SAP FICO Online Training will be conducted by Mr. K.Lakshmana Swamy
Chartered accountant and Cost Accountant with 13 years of domain experience and 13 years of SAP FICO, and FSCM and s/4 HANA simple finance and consultancy experience of 13 years.
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Master FICO with KLS ACADEMY, Unlock Data-Driven Insights for Success.
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Introduction to SAP FICO
SAP stands for Systems, Applications and Products in Data Processing. It is also called ERP software or ERP package.
ERP stands for Enterprise Resources Planning. It is the process of planning for the effective utilizations of the available resources of the company to maximise the profits. Every company will have the following resources.
- Men
- Materials
- Machines
These are natural resources and they are not available to the companies. So with the limited resources they want to maximise the profits. For this purpose the company has to plan the utilizations of these resources in such a way that the profits are maximised. So the concept of ERP covers the techniques and procedures which help the business organisation to maximise the profits by enabling them to utilise the available resources in the most effective manner.
Benefits ERP systems:
- It eliminates the data redundancy (it eliminates the data duplication)
- All the data is available in the common or central database
- Data is updated and available in real time
- One point entry of data: when the data is entered in one department of the organisation , then it will update the relevant data in other departments of the organisation.
- Best business practices .
- Modular system: the separate software are available within the same ERP product to manage different departments in the organisation.
- Can be implemented only in the required functions or departments
- Other modules can be integrated later.
- Managers can utilise their time in analysis and spend less time in coordination effort.
- It improves the customer satisfaction and quality of the customer service
- It reduces the idle time
- We can deal with multiple languages and currencies.
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