Systems, Applications, and Products in Data Processing together combine to make SAP. It is a popular software solution dominating the overall market. Regardless of industry, it offers you software applications and services to answer specific company demands. Different modules from SAP are meant to look after different parts of the business. This article will focus on its two key modules, SAP FI and SAP SuccessFactors
Understanding SAP FI
SAP FI module typically deals with Financial Accounting. SAP FI aids in the real-time recording, gathering, and processing of diverse financial transactional information. You can extract the essential data for external reporting by using SAP Financial Accounting. SAP FI Course can better guide you on its different functioning areas.
SAP Controlling (CO), Sales and Distribution (SD), Material Management (MM), Production Planning, Human Resources (HR), and numerous ERP modules, seamlessly connect with the SAP FI module.
SAP FI further divides into;
General Ledger (FI-GL) – Following the general ledger accounting, the statements from the balance sheet and profit and loss accounting are extracted. Further, the GL and SAP CO systems immediately post the data entering the SAP system.
Accounts Payable: The SAP Accounts Payable sub-module oversees all vendor transactional processes. The Asset Accounting (AA), SAP MM Module, Travel Management, etc., all integrate with the FI-AP module. You can construct a payment program in the accounting module to handle sporadic payments to vendors.
Account Receivables: The SAP Receivables (FI-AR) sub-module oversees all customer transactional activity. It connects the SAP SD module and FI-AR module. You can further construct a “Dunning Programme” in Accounts Receivable to handle credit functions.
Bank Accounting: The SAP Bank Accounting (FI-BA) sub-module oversees cash management and bank transactions. It further couples with SD, MM, accounts payable, travel management, accounts receivable, etc.
Asset Accounting: The SAP Asset Accounting (FI-AA) sub-modules manage all of the operational assets of the organization. Including depreciation, insurance, and other expenses. Other SAP modules and sub-modules, such as General Ledger, Accounts Receivable, Controlling, MM module, PP module, etc., can integrate with the FI-AA module. Therefore, asset accounting oversees all financial transactions, from the acquisition of assets through their eventual sale or scrapping.
Travel Management: The SAP Travel Management (FI-TM) sub-module oversees all of the organization’s active business trips. It actually couples up with SAP HCM, SAP controlling, accounts payable, etc. Hence, you can easily handle trip requests, travel arrangements, and travel costs in FI-TM.
What is SAP SuccessFactors
SAP SuccessFactors is responsible for taking care of cloud-supporting talent management and human capital management (HCM). Organizations are doing a number of different HR functions using SAP SuccessFactors. It additionally includes different sections like employee performance, payroll, learning and development, and HR analytics. SAP SuccessFactors Training is the best medium to build expertise in this sector.
Key Features of SAP SuccessFactors
Employee Central: Employee Central serves as the official central HR system HR in the SAP SuccessFactors product range. Employee data, with Social Security and other national identity numbers, salaries, and benefit enrollments stored in this data repository. Manager and employee self-service capabilities in Employee Central bring HR closer to the workforce. Thus, giving them the freedom to make some changes without help from HR.
Performance and Goals: This was actually the first module from SAP SuccessFactors. Employees may track their development and performance in real-time thanks to its continuous performance management (CPM) features. This module is generally in use by managers to discuss their goals with staff members.
Employee Central Payroll: The goal of this cloud payroll administration software is to streamline international payroll procedures. Automating and speeding up payment processes allows on-time payments with few errors. Additionally, it lowers HR expenses by combining operations into a centralized platform.
Recruiting and Onboarding: It makes a collaborative recruiting platform. Also, this module facilitates cross-departmental movements and orients new hires. Additionally, it has offboarding features that aid in the employee departure procedure. Typically, HR uses the onboarding portal to give new hires access permissions.
SAP is a common solution in use across organizations. Though, SAP FI and SAP SuccessFactors handle completely different sections, both of them are of high importance. Typically, an organization uses both of them for their specific needs. Whether it is financial management or hiring processes, both require the utmost attention. Thus, try to get expertise in one of the modules of SAP to add a feather to your career graph.