Finance Management

with ServiceNow®


Seamless and accurate finance management through ServiceNow

Challenges


Is your IT budget planning tedious?
Do you find streamlining budget data and extracting necessary insights as a challenge?

Is your expense allocation laborious?
Do you face complexities while dividing, allocating, and displaying expenses to different business units?

Unable to generate actual financial charges?
Do you find obtaining and reporting charges incurred due to actual service consumption daunting?

Align IT investments with business goals through ServiceNow Finance Management

  • ServiceNow's Financial Planning gives transparency into budgets and enables centralized budget planning
  • ServiceNow's Financial Management workbench enables administrators to allocate expenses in a graphical interface
  • ServiceNow's Financial Charging gathers insights on department-wise services utilization based on actual consumption

ServiceNow's Financial Planning gives transparency into budgets and enables centralized budget planning


IT budgeting can be agonizing, especially when there are many stakeholders and distributed units involved and spreadsheets are used for their data maintenance. Manual processing of such data makes the exercise complex, redundant and error-prone thus accounting to unreliable data transparency. ServiceNow's Financial Planning helps managers overcome this challenge by providing accurate transparency into budget composition and also combines all budget planning activities in one place. The powerful module enables the users to create budget plans, budget targets, forecast plans, budget overrides and import budget data from other sources. Financial Planning simplifies budget functionality as multiple budget models for different departments can be used parallelly. Besides digitizing budget data, managers can also track the actual expenses and ensure adherence to planned budgets.

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Proactive Financial Planning

ServiceNow's Financial Management workbench enables administrators to allocate expenses in a graphical interface


Expense allocation refers to the process of assigning expenses to different accounts in the IT. Clear representation of such allocation is crucial for the different departments in an organization to get visibility on their respective expenses. ServiceNow's Financial Management workbench enables financial administrators to allocate expenses through a series of stages:

  • The initial 'Data definition' stage sets up the application before expense allocation
  • 'Chart of Accounts' allow you to modify the hierarchy and segment definitions
  • Needless financial expenses are removed in 'Data Cleansing' stage
  • Assign expenses in groups in the 'Bucketing' stage.
  • Expenses pertaining to segments and accounts can be assigned through 'Allocation Setup' stage.
  • A final review before processing is done in the final 'Review' stage.
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Proactive Financial Planning

ServiceNow's Financial Charging gathers insights on department-wise services utilization based on actual consumption


Generating and representing comprehensive financial reports and charges due to actual consumption of services is not an easy task. ServiceNow's Financial Planning addresses this challenge and enables finance analysts to calculate and display financial charges incurred by the respective departments in an organization. It provides valuable visibility on their financial consumptions for the different stakeholders involved, which can be leveraged to make IT investment decisions. The module is provided with several customizable dashboards that display the financial reports pertaining to service consumption and service costs. Financial Charging also enables developing financial reports based out of a combination of corporate financial data and IT.

About Aspire

Aspire Systems, as a Premier Partner for ServiceNow, helps global enterprises fast track to a complete and customized ServiceNow implementation. Our capabilities include ServiceNow consultation, implementation and enhancement services with expertise in ServiceNow ITSM, ITOM, SecOps, PPM etc. Our Converged Infrastructure Support unit has been offering a comprehensive array of IT services for enterprises across 25 countries, including Fortune 500 companies, for more than a decade.