The Advantages of SAP FI

The Financial Accounting module in SAP is created to portray a company's business transactions in a way such that it satisfies external reporting requirements.
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Beverly Hills, CA ( February 13, 2013 - The Financial Accounting module in SAP is created to portray a company's business transactions in a way such that it satisfies external reporting requirements. The system has the facility to track and report on multiple companies across countries with different currencies. The software also enables an integration with sales and distribution, materials management and purchasing and enables the user to drill down to the original transaction, be it a sales order a purchase order or the movement of materials.

SAP FI, the Financials module is believed to be the central point of an integrated SAP system because everything that has a financial impact in the other modules actually results in flowing to FI, automatically in real time. The financial impact of the transactions in other modules gets posted to FI. Hence it is important to configure the FI/CO system as soon as possible, as this will be the supporting skeletal framework of the entire system as a whole.

The SAP FI module includes the following sub-modules:

General Ledger (FI-GL)
Accounts Payable (FI-AP)
Accounts Receivable (FI-AR)
Bank Accounting (FI-BL)
Asset Accounting (FI-AA)
Funds Management (FI-FM)
Travel Management (FI-TV)

One of the biggest advantages of SAP is system integration. SAP FI provides one of the most comprehensive worldwide financial management solutions available today. Using SAP FI, an organization can improve corporate performance. Besides, SAP FI enables you to quickly read, appraise, and respond to changing business situations and come up with effective strategies. Besides enabling faster process closes, one can simplify process scheduling, consolidation, collaboration and process workflow. Besides the above, SAP systems also allow for better transparency across units or departments, and improves corporate governance. SAP also provides a greater adherence to federal regulations, accounting standards and provides an improved overall administration of internal controls.

SAP FI also automates credit and collections management and disputes if any. SAP FI also offers generation of bills and invoices as well as payments electronically, which enhance the traditional accounts payable and accounts receivable functions.

Another advantage of SAP FI is a better ability to manage cash across countries, locations or continents. Apart from this, it also allows you to report, assess, and allocate cash in real time, and set up in-house payment centres or banks.

Besides improving financial and managerial reporting, SAP provides the flexibility to report performance according to organization, cost centre or business unit, and also improves integration of finance and treasury processes. One can also integrate risk and treasury functions with those of accounting and financial reporting.

SAP provides for a more competitive cost of finance and also helps you innovate processes, team up with partners across a supply chain, and establish service operations worldwide in a collaborative manner.

In addition to the above advantages, SAP FI also deals with a wide range of governance as well as compliance issues, such as the segregation of duties, compliance to the Sarbanes-Oxley standards, as well as adherence to IFRS and Basel II rules and regulations.

To know more about SAP FI certification questions and to gain some insightful knowledge on SAP FI certification material then visit our website.

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Tag Words: sap fi
Categories: Accounting

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