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