Sap Fico Module Is Important To Maintain And Control The Finance

These days, in the commercial business sector many industries are growing rapidly with new profit margins. Especially, IT industry is standing in front with new business streams and requirements. It is implementing new applications, modules and technologies to get more business benefits and to enhance the industrial performance. In all these business streams SAP stands first to diversify and incorporate the work process with high quality performance. It is the dynamic software module with ERP (enterprise resource planning) package. SAP stands for systems, applications and products in a data processing. Most of the IT organizations are implementing this module top get many business solutions for several hassles related top all the domains.

There are many modules in SAP such as business objects (BO), plant maintenance (PM), logistics execution (LE), process integration (PI), ABAP (advance business application programming), process integration (PI), NetWeaver, Exchange infrastructure (XI), sales and distribution (SD), Finance accounting and controlling (FICO), human resources (HR) and many more to manage several domains. These modules are divided into functional, administrative and technical domains based on their features. These are used under many business domains like developing applications, business strategies, to maintain the financial services, to administrate the storage devices and many more.

SAP FICO module is used to manage several financial services in an organization to maintain the backup. In SAP FICO, FI stands for financial accounting and CO stands for controlling. It can also be referred as FI/CO. it is the most important module in IT industry to monitor, manage and review the financial status and situation of the company. You can find the solutions for accounting requirements by planning and creating reports. With the help of this module, you can monitor the inside financial operations to manage the accounting services.

Basically, it is divided into two parts such as FI and CO. whereas FI can manage the financial aspects of the entire organization with SAP software and CO represents to cover the cost controlling and managerial aspects. It is gaining immense popularity in IT organizations to manage the entire financial operations. Due to this, there are several openings for SAP FICO jobs in IT industry. FICO comes under functional module to maintain the operations and functions of other domains like finance, human resources, accounts and many more. Individual, who wants to get a job in FICO, would be designated as a FICO consultant. As it is the functional module, there are many sub modules in this to explain the entire process of finance and accounts.

Payday Loans, A Viable Option

What are payday loans?

Payday loans are short-term loans
that are extended between two pay days. A payday loan is normally
provided for 14 days. The borrower, on acceptance of the loan
conditions, provides a check favoring the lender as security against the
loan. On the due date, the lender deposits this check to recover the
loan dues. The due date is generally the next pay day of the borrower.
No credit checks are conducted for granting payday loans. Therefore, the
FICO score of the borrower is irrelevant. It doesn’t matter whether the
borrower has a bad credit history, or has no credit history, or has
declared bankruptcy.

Qualifications for payday loans

To qualify for a payday loan, the borrower needs to fulfill all of the following conditions. There are no exceptions.

o You must be a US citizen.

o You must at least 18 years of age.

o You must be at a full time job currently and must be at this job for at least three months.

o You must either have an active checking account or a savings account.

o Your after tax salary should be at least $ 1,000 or you must have a fixed income of $800.

Cost of payday loans

Payday
loans carry a very high cost. Generally the lender fees for a $ 100
payday loan is anywhere between $15 and $25. It should be remembered
that this fee is for 14 days as the loan itself is extended for these
many days only. If one considers the cost on an annual percentage rate
(APR) basis, the average is 391%, which by any standard is exorbitant.
By law, it is mandatory for the lender to specify the APR to the
borrower. Many lenders do compare the cost of payday loan against other
forms of financing; but the common denominator of such a comparison is
that all of them are very expensive.

When to avail of payday loans?

Payday
loans should be availed only during emergencies. Considering the fact
that the cost of carrying a payday loan is very high, it should be a
resource of last resort. If one implements good budgeting techniques and
has a good financial plan, the need for borrowing by way of payday
loans can be minimized. Moreover, one must ensure that a payday loan is
paid on time. Payday loans should not be rolled over or extended as
within no time the borrower will find himself or herself in a debt trap
where money may have to be borrowed just to repay the interest.

Profile of a payday loan borrower

o A
typical payday loan customer is between 25 and 40 years of age with an
annual income anywhere between $ 25,000 and $ 50,000.

o According to the US Census report of Year 2000, the results of the payday loan borrowers survey are:

22% of those surveyed hold a bachelor’s degree.

51% of those surveyed have a retirement savings plan.

In excess of two-thirds of those surveyed have a savings account.

More than two-thirds of those surveyed have an annual income of at least $ 25,555.

Why are Payday loans popular?

They are popular for a number of reasons such as:

o Credit checks are not required. The personal check that you make payable to the lender acts as security.

o Approval is quick. If all the necessary documents are submitted, your loan application maybe approved in minutes.

o
The paperwork involved is simple. Generally one or two
documents would suffice which explains the loan process and your
obligations.

o The repayment process is without hassles.
The check submitted as security is encashed on the next payday by the
lender. You could extend the loan to subsequent paydays for a fee.
However this is very expensive.

o Easy availability.
Payday loans are particularly appropriate for emergency situations
provided the amount required is small and one is willing to bear the
high cost of the loan.

In summary, payday loans might be a viable
option if you need cash and need it fast. You still should be careful
who you are working with to obtain your loan. If you don’t need money
right away, there is probably a better solution for you.

A Complete Guide on Credit Card Balance Transfer

Summary: Worried about your credit card debt? Well, balance transfer is a good option, provided you know the ins and outs of the process. Credit card debt relief programs help you get to know the balance transfer process better.

Credit card relief program You can keep better track of your debt by transferring your balance from high interest credit cards to a lower interest one. This also facilitates paying off your debt faster. But most of the time there are hidden charges incurred during the transfer process which could make the deal turn costly for you. That’s why it is mandatory to understand the intricacies of credit card balance transfers before opting for one. Debt management experts recommend credit card relief programs as the best source for learning more.

Here are some tips on credit card balance transfers which will help you get the most out of your credit payment.

Check out the introductory rate duration Most credit cards offer introductory annual percentage rates (APRs) for balance transfers. But the offer is for a specific time period, and, once the period is over, you will be charged with normal interest rates. Hence credit card debt program experts recommend checking the validity of the introductory rate offer before you decide to go ahead with it.

Calculate the transfer fees Normally the savings from a credit card balance transfer are more than the cost of the transfer fee. But debt management experts still suggest that you calculate the transfer fees to ensure that it will be profitable for you. According to credit card relief program counselors, you are charged either with 4% of the transferred amount or a minimum of $10 as the balance transfer rate. Check if you can pocket more savings with this provision than with regular rates.

Build a solid credit score The low-rate balance transfer option depends on your credit score. The higher your score, the better chance you have for lower interest credit payoff. Do you know that 35% of your FICO score is based on your payment history? That’s why debt management experts suggest paying your monthly balance on time to strengthen your credit score.

Take advantage of a balance transfer Credit card balance transfers generally take around two weeks to complete. Here is a debt management strategy: don’t fall behind in your regular monthly debt payments during this period as it will compromise your credit score. A late fee of any sort can impact your credit score negatively, which could ultimately affect your balance transfer process.