Typical Finance Procedures
If the project involves significant expenditure, Finance may request that the Project Manager introduces formal financial procedures. The following is a general framework for such procedures. If the expenditures are significant enough, you need to contact Finance to see what they require.
For significant new projects, four types of finance information are typically required.
- Administrative information,
- Funding information,
- Budgeting Information, .
- Project Sign-off
1. Administrative information
This is to establish the project on the company accounting system. It will ensure that the correct accounting categories have been established and that any invoices and bills can be handled by the system. You may need to contact Finance to see what information they need.
2. Funding information
This needs to show when funds are likely to be required on a year by year basis. This is essential to the business planning process. The following is an example of the information some Finance departments need.
3. Budgeting Information
Here is an example of the information one Finance department required.
4. Project Signoff
Finance Manager to signoff Project Plan prior to start, to ensure that all information requirements have been captured.