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    • IT Business Management
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    Home Orlando IT Business Management IT Business Management Financial Management

    Financial Management

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    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.

    Watch this five-minute video to learn more about project financials, actual expenses, and budgeting.

    How Financial Management Works

    The Financial Management application uses these components:
    • The general ledger: A list of your organizational expenses.
    • The fiscal period: The time frame during which expenses were incurred. You can work with only one fiscal period at a time.
    • The cost models: The underlying records that tell the application how to allocate expenses to the accounts in the hierarchy of segments.
    • 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 choose the fiscal period, build your cost model, and run the allocation engine.

    There are specific dashboards for Business Application Costing cost model that you can use to track key data relevant to your business applications.

    Requirements

    The following are required to use Financial Management:

    • For all financial overview and dashboard reports to function properly, activate Report Charting v2 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 Modeling Engine

      Use the modeling engine application to use its default cost models with its prescribed metrics and entities. The metrics and their related entities such as rollups, overrides, buckets, and allocations enable you to evaluate the cost and track your business expenses.

    • Installed with Financial Management

      Several components are installed with the Financial Management application.

    • Read-only roles for Financial Management

      You can restrict the level of access of your users with a read-only role that enables them to view the Financial Management (FM) dashboards. Users with the read-only role can view FM reports and the underlying tables that provide data.

    • Domain separation and Financial Management

      This is an overview of domain separation and Financial Management. With domain separation you can separate data, processes, and administrative tasks into logical groupings called domains. You can then control several aspects of this separation, including which users can see and access data.

    • Financial Management for licensed APM users

      If you are an Application Portfolio Management (APM) licensed user and using Financial Management, then the base system provides you with a Business Application Costing cost model that you can use to evaluate the cost of your business applications along with its prescribed metrics.

    • Financial Management for licensed SPM users

      If you are a Service Portfolio Management (SPM) user and have activated Financial Management, then the base system provides you with a Service Offering Costing cost model. Use this cost model to evaluate the amount spent at each level of service. Financial Modeling allocates expenses and generates cost lines based on the level of service for a defined price.

    • Modeling engine

      With modeling engine, you can determine the allocation rules and run them automatically for all data in the future. There are several other components that you must set up before you can use the workbench to allocate expenses.

    • Financial Charging

      Financial charging 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 consume the service such as the business unit heads, department heads, or account heads.

    • Quick start test for Financial Management

      Validate that Financial Management still works after you make any configuration change such as apply an upgrade or develop an application. Copy and customize these quick start tests to pass when using your instance-specific data.

    • Financial Management Analytics and Reporting Solutions

      Analytics and Reporting Solutions contain preconfigured dashboards. These dashboards contain actionable data visualizations that help you improve your business processes and practices.

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    Release version
    Choose your release version

      Financial Management

      • Save as PDF Selected topic Topic & subtopics All topics in contents
      • Unsubscribe Log in to subscribe to topics and get notified when content changes.
      • Share this page

      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.

      Watch this five-minute video to learn more about project financials, actual expenses, and budgeting.

      How Financial Management Works

      The Financial Management application uses these components:
      • The general ledger: A list of your organizational expenses.
      • The fiscal period: The time frame during which expenses were incurred. You can work with only one fiscal period at a time.
      • The cost models: The underlying records that tell the application how to allocate expenses to the accounts in the hierarchy of segments.
      • 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 choose the fiscal period, build your cost model, and run the allocation engine.

      There are specific dashboards for Business Application Costing cost model that you can use to track key data relevant to your business applications.

      Requirements

      The following are required to use Financial Management:

      • For all financial overview and dashboard reports to function properly, activate Report Charting v2 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 Modeling Engine

        Use the modeling engine application to use its default cost models with its prescribed metrics and entities. The metrics and their related entities such as rollups, overrides, buckets, and allocations enable you to evaluate the cost and track your business expenses.

      • Installed with Financial Management

        Several components are installed with the Financial Management application.

      • Read-only roles for Financial Management

        You can restrict the level of access of your users with a read-only role that enables them to view the Financial Management (FM) dashboards. Users with the read-only role can view FM reports and the underlying tables that provide data.

      • Domain separation and Financial Management

        This is an overview of domain separation and Financial Management. With domain separation you can separate data, processes, and administrative tasks into logical groupings called domains. You can then control several aspects of this separation, including which users can see and access data.

      • Financial Management for licensed APM users

        If you are an Application Portfolio Management (APM) licensed user and using Financial Management, then the base system provides you with a Business Application Costing cost model that you can use to evaluate the cost of your business applications along with its prescribed metrics.

      • Financial Management for licensed SPM users

        If you are a Service Portfolio Management (SPM) user and have activated Financial Management, then the base system provides you with a Service Offering Costing cost model. Use this cost model to evaluate the amount spent at each level of service. Financial Modeling allocates expenses and generates cost lines based on the level of service for a defined price.

      • Modeling engine

        With modeling engine, you can determine the allocation rules and run them automatically for all data in the future. There are several other components that you must set up before you can use the workbench to allocate expenses.

      • Financial Charging

        Financial charging 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 consume the service such as the business unit heads, department heads, or account heads.

      • Quick start test for Financial Management

        Validate that Financial Management still works after you make any configuration change such as apply an upgrade or develop an application. Copy and customize these quick start tests to pass when using your instance-specific data.

      • Financial Management Analytics and Reporting Solutions

        Analytics and Reporting Solutions contain preconfigured dashboards. These dashboards contain actionable data visualizations that help you improve your business processes and practices.

      Tags:

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