Financial Management

From Boosting Performance
Jump to: navigation, search

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

  • Budgeting
  • Accounting
  • Charging

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