Oracle Finance Vs. SAP FICO: Which is the Most Rated Module?

SAP

SAP is a German software firm set up by five former IBM staff members. As is necessary in the fast-moving world of IT, SAP is a progressive, fast-moving company and also they are continuously buying a new business and broadening into emerging areas, the latest being Cloud services. Today, SAP is the world leader in business application and the world’s third-biggest independent software supplier. With the customer in 190 countries around the world, there are substantial job chances for IT experts to get into this market and build an effective and profitable job.

SAP ERP is one of the powerful Enterprise Resource Planning (ERP) systems. SAP stands for System, Applications, and Products in data processing and it was developed by SAP AG, in Germany. SAP AG, founded in 1972 and released the SAP R/3 system product in 1992, which is a three-tier client/server technology. SAP provides the best solutions to all types of industries and service sectors. SAP has been providing developments in management across the business and IT domains in different ways. It includes various integrated modules that cover almost all the features of business management. The different modules in SAP are SAP Sales and Distribution, SAP Material Management, SAP Production Planning, Quality Control, SAP FICO, etc. 

SAP FICO

SAP FICO is one of the essential functional modules in SAP ERP components which help the organization to manage all of its financial data. The primary purpose of SAP FICO is to support the organization to produce and handle all the financial statements for analysis and reporting and also assist with effective business planning and decision making.  SAP FICO comprises of two modules, i.e., SAP Finance (FI) and SAP Controlling (CO), each of these modules are used to carry out specific financial processes.  SAP FI Module focuses on complete financial reporting and accounting while SAP CO emphasis on planning and monitoring costs. SAP FI and SAP CO were originally released as separate modules, but now these modules are integrated so strongly that most of the people are referring them as a single module.

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Oracle

Oracle is an American multinational computer technology enterprise headquartered in Redwood Shores, California. The organization sells database software and technology, a cloud-built system, and enterprise software product, especially its own brands of the database management system. In 2019, Oracle was the second-biggest software organization by revenue and market capitalization.

The organization additionally creates and builds tools for database advancement and system of middle-tier software, Enterprise Resources Planning (ERP) Software, Human Capital Management (HCM) Software, Customer Relationship Management (CRM) Software, and Supply Chain Management (SCM) software. 

Difference Between Oracle & FICO

In today’s world SAP is basically a dynamic package by which one will integrate, diversify, and contour their work-process with multi-dimensional compatibility. For people who are in the Finance/Accounting profession SAP, FICO training Implementation & Configuration is really the ultimate. SAP Financial Accounting (FI) is a very important core module where in live-time, financial processing transactions are all captured to provide the basis via which data is drawn for external reporting.

The SAP FI Module is integrated with several parallel modules that modify the corporate to unify processes which will require the use of numerous code packages. Whereas Oracle financials may be a powerful and dynamic financial coverage tool. Oracle Finance has become the choice for blue-chip companies, multi-national, and multi-site organizations. This is an E-business Suite, fully integrated, and heavy-duty application of more than 70 software modules.

These products and modules are available for mainframes, minicomputers, Personal computers, network computers, and personal digital assistants, enabling organizations to integrate different computers, different Operating Systems, different networks, and even different Database Management Systems into one unified computing and knowledge resources. Oracle Financial’s products provide organizations with solutions to a wide range of long and short term accounting issues.

Conclusion

The SAP FI Module is integrated with several parallel modules that modify the corporate to unify processes which will require the use of numerous code packages. The primary purpose of SAP FICO is to support the organization to produce and handle all the financial statements for analysis and reporting and also assist with effective business planning and decision making.  Whereas Oracle financials may be a powerful and dynamic financial coverage tool. Oracle Financial has become the choice for blue-chip companies, multi-national, and multi-site organizations.

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