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FI / CO

The best financial accounting consulting providers deliver expert guidance and support in leveraging 's Finance (FI) and Controlling (CO) modules to optimize financial management processes within an organization. Our ERP Financial and Controlling (FICO) consultants are seasoned finance professionals equipped with in-depth knowledge of financial management system and financial best practices. We leverage these financial software solution systems and their financial account expertise to deliver robust financial and accounting solutions.

Challenges and Goals

We collaborate closely with businesses to understand their unique enterprise financial management requirements and tailor FICO solutions to address specific challenges and goals. From system configuration and customization to integration with other modules and third-party applications, Our FICO consultants use their advanced financial consulting expertise to streamline financial operations, enhance reporting accuracy, and ensure regulatory compliance. Our expertise extends to group reporting, consolidation, currency translation, and equity accounting, enabling organizations to achieve greater financial visibility and control. With our FICO consulting, businesses gain access to strategic insights, technical expertise, and personalized solutions that drive operational efficiency, cost savings, and sustainable growth in today's dynamic business landscape.

Finance Configuration refers to the process of customizing the Finance and Controlling (FICO) system to align with the specific business requirements and Financial Management requirements and processes of an organization. It involves configuring various settings, parameters, and functionalities within the FICO modules and the IMG to ensure that the system effectively supports the organization's financial operations, reporting needs, and compliance obligations.


We configure the Finance and Controlling system effectively, several key steps and requirements are involved, including:

Understanding Business Processes:
The FICO consultant must thoroughly understand the organization's financial processes, such as the P2P (Procure-to-Pay) process, workflows, and reporting requirements. This includes analyzing existing financial systems, identifying pain points, and determining areas for improvement.
Defining Organizational Structure:
A key part of the FICO end-to-end implementation process requires the customer to provide clear definitions of the organizational structure, including company codes, profit centers, cost centers, and other relevant entities. This information is crucial for setting up the organizational hierarchy and defining financial reporting structures within the FICO system. Creating the organizational hierarchy must be done first, as part of the blueprint phase of the implementation methodology.
Chart of Accounts Design:
The customer must collaborate with the FICO consultant to design and define the chart of accounts (COA) that best reflects the organization's financial transactions, accounts, and reporting needs. This involves mapping general ledger accounts, defining chart of accounts groups, and specifying account assignment characteristics. For Customers who use the New GL, it also involves, among many other differences, deciding on segments which you want to report on.
Chart of Depreciation Design:
While the system comes with country specific Charts of Depreciation, each customer must work closely with the FICO consulting team to modify the Chart of Depreciation to meet their particular business configuration. This is key part of the Asset Accounting functionality of the ERP Financial System Configuration and the cutover process for existing assets is a critical step to assure proper depreciation amounts are carried over and that the company's taxes are correct.
Financial Accounting Configuration:
The FICO consultant configures various financial accounting components, such as accounts receivable, accounts payable, asset accounting, general ledger, and bank accounting. This includes defining document types, posting keys, posting periods, tolerance groups, subledgers, credit control areas and document splitting rules to ensure accurate financial postings and reporting. All of these settings form a core part of the ERP Financials Configuration process and must be done correctly for all subsequent steps to function properly.
Controlling Configuration:
In the Controlling module, the FICO consultant configures cost center accounting, internal orders, profitability analysis, product costing, and profit center accounting. This involves setting up cost centers, defining cost elements, allocating costs, and configuring cost center hierarchies to facilitate cost tracking and analysis.
Integration with Other Modules:
The FICO system often integrates with other modules, such as materials management (MM), sales and distribution (SD), and production planning (PP). The customer must provide requirements for integration points and data flows between FICO and other modules to ensure seamless business processes and accurate financial reporting.
User Training and Testing:
Once the Finance and Controlling system is configured, the customer must conduct user training sessions to familiarize end-users with the system's functionalities, interfaces, and processes. User acceptance testing (UAT) is also essential to validate that the configured system meets the business requirements and operates as intended.
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In summary, managing the Finance and Controlling system requires close collaboration between the customer and FICO consultants, clear understanding of business processes, meticulous attention to detail, and thorough testing to ensure a successful implementation that meets the organization's financial management needs.