| The SAP FI (Financial Accounting) Module has | | | | organization. These postings are updated |
| the competence of meeting all the accounting | | | | automatically from FI to CO. The cost |
| and financial needs of an organization. Along | | | | elements are the foundation for cost |
| with other managers, Financial Managers | | | | accounting and facilitate the User the |
| within your business and same module can | | | | ability to display costs for each of the |
| review the financial position of the company | | | | accounts that have been assigned to the cost |
| in real time as contrasted to legacy systems | | | | element. Cost Center Accounting provides |
| which necessitate overnight updates before | | | | information on the costs incurred by your |
| financial statements frequently and can be | | | | business. You have the ability to assign Cost |
| generated for management review. The | | | | Centers to departments and managers |
| real-time functionality of the SAP modules | | | | responsible for certain areas of the business |
| allows for better decision making and | | | | as well as functional areas within the SAP. |
| strategic planning. The FI Module | | | | Cost Centers can be created for such |
| incorporates with other SAP Modules such as | | | | functional areas as Marketing, Purchasing, |
| MM (Materials Management), PP (Production | | | | Human Resources, Finance, Facilities, |
| Planning), SD (Sales and Distribution), PM | | | | Information Systems, Administrative Support, |
| (Plant Maintenance), and PS (Project | | | | Legal, Shipping/Receiving, or even Quality. |
| Systems). The FI Module also assimilates with | | | | |
| HR (Human Resources) that includes PM | | | | Some of the benefits of Cost Center |
| (Personnel Management), Time Management, | | | | Accounting: |
| Travel Management, Payroll. Document | | | | |
| transactions occurring within the precise | | | | (1) Managers can set Budget/Cost Center |
| modules generate account postings by means of | | | | targets |
| account determination tables. | | | | |
| | | | (2) Cost Center visibility of functional |
| The SAP CO (Controlling) Module endow with | | | | areas of your business |
| supporting information to Management for the | | | | |
| purpose of planning, reporting, as well as | | | | (3) Planning |
| monitoring the operations of their business. | | | | |
| Management decision-making can be achieved | | | | (4) Availability of Cost allocation methods |
| with the level of information provided by | | | | and |
| this module. The Cost Element Accounting | | | | |
| component provides information which includes | | | | (5) Assessments of costs to other cost |
| both the costs and revenue for an | | | | objects. |