Tools Clarity Financial Management Clarity Financial Outputs OOB Portlets RegoXChange Portlets Financial Components Financial Setup Resources Investments Tasks yes tasks YOU Design the Financial Architecture ID: 790198
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Slide1
Identifying and Leveraging the Right Tools
Clarity Financial
Management
Slide2Clarity Financial OutputsOOB Portlets /RegoXChange PortletsFinancial Components
Financial Setup
ResourcesInvestmentsTasks (yes tasks)YOU Design the Financial Architecture Cost Plans/BudgetsAn Approach to Annual Forecast/BudgetingOpen Forum
Agenda
Slide3Financial Output
Project Dashboard-PMO Accelerator-PMO Project Status Layout
Slide4Financial Output
Project Cost Plan/Budget
Slide5Financial Output
Slide6Financial Output
Posted Transaction Review Portlet
Slide7Financial Output
Slide8Financial Output
Slide9Financial Output
Slide10RegoXchange Financial Outputs
Slide11RegoXchange Financial Outputs
Slide12Slide13Financial Implementation Best Practices
Keep Things as Simple as Possible
Spend Time on the Full Architecture
Clarity is Cash Based – No concept of P&L / Depreciation
Clarity is NOT the Company Financial System of Record; Clarity
will never match general ledger 100
%
Clarity is a MANAGEMENT tool – enough information to make decisions
Start with required outputs, how do you need to classify financial data; involve finance team
"A clever person solves a problem
. A
wise person avoids it"
-
Albert Einstein
Slide14Entities / Classes
Categorization of Costs
Attributes to Determine Rates
Financials Plans
Forecasting
Actuals
Task & Resource Level Costing
Earned Value
Project / Departmental Chargebacks
Subscription
Debit Rules
Clarity Financial Components
Slide1515
Entities
Financial OBS
Department (Object and OBS)
Location (Object and OBS) – Linked to a Department
Defaults
Default Financial Plans
Fiscal Periods
Used within datamart jobs
Used on Financial Plans-Cost Plans and Budgets
Currencies
Home Currency
Billing Currency
Exchange Rates
Best Practice
One Entity if Possible
Only use Department and Location if needed for rates, otherwise – just one of each
Slide1616
Classifications
Resource Classes
Internal / External
Specialized Resources
Company Classes
Default to Corp
Lines of Business
Work In Process (WIP) Classes
Default
Investment Classes
Default
Transaction Classes
Labor
Equipment
Material
Expense
Best Practice
Default where possible
Align Transaction Class to Financial Reporting Needs.
Slide1717
Other Financial Attributes
Input Type Code on Resource Record (required for processing)
Billable
Non-Billable
Cost Type on Project Object
Capital
Operating
Charge Code on Investments (required for processing)
Capital
Expense
Roles on Resource Record
Available to Rate Matrix
Best Practice
Determine Charge Code usage vs. Cost Type
Roles – Understand difference between Primary and Assignment Roles
Slide1818
Rate Matrix
Define Columns to Derive Rates
Exact Rates
Aggregate Rates
Non-Labor
$1 Defaults
End Dating
Best Practice
End Dating-Minimum of current year +1
Exact Rates for Contractors/Aggregate Rates for Internal Resources
Slide19Resources & Roles
Slide2020
Resource Timesheets
Resources have the ability to modify financial classifications on their timesheet
Slide2121
Investments
Slide2222
Tasks
Tasks Must Have Charge Code to Process Financially:
Charge Code
Project Level
Summary Level
Task
Cost Type: Used for Portfolio Alignment in 13.3
Project Level
Summary Level
Task
Slide23Design the Financial Architecture
Scenario
#1
The Bucket List Company wants to capture internal labor costs and SOW expense costs on projects. They are only tracking time on strategic projects. Every once in a while an hourly contractor will book time to strategic projects and they want to capture that cost too
.
Scenario #2
The
EyeBill All Company must account for all project costs for internal labor,
external
labor and
Capital
Purchases. They require tracking exact costs to the
project
(to the penny
).
Slide24Scenario #3
The Department of Financial Oversight needs to implement Clarity financials to capture internal labor costs by sub-department. They also need to capture the project costs that are sponsored by each sub-department. Resources can only work on projects in their own sub-department. Aggregate Rates for resources are determined on a department by department basis every year.
Scenario #4
My Specialty store needs to track the cost of internal labor, external labor and Services Transaction for SOW contracts. One group of external labor resources, filling the Architect role has a rate that is double the other external Architects. The total cost of this Special Architect class needs to be reported separately on each project.
Design the Financial Architecture
Slide2525
Financial Plans
Cost Plans:
Three ways to create a Cost Plan
Manual
New From Investment Team
New from Task Assignments
Choose the Classes to display in your Cost Plan.
The Cost Plan populates the Planned Costs field at the project level
Actual costs will pull into the cost plan for variance comparison by time period.
Best Practice
Set Cost Plan Update Policy, how cost plans are to be created.
Default Cost Plans to show key financial metrics
Slide26Financial Plans
Budget Plans:
A cost plan becomes a budget plan when the cost plan of record is submitted for approval and approved
Same structure and view as a cost plan – a saved/static version.
Benefit Plans:
Once you create a benefit plan – Clarity will make the planned cost fields read only.
The Benefit Plan populates Planned Benefit at the project level.
If the Benefit Plan is attached to the Budget, it populates Budgeted Benefit at the project level.
Realized Benefits-manual entry
Best
Practice
Align Budget and Baseline processes
Slide2727
Financial Jobs Summary
Post Timesheets
Post Transactions to Financial
Review Invalids (fix)
Post Transactions to Financial
Post to WIP
Import Financial Actuals
Other
Slicing
Investment Allocation
Update Hierarchy Data
Best Practice
Be a part of RegoXchange to get our Post to WIP Job.
Communicate Posting Schedule
Slide2828
Actual Costs - Timesheets
Base Setup
Determine Posting Cadence
Adjustment Postings?
Approval Policy
Auto-approval?
Timesheet Adjustment Policy
Number of Open Time Periods
Best Practice
Whatever your posting and processing cadence is, make sure it is well communicated.
Postings modify project dates and financials, therefore important to have a transparent and predictable schedule
Slide2929
Actual Costs – Manual Transactions
In the create entry section on the application side, you must first create a voucher
Vouchers can be
“
Expense
”
types or
“
Other
”
Within the voucher, you can create multiple transactions
Transactions must have a date, investment, task, charge code, resource id, transaction class, input type code, and the various costs and amounts
Run Post Transactions to Financial
Run the Post to WIP
Run import financial actuals job
Afterwards, check the admin side for invalid transactions
If there are some, fix the needed fields and repost
Run the investment allocation job (adjust the investment list fields)
Best Practice
Have Rego build a better interface for entering these costs, or have us build application integration from your financial system of record.
Slide3030
Cost Planning & Budgeting
Defining the objects to use to forecast financials and resources
Strategic Project Alignment
Non-Strategic Work Definition
Best Practice
Annual Forecast and Budgeting should be incorporated into the annual schedule of Corporate/departmental activities.
Slide3131
Annual Budgeting-Strategic Projects
Slide3232
Annual Budgeting – Strategic Projects
Slide3333
Ideas
Slide3434
Annual Budgeting-Non-Strategic Projects
Slide35Expected Resource DistributionPrior to Annual Budgeting Process
Slide36Actual Resource Distribution After Annual Budgeting Process
Slide37Open Forum-Collaborate & Motivate
Financial Setup Experiences
Innovative Class Definitions/Assignments
Whatever you do…DON’T
Financial Policy /Standards
Posting Cadence
Cost Plans/Budget Approval
Baselines
Earned Value
Integration of Financial or HR Systems
Annual Budgeting Cycle
Strategic Planning
Non-Strategic Planning
Slide38Questions
Contact US
888.813.0444
Email Contact
info@regoconsulting.com
Web Site
www.regoconsulting.com
Thanks for participating!
If you have any follow up questions or comments about this presentation.
Dave.wachsmann@regoconsulting.com
Thank you.