What is SAP Finance & Controlling?

SAP Finance & Controlling (FICO) is a core module in SAP ERP, encompassing financial accounting (FI) and controlling (CO). FI deals with external reporting and legal requirements, managing the general ledger, accounts payable, accounts receivable, asset accounting, and bank accounting. CO focuses on internal management reporting and decision-making, including cost element and cost center accounting, profitability analysis, and product costing. It is commonly used by organizations to manage their financial transactions, generate financial statements, analyze profitability, and control costs.