Financial Management Use the ServiceNow® Financial Management application to allocate, track, and report on expenses in your organization. The application provides a workbench, which is a visual tool that you can use to extract expenses from your general ledger. You can also use it to process the expenses, and map them to the functions used by IT. Various reports are also available to help you know exactly how much of your expenditures are related to IT. The Financial Management application is available starting with the Fuji release. The modules in the Financial Management application prior to the Fuji release are included with IT Cost Management. How Financial Management Works The Financial Management application uses these components: The general ledger: A list of your organizational expenses. The fiscal period: The timeframe during which expenses were incurred. You can work with only one fiscal period at a time. Your cost model: The underlying records that tell the application how to allocate expenses to the accounts in the IT chart of accounts. The allocation engine: The core of the application that uses your cost model to calculate expenses and determine how to allocate expenses. Financial reports and dashboards: Graphical representations of the expense allocations that show you where your expenses are coming from. With the workbench, you can manage your general ledger, choose the fiscal period, build your cost model, and run the allocation engine. Note: The Financial Management application appears as Financials in the application menu, starting with the Geneva release. Dependencies The following application plugins are activated with Financial Management: Fiscal Calendar Project Portfolio Suite, which includes: Project Management Demand Management Test Management Resource Management Agile Development You cannot activate Financial Management without also activating all these applications and their components, including tables, business rules, roles, and menus and modules.The PPS applications install several menus and modules to the application navigator, such as Project. If you do not intend to use any of these applications, or if you want to hide any of the modules from your users, see Enable or disable an application menu or module. Requirements The following are required to use Financial Management: For all financial overview and dashboard reports to function properly, Report Charting v2 must be activated on your instance. If you are using Internet Explorer, use version 11 or later. You can also use any of the other generally supported web browsers. Activate Financial ManagementThe Financial Management (com.snc.financial_management) plugin requires a separate subscription from the rest of the Now Platform. This plugin includes demo data and activates related plugins if they are not already active. ITFM integrates with Customer Service Management providing preconfigured Cost Models and PA dashboards using the Performance Analytics – Content Pack – Financial Management for Customer Service plugin. ITFM also integrates with Field Service Management providing preconfigured Cost Models and PA dashboards using the Performance Analytics – Content Pack – Financial Management for Field Service Management plugin. Performance Analytics – Content Pack – Financial Management for Customer Service and Field Service requires a separate subscription.Installed with Financial ManagementSeveral components are installed with the Financial Management application.Financial Management application setupThere are several components of the Financial Management application that you set up before you can use the workbench to allocate expenses.Cost Transparency application setupWith cost transparency, you can determine the allocation rules and run them automatically for all data in the future.Financial Planning application setupWith financial planning, you can create multiple budget models and perform all budgeting related activities in one single place.Financial Management workbenchThe Financial Management workbench provides financial administrators with a graphical interface to allocate expenses. AllocationsWhen the Financial Management application allocates an expense, it breaks down the expense into detailed amounts of money called allocations.BudgetsBudgets provide a way to plan for costs, make forecasts, and evaluate actual expenses versus planned expenses. Budgets take into consideration a wide range of items in your infrastructure, including assets, labor, and the configuration items in the CMDB. Financial Management reportsThe Financial Management application provides several financial reports in overview and dashboard modules. Financial ReportingFinancial reporting is an integral part of financial management that helps in reporting the financial aspects of a business service to various stakeholders in the organization that consumed this service such as the business unit heads, department heads, or account heads.Using the financial analyst and business unit owner dashboardsActivate Performance Analytics - Content Pack - Financial Management (com.snc.pa.fm) plugin to activate the financial dashboards. The key statistics on financial costing, budgeting, and showback statements help you to know the current trend based on the real-time data and make informed decisions that enhance your business performances.