAP is that it is totally integrated; and the downside of SAP is that it’s totally integrated."
The roadmap for implementing SAP FICO is our methodology and proven solution in a cost effective way, representing Quality & delivery in a speedy manner. Our approach is totally in compliance with Accelerated SAP method:
- Project Preparation: This phase includes the Business process Analysis, Process mapping, Gap Analysis & Project Scoping. This phase provides preparation for the project. Each project has its own unique objectives, scope, and priorities. The deliverables described in this phase assist in completing the initiation and planning steps in an efficient and effective manner – like
Define your project goals and objectives
Clarify the scope of your implementation
Define your project schedule, budget plan, and implementation sequence
Establish the project organization and relevant committees and assign resources
- Blue Printing: In this phase you create a blueprint using the Question and Answer Database(Q&ADB), which documents your enterprise requirements and establishes how your business processes and organizational structure are to be represented in the SAP system. You also refine the original project goals and objectives and revise the overall project schedule in this phase.
- Realization phase: This phase represents the most significant of the implementation phases. The purpose of Project Realization is to implement all the business process and technical requirements earlier defined and documented in the Blueprint. During this phase, the consultants validate and update configuration and demonstrate processes while the customer updates the work instructions (business process procedures: BPP) and performs unit and integration tests.
- Final Preparation – Testing: The purpose of this phase is to complete the cutover activities (including technical and load testing, end user training, system management and cutover rehearsal activities) to finalize your readiness to go live. The Final Preparation phase also serves to resolve all remaining critical issues. On successful completion of this phase, you are ready to run your business in your live SAP System.
Training: Consisting of training units, a training plan is the result of hierarchical decompositions of a training goal, tailored according to the learning preferences and prior knowledge of the trainee. A plan is the means by which the trainee satisfies the goal
Go Live & Support: The purpose of this phase is to move from a project-oriented, pre-production environment to live production operation and provide sustained support to business users to aid their transition into the new environment.
- Operate - The purpose of this phase is to fine-tune the application lifecycle standards, processes and procedures established during the project and align them with operation needs. The central operation platform is SAP Solution Manager, which leverages the documented solution for system operations.
SAP V/S OTHER
SAP is a very popular ERP system. That too, it is rightly popular to be the best available product in today's market. Even major companies like IBM & Microsoft are using SAP’s products to run their businesses. It creates a common centralized database for all the applications running in an organization. The applications are assembled uniquely to handle the entire functional department within the organization.
The unique features as compared to their competitors are here:
- Highest hierarchal level in SAP environment
- Flow of posted documents can be exactly followed in the Financial SAP System
- Complete product costing offered
- Currently announced a new Flex GL, which offers superior functionality
- Competitors use batch processes for posting, SAP works real time
- Integration of Management of Internal Controls and audit information system
- SAP has a clear lead in international capabilities for the financial applications, including languages and localizations
- Supporting more than 40 countries in the standard product and about 90 overall.
SAP modules fetch good demand among the business organization. Different sorts of integrations are outsourced to meet the requirements of the people. It is used to meet all accounting and financial needs of the organization.
Our SAP FICO Consulting invariably includes optimizing business processes and thereby the client experiences the real world experience with SAP Best Practices. Our SAP Consultants interpret the business operation and primarily comprehend the business process in particular, and how every last function is associated and integrated with another.
Functional Consultancy: Our Functional consultants interact closely with the clients to read and visualize the business process, find out criticality of the business and collate the requirements from the customers. They fully map the business aspects and do GAP analysis to prepare As Is to Be Model. They significantly form part of Wisdom shift process and through this procedure aid the Technical consultant to design the road map. Our Functional consultant will custom-make the software to fit the client’s business demand.
Technical Consultancy: Our Technical consultants deliver SAP system Configuration, support and optimization of SAP FICO. The scope includes Design & Deploy SAP FICO solutions to achieve defined business goals. Coordinate requirement analysis with business units. Design data structure to optimize data load times and end user data access response times, design process to minimize data qualify risk and proactively identify potential data issues. Perform analysis and design, write technical specifications, configurations and programming in the SAP FICO environment, including testing and implementation. Perform routine program modifications, performance tuning, problem solving, debugging and unit testing, prepare and coordinate project documents such as functional and technical design, test scripts during different stages of a project. Also responsible for troubleshooting FICO end user problem.
STAFFING: We provide Functional Consultants to suit your short-term or long term need. Our Consultants are certified and hold highest Professional and ethical standards.
SAP FICO Quality Audit: The Audit is post implementation study on effectiveness of the usage. The Quality Audit aims at overcoming impediments, recommending remedial measures and facilitating the effective use.
SAP FICO Remote Support: Remote support significantly reduces consultant travel time and is cost-effective for the customer apart from providing faster solutions to most problems reported.
We at Olive Tree believe in synergistically collaborating with all our clients and growing alongside them. Our team believes in being proactive with an "I CAN" attitude, which means that all assignments are successfully managed, scaling the highest standards that we set for our clients and ourselves. We perceive our clients’ satisfaction to be an essential prerequisite to our growth.
We trust that we are designed to outclass due to our basic tenets of:
» Honesty and integrity in all our relationships.
» Pride and caring in all we do.
» Constantly exceeding expectations.
» Innovative and outstanding teamwork.
» Reliability, dedication and loyalty.