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SAP FICO vs other ERP software such as Tally... 




SAP FICO


SAP is an ERP software used to control several departments of a company. SAP FICO is one of the many modules of SAP. SAP Finance and Control (FICO) is a software that is used to control the accounting and internal reporting of a company. SAP finance and control (FICO) is a central component of the finance module of the ERP solution from SAP. SAP FICO  helps companies manage all their financial data, generate balance sheets, and make decisions for corporate planning. SAP is far more advanced and has more options compared to Tally. 


Tally


Tally (Transactions Allowed In a Linear Yard) is a financial management software that is used in small companies. Integration of accounting, finance, inventory, sales, purchase, manufacturing, job costing, and payroll is TALLY. Tally can only manage a small amount of data. Tally is cheaper than SAP FICO. 



SAP FICO

TALLY

  • Advanced ERP software

  • SAP integrates every department

  • Use in Multinational companies, Medium and large companies

  • Can handle big data

  • SAP is fully integrated and Globally accepted

  • Sap is 3 tier (R3) architecture technology

  • Possible to work from multiple locations

  • It is a step-by-step approval level control

  • It manages the financial department in an organizations 

  • From Basic configuration settings to posting general ledger transactions, vendor and customer-related Incoming and outgoing payments, discounts, advance payments, tax, P&L accounts, Analysing, etc… are part of SAP FICO. 

  • The average salary of an SAP consultant in India is 7.8 lakhs

  • Highly Secured

  • Data validation and substitution are automated

  • Basic ERP software/ limited ERP

  • The integration of Accounting, finance, inventory, sales, purchase, manufacturing, job costing, and payroll is TALLY

  • Use in small companies

  • Can handle small amounts of data

  • Tally is 2 tier (R2) architecture technology

  • Not possible to work from different locations

  • It is a user-level control 

  • The average salary of TALLY users in India is 3.1 lakhs

  • Limited security

  • Data validation and substitution are not automated


Features of TALLY


  • Accounting - Tally accounting features allow users to create and maintain financial records and generate accounting reports.

  • Financial management - Tally provides businesses with tools to manage their business activities and make informed business strategy decisions.

  • Tax and compliance - Tally allows users to set up different tax rates and generate tax reports and compliance documents.

  • Payroll management - It allows users to set up employee records and track their activities and also it helps to generate payroll reports and compliance documents.

  • CRM - Tally Helps to track and manage customer records and decide on sales and marketing campaigns. 

  • Security scalability - It has features such as password protection, data encryption, and auditing to ensure the confidentiality and integrity of financial data.


Features of SAP FICO


Financial Accounting (FI): 


General Ledger Accounting: This submodule helps maintain general ledger accounts, post transactions, and prepare financial statements.

Accounts Receivable/Payable: This sub-module helps with customer invoices and payments, vendor invoices and payments, receipts, and collections.

Asset Accounting: This sub-module helps the management of fixed assets, depreciation calculations, and asset retirement.

Bank Reconciliation: This submodule helps to reconcile bank statements with company records.


Control (CO): 


Profit Center Accounting: This submodule helps track and analyze costs through individual profit centers. 

Cost Element Accounting: This submodule helps to categorize and analyze cost elements in nature (e.g. materials, labor, overhead).


Benefits of SAP FICO include:


Increased efficiency and productivity: SAP FICO automates many manual tasks, freeing time for employees to focus on more strategic tasks. This can increase productivity and efficiency.


Improved decision-making: SAP FICO provides real-time access to accurate financial information. This allows employees to make informed decisions based on the latest information.


Job Excellence: SAP FICO is a valuable skill that is highly sought after by employers. Proficiency in SAP FICO can make you an attractive candidate for promotion and new job opportunities.

Strong Technical Skills: The course SAP FICO helps you develop strong technical skills in financial accounting, business accounting, and financial control. This knowledge is valuable in any economic activity.


Greater visibility: Working with SAP FICO can provide greater visibility into the company’s financial performance. This will help you understand the big picture and how your work contributes to the company’s success.


Improved job security: SAP FICO skills are in high demand and there is a shortage of qualified personnel. This gives you more job security and reduces the likelihood of being fired.



Conclusion

While Tally offers a familiar and cost-effective solution for small businesses, SAP FICO provides a powerful and flexible approach for organizations seeking growth and global recognition with advanced features, robust integrations, and industry-level practices that allow multinationals and corporations to make priority choices.


So in comparison to Tally, SAP FICO can:


Future-proof your career: SAP FICO is in high demand, offering excellent career prospects and competitive salaries.

Work with leading companies: SAP FICO’s expertise opens the door to exciting opportunities with large multinationals.

Be a valuable asset: Your expertise in world-class ERP systems will make you a sought-after professional.


Our SAP FICO course offers comprehensive training designed to prepare you for success in the industry. With experienced instructors, real-world case studies, and industry-recognized certifications, we will provide you with the skills and confidence to excel.


Ready to take the next step? Enroll for our SAP FICO course today and unlock a world of possibilities! 























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