Financial Management can assist your organization with creating, managing, and tracking financial data.
Financial Management involves managing the budgeted, forecasted, planned, and actual costs of an organization by strategy, project or task, or outcomes. It consists of multiple capabilities, including Financial Planning to budget and forecast costs and benefits, and multi-currency to manage financials in a variety of currencies.
Financial planning involves planning, estimating, and tracking the expected costs and benefits of a given entity, whether it is a project, strategy, organization, or outcomes. It consolidates both budgeting and forecasting concepts into a periodic process managing financial data.
In the application, financial plans are typically used to cost labor for actual time reported, cost forecasted labor, and record actual non-labor as costs or benefits and forecast those costs and benefits.
