ERP FICO is famously known as ERP finance and control. FICO is not a sovereign module of ERP but it is a mixture of ERP FI and ERP CO modules of ERP R/3. The ERP FI Module is associated with accounting and finance, whereas the CO module agreement with price and income for the idea of planning, reporting, and examining the functions of a company.
As ERP modules have operated of real-time and are instantly modified whenever new activities happen, one can evaluate the economic position of a company immediately as a comparison to traditional systems where there is no real-time process by means of the FI section. This helps in taking much better choices and ideal planning.
The Financial Accounting and Control (FICO) module in ERP is designed to detain company's dealings in a way that will fulfil outside reporting requirements. Local legal considerations are pre-delivered with the process and the skills to deal with and papers on several organisations in several nations with several currencies is a part of the normal utility. Development with income and allowance, buying and materials supervision allows for the ability to choose any financial deal and 'Drill Down' to the accessible transaction whether it is a purchase order, sales order or material association.
The litheness of the finance device business structure provides the module with the ability to deal with any financial condition. Be it a small company with a single legal entity or a big company with various organisations, consolidations and different law, the FI module can maintain and computerise most financial postings and reporting.
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