Effective financial management is about the need for programs and projects to be more financially innovative. It is the building block that will deliver a successful portfolio. Poor financial management can have considerable consequences. The delivery of the portfolio and the benefits that go with it are only as good as its component parts and therefore the financial management of projects must be improved. Given today’s economic situation, we have to recognise a need to develop current methods, and implement improvements in the status of financial management and control within the portfolio, program and project sphere. Financial management must form part of the core function of the organisational portfolio office, and from there a focus on the cost element of making appropriate changes.
We at E-Tech ensure that financial Management must address current financial issues and make a significant contribution to the ability of departments and organisations to reduce spend, and to focus the available funds on the correct portfolio of program which will deliver the greatest benefit realisation at the lowest cost.
Time spent by a project resource cost the business and is quite essential as to what activities or workstream the resource is working on. Regardless of a resource being a contractor or a permanent staff or temporary worker or performance based worker, a business needs to ascertain the value added by the employee.
Most of the projects due to lack of financial knowledge tend to lose track of the actual cost of the project. Our expert team with full knowledge of all the costing heads can help in providing a complete actual cost tracking model.
Cost need to be correctly allocated and absorbed in the right cost centres. We would, with our specialist recommendation help you in correctly streamlining the costs to the correct work orders.
This covers the basic accounting rules and knowledge, concepts of capital and revenue, business as usual (BAU) financials, financial ownership, business case financials and project closedown accounting.
This includes mapping of financial structure, cost centre divisions and allocation, submission procedures, funding allocation and flow, vendor financial management, benefit gap analysis.
Budget creation and set up, periodic forecasting, reforecasting, variances analysis, supplier accounting, business case financial modeling, operational accounting and change request.
Control and governance models, approval hierarchy and dependencies, end stage/gate audits, risk and lesson learned.
KPIs, financial data, Steerco reports, Board reports, communication plans and variances reports.