FICO, known also as SAP FICO, stands for Financial Accounting (FI) and Controlling (CO), and it is a software that allows for storing important financial transactions data.
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The software allows for external reporting, providing organisations with balance sheets, as well as profit and loss statements. Working alongside other SAP modules, such as Production Planning and Sales and Distribution, for a comprehensive process of service delivery and organisation management, with the integration allowing for each module to share the necessary data. The FI modules contain accounting, assets accounting, consolidation and travel management; whilst the CO modules include modules that monitor costs, profits, internal orders and profitability analysis. The CO modules, therefore, allow managerial teams to make decisions based on the reports.
IT professionals that are employed within large organisations or within the financial sector will be aware of and will be able to use, this software within their work.