SAP FICO stands for SAP Finance and Control. SAP FICO is not an independent module of SAP ERP but a combanition of SAP FI and SAP CO modules of SAP R/3.
The SAP FI Module deals with accounting and finance while the SAP CO module deals with cost and revenue for the purpose of planning, reporting, and monitoring the operations of an enterprise.
As SAP modules have real time functionality and are automatically updated as events occur, using the FI module one can review the financial position of a company in realtime as compared to conventional systems where there is no realtime reporting. This helos in making better better decision and strategic planning.
The FI Module is integrated with other SAP Modules such as SAP MM , SAP PP, SAP SD, SAP HR, etc.