A Pinnacle Whitepaper submitted by PAETEC Communications
Jeffrey A. Thrall
PAETEC Software Corp
This document will provide a foundation for organizations to understand and prepare for implementing Financial Management best practice processes, in order to support the delivery of communication and other technology services. Financial Management is an integral facet of the internationally accepted best practice framework defined by the Information Technology Infrastructure Library (ITIL).
Financial Management helps organizations address several fundamental business challenges such as sustaining a successful and efficient government compliance program. Many of the periodic audit requirements defined in section 404b of the Sarbanes Oxley (SOX) Act and the Office of Management and Budget (OMB) Circular A-87 and A-21 are addressed through an effective Financial Management program.
Financial Management encompasses all the planning, practices, and processes involved with enforcing sound stewardship of the monetary resources for the organization. Based on the maturity of the organization, Financial Management may include up to three fundamental disciplines:
Budgeting – processes that support the prediction and control of money within the organization.
Accounting – processes that identify costs by customer, location, service, and activity, allowing organizations to properly account for how money is spent.
Charging – processes required to properly assign costs to customers for supplied services.
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