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ERP FICO is popularly known as ERP finance and control. FICO is not a sovereign module of ERP but it is a combination of ERP FI and ERP CO modules of ERP R/3. The ERP FI Module is linked with accounting and finance, whereas the CO module arrangement with cost and revenue for the idea of planning, reporting, and examining the operations of a company.
As ERP modules have function of real time and are automatically updated whenever new events occur, one can review the economic position of a company in realtime as contrast to conventional systems where there is no realtime procedure by means of the FI section. This helps in taking a much better decisions and strategic plannings.
The Financial Accounting and Control (FICO) module in ERP is developed to detain company's business transactions in a manner that will satisfy outside reporting requirements. Local legal considerations are pre-delivered with the technique and the aptitude to manage and document on multiple companies in multiple countries with multiple currencies is a part of standard utility. Incorporation with sales and allocation, purchasing and materials supervision enables for the capability to choose any financial transaction and 'Drill Down' to the accessible transaction whether it is a purchase order, sales order or material association.
The litheness of the finance unit organizational structure provides the module the capability to handle any economic condition. Be it a small organization with a single legal entity or a big association with various companies, consolidations and varying legal requirements, the FI module can sustain and computerize most financial postings and reporting.
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