Finance departments are part of an organization that manages its money. They are responsible for providing accurate and timely financial information, protecting company assets, and being compliant with tax laws.
However random work requests received through email, spreadsheets, and calendars; inefficient accrual processes; and the lack of tools to consolidate knowledge and policy can inhibit the finance department from successfully fulfilling its fiduciary responsibilities.
ServiceNow Finance Service Management helps your finance department manage work requests and improve service delivery. Here are just some of the areas that Finance Service Management can improve:
- Financial Reporting
- Questions, Disputes, and Requests
- Audit Reporting and Compliance
- Forecast and Budget Templates
- Contract Renewals, Terms Review, and Agreement Reviews
- Employee Expense Management
- Travel Support
- provide visibility into work requests through dashboards.
- manage work load with process, inproving resource utilization and performance
- save time by automating work assignments instead of manually assigning staff responsbilities
- improve communications with employees, partners, and vendors
- address cost control and utilization projections
- report on finance services by tracking and reporting on KPIs
- lower expenses by implementing automated and streamlined processes
PART OF SERVICE MANAGEMENT
ServiceNow Finance Service Management is part of the ServiceNow "Service Management" suite of applications.
Some of the products in this suite have similar functionality. If you are an expert at Finance Service Management, you can usually learn the other similar apps very easily. They all use configuration pages, state flows, and can incorporate service catalog items.
Here are the applications in service management with similar underlying design:
- Field Service Management
- Facilities Service Management
- Legal Service Management
- Marketing Service Management
- Finance Service Management
ServiceNow Finance Service Management has different features available depending on activated plugins:
The finance catalog is a collection of 33 different catalog items in 8 different categories you can add to your existing service catalog or self service site. This a great way to get started building your own configured catalog.
Deliver an online, self‑service finance portal that provides 24x7 access to finance information and services, minimizes dependence on institutional knowledge, and decreases the number of redundant or repetitive requests
FINANCE SERVICE MANAGEMENT APPLICATION
After a finance request is submitted via the Finance Catalog, the Finance application in ServiceNow is used to fulfill those requests.
Finance Service Management uses state flows and workflow to automate the delivery process. This speeds service fulfillment, creates repeatable processes, and ensures the correct agent is assigned to complete the request.
The Finance Service Management process (from the ServiceNow wiki)
- Users submit finance requests through the service catalog.
- Based on settings in the Finance Service Management Configuration, the request transitions through states based on actions performed through the request.
- When the request has been fulfilled by the finance team, the request is closed.
Evaluate finance resource utilization and the volume and types of service requests with easily customized reports and dashboards
ServiceNow includes 1 dashboard and 5 reports to get you started. Dashboards and reports are easily created in ServiceNow to further tailor your finance efforts.
Here is an additional video on Service Management