The purpose of Accounting Information System (AIS) is to provide relevant and timely information for effective decision making by users of information.  In today’s information era, where most of the organizations work in Enterprise Resource planning (ERP) system environment, they implement their Accounting Information System through Financial Accounting (FI) and Cost Accounting (CO) modules, forming part of ERP system. ERP system is a management system meant to improve efficiency, agility, and profitability of business organizations in globally competitive world.

Objective of the study - This paper makes an attempt to study the performance of Financial Accounting (FI) and Controlling Operations (CO) modules known as FICO modules of ERP system in helping to improve the agility, efficiency and profitability of the organizations.

Research Methodology- The study is based on primary data collected from 122 manufacturing firms through structured questionnaire. Statistical techniques like mean, standard deviation and multiple regression are applied to test the hypothesis.

Results- As per regression results, FI module is found positively significant on inventory management and ROI, whereas CO module is found significant for all 10 performance measures.

Conclusion-The findings of the study add to the empirical evidence that FICO modules do help in to improve various financial and non financial performance to add agility, efficiency and profitability in select manufacturing firms in India.