From Boosting Performance
What is Financial Management
The young kid, on the corner of the street selling waffles, does finanacial management:
- Budgeting: Predicting money needed to set up shop
- Accounting: Discovering actual costs and comparing to the budget
- Charging: Making sure people pay for waffles, mamma and pappa get for free
What does good look like?
- Financial control over the Service Portfolio (budgeting)
- Cost by organisation (accounting)
- Cost by service (accounting)
- Cost by customer (accounting)
- Cost by location (accounting)
- Reporting budget deviations with associated action plans (accounting)
- Control over appropriate charging models (charging)
- Billing (charging)
- Control over appropriate billing models (charging)
What are the main activities of Financial Management
Video of Financial Management
Here would be a video of ITIL Financial Management
Orientation workshop for your organisation
- Which services cost most and why?
- Where are our greatest inefficiencies? (costing too much)
- Which services in the Service Catalog do we not have control over? why?
- Which services in the Service Portfolio do we not have control over why?
- How to fix the above two points?
Simple as possible work description for Financial Management
- Financial compliance and control