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PSC NA Financial Process Monthly Reporting (IPPF)

GBS Project Service Center


Financial Process
Monthly Reporting (IPPF)

Document Version Control

Document version:

Version 1.0

Document status:

Posted

Owning process:
Document file name:

PSC NA Financial Process Monthly Reporting (IPPF) v1


09-20-16.doc

Revision history of this document:

See below

Version
Number

Revision
Date

Change Description

Changed
Name

Approved
Name

08-03-2006 Updated overview section; added Compass


draft procedures

Jennifer
Conlon

08-15-2006 Updated with team comments

Jennifer
Conlon

09-26-2008 Updated for Compass Version 2

Lee Fanello

11-14-2009 Update with Financial Forecast, Financial


Summary Analysis and change document
name to Instructional Guide

Lee Fanello

12-22-2011 Updated forecast window to 5W

Kelly Intille

08-06-2012 Review

Sharon Gallo

09-20-2016 Update to NA Version 1

Sharon Gallo

2.1

Last Update 9/20/16

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Work
Ref No.

PSC NA Financial Process Monthly Reporting (IPPF)

Table of Contents
GBS Project Service Center..................................................................................................... 1
Financial Process..................................................................................................................... 1
Monthly Reporting (IPPF)...................................................................................................... 1
Instructional Guide Overview............................................................................................... 3
Process Overview & Map...................................................................................................... 5
Business Process Step-by-Step Procedures..........................................................................6
Step A: Financial Information requested by Project Leadership........................................6
Step B: Labor Report........................................................................................................ 8
Step C: Travel Report..................................................................................................... 10
Step D: Ledger Summary Report....................................................................................10
Step E: Change Log........................................................................................................ 11
Step F: Clarify Report Requests......................................................................................11
Step G: Perform Quality Checks.....................................................................................12
Step H: Summary of Significant Findings.......................................................................12
Key Considerations & Additional Support...........................................................................13
Glossary of Terms............................................................................................................... 14
References & Contacts....................................................................................................... 15

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PSC NA Financial Process Monthly Reporting (IPPF)

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PSC NA Financial Process Monthly Reporting (IPPF)


Process Overview
The Monthly Reporting Process resides in the final phase within the Project Financial
Administration Process. The Process Model maintains key factors of Project and PSC monthly
reporting requirements. This Instructional Guide expands upon the Process Model
procedures and includes a more complete scope of monthly and forecast work number level
project financial reporting expectations for project leadership. These reports provide an
accurate view of the projects financial health and offer insight into the projects financials
and any red flags or headlights into future issues.
The monthly report process is completed after monthly project reconciliation and is due to
the project leadership by the 20th of each month. The standard monthly reports from IPPF
are:

Topsheet

Labor Report

Travel (Expense) Report

Change Log

Optional Reports (IPPF and non-IPPF)


o

Ledger Report

The financial forecast report process is completed after project leadership forecast updates
have been entered and require project leadership confirmation prior to completing IPPF
submission by the 7th work day of the month (7W). These reports and topsheet are also
required to satisfy SOX audit requirements.

Project Financial Administration Process


Claim &
Expense
Management

Monthly
Invoicing

Subcontractor
Invoice
Reconciliation

Monthly Project
Financial
Reconciliation

Monthly
Forecasting

Monthly
Reporting

Verify/approve correct
coding of labor in ICLA

Review TDBR & IOL


3x close/release fixed
billing

Collect CAR forms


for hours / expenses

Update & review


monthly actuals in
financial mgmt tool

Send current
forecast to PM for
review and approval

Send financial summary


to Project Team

Identify & manage


lagging costs/revenues

Forecast updated
and approved

Reconcile
costs/revenues to CGP

Forecast submitted

Investigate & resolve


unreconciled items

Forecast validated

Verify /
approve correct coding of
expenses in ICLA

Verify amounts remaining


in bill codes

Reswizzle Hours

Submit travel corrections,


unbilled, REA and Intl
resource travel, to NSSO
d-base

Prepare manual
invoices /
adjustments to invoice
by working with SIRT
team or AR

Review /
approve invoice
Invoice sent/delivered
to client

Work with PM to
resolve billing disputes

Approve hours
/expenses
Enter/Submit hours
and expenses

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Consolidate PSC reports

Resolve
discrepancies

Request PO updates
Work with PM/AR to
collect monies due and
cash application

Work with PSC resource


to resolve issues

Reconcile CAR forms


to IPVNs

Monitor/track supplier
POs

Prepare, analyze &


submit monthly
financial reports

Submit monthly financial


package to PSC Lead

Material changes
communicated to FA

Report to PSC Manager

Report to Senior
Leadership

Close/Cancel PO

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PSC NA Financial Process Monthly Reporting (IPPF)


This chart provides background information in inputs, outputs, suppliers, recipients, and
activities for the Monthly Reporting process. The key policies and tools specific to this
process are also included.
Suppliers:
PSC Resource

Monthly Reporting
Sub-Process Activities:

Prepare and send


monthly financial
reporting
-

Submit monthly
work number reports
to project team

Recipients:
PM
Partner

Inputs:
IPPF

Outputs:
Monthly reporting
package to project
team
Monthly status report
to PSC Lead
Consolidated reports

Policies/ Business rules:


None

Tools:
IPPF

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PSC NA Financial Process Monthly Reporting (IPPF)

Process Overview & Map


To review the detailed process map and description, go to the Process Model section in the
NA PSC Wiki under Learning Resources > PSC Process Model > Project Financial Processing >
Attachments tab.

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PSC NA Financial Process Monthly Reporting (IPPF)

Business Process Step-by-Step Procedures


Step A: Financial Information requested by Project Leadership.
When project leadership requires/requests information about a work numbers financial
status or forecast, refer them to utilize recommended IPPF views and reports.

Topsheet
Forecast Input
Reports

1. Topsheet shows financial performance against various plans


a. Click to display Topsheet (1)
b. Click gear to view settings (2)
c. Select Plan version (3):
i.
Original Plan (SOW)
ii.
Base Case (Approved Plan)
iii.
Target Plan (if different from Base Case)
d. View selected Plan version [note that Base Case Plan should match Discovery
Price Case, also known as Approved Plan] (4)
e. View Estimate-at-Completion (EaC) derived from Inception to Date (ItD) plus
most recently submitted future forecast (5)

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PSC NA Financial Process Monthly Reporting (IPPF)

1. Forecast Input breaks down the Estimate at Completion (EaC = ItD + EtC)
a. Click to display Forecast Input (1)
b. View settings for Forecast Input view (2)
c. View Inception to Date (Itd) by category, sub-category (3)
d. View future forecast Estimate to Complete (EtC) by month, quarter, year (4)

Adjust settings for desired Forecast Input view

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PSC NA Financial Process Monthly Reporting (IPPF)

Step B: Labor Report


There are several IPPF reports that may prove useful for analyzing labor

1. The Labor hours (BMSIW) Report shows monthly claim summaries that may be drilled
down to the weekly details

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PSC NA Financial Process Monthly Reporting (IPPF)

2. The Labor Details (BMSIW) Report shows full claim details, including overtime
indicators and hours by day

Overtime indicators include:


o N
Normal Hours
o Y
Overtime hours (used for some subcontractors)
o Blank
Standard shift hours
o 1
Shift 1 hours
o 2
Shift 2 hours
o 3
Shift 3 hours
o S
Standby hours

3. Labor Reconciliation Report shows ledger cost and bill rates, and will enable
comparisons between forecasted, claimed and costed hours when a resource-based
labor forecast is loaded

NOTE: Performed hours are total hours claimed for every Friday week ending in the
calendar
Last
Updatemonth.
9/20/16Costed hours are total hours costed through single labor
Pageclaiming
10 of 16(SLC)
in the ledger month.

PSC NA Financial Process Monthly Reporting (IPPF)

Step C: Travel Report


IPPF Travel Expenses Detail Report can be used to identify travel expenses that were
submitted as non-billable (in the even they can actually be billed)

Gross incurred

total amount including taxes incurred

Net incurred

total amount excluding taxes incurred

Gross reimbursed =

total amount including taxes reimbursed from IBM

Net reimbursed

total amount excluding taxes reimbursed from IBM

Non billable

submitted with billable indicator not selected

Step D: Ledger Summary Report


IPPF Ledger Summary Report breaks down the inception-to-date (ItD) ledger by year, quarter
or month.

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PSC NA Financial Process Monthly Reporting (IPPF)

Step E: Change Log


The IPPF Change Log lists adjustments forecasted for current and future months to correct
wrong (or missing) transactions from past ledger months.
1. Click to open Change Log
2. Select Reconciliation tab
3. Look for current or future year months in comments
4. Read Event and Comment describing the expected correction (Event) and when it is
forecasted to be corrected (Comment)

Step F: Clarify Report Requests


When IPPF reports do not appear to satisfy financial management needs, meet with the
project team to clarify requirements.

Determine whether structured data exists that will satisfy requirements

Agree to supplement IPPF reports with available structured data from other report
tools

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PSC NA Financial Process Monthly Reporting (IPPF)


Step G: Perform Quality Checks
Each month, perform Quality Checks on financial reports (IPPF and agreed-to non-IPPF) used
by project leadership.

Identify inconsistencies, gaps, and surprises that do not match expectations (PSC
Quality Checks process supports this analysis)
Email summary of significant findings with recommended actions to project
leadership by the 20th of the next month even when the finding is that the work
number is proceeding as forecasted
Post copy of monthly email with work numbers PSC Responsibility Checklist
Update Research & Action Log with PM approvals received for recommended
actions
Follow up on planned actions before end of month

Step H: Summary of Significant Findings


By the 20th of each month, PMA emails summary of significant findings with actions from
report reviews even when finding is that financials are on track with reminder to send
updates to future forecast by 1X.
Sample
For our planned review, I am sending my Research & Action Log showing open items that
Im working to close. In addition, I want to highlight my significant findings:
1. EAC GP% is down 1% from what we forecasted last month.
2. Reduced EAC GP% is mainly due to increase in forecasted subcontractor labor
cost.
Research & and Action Log
(attach to email and/or paste)

Please remember to send me any updates you have to the future forecast by
1X.

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PSC NA Financial Process Monthly Reporting (IPPF)

Key Considerations & Additional Support

Key Considerations

IPPF contains integrated financial reports that can answer many questions that used
to require reports run from FSP PM Reports or Discovery Dashboard

Integrated IPPF reports may be easily run and filtered within IPPF

Integrated IPPF reports present current data used by multiple roles: PM/Partner,
PMA/PMO, FA

When requests for financial information cannot be satisfied by IPPF reports, meet to
clarify needs and achievable solutions

Perform Quality Checks on financial reports used by project leadership

Call attention to unexpected report values; suggest actions; follow up to correct

Additional Support

First line support - Training & Communities


o

PM120G IPPF Basic Training

How to enter forecast in IPPF using resource method

How to reconcile actual to forecast in IPPF

Recorded PSC Brown Bag session

GBS US IPPF Community (Monitor the forum and FAQ)

WW Integrated Project Planning & Forecasting Community

Second line support Your peers


Learn together and help each other

Third line support Your PSC Manager, Lead or Program Manager


o

IPPF training:

Your PSC Manager, Lead or Program Manager will escalate as appropriate or


provide you with necessary instructions

If instructed, send an e-mail to the IPPF e-mail ID


o

IPPF Help/Costa Mesa/Contr/IBM

Include as much detail as possible

Screenshots

Examples

Actions taken

Anything else that would help the development team investigate the
issue

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PSC NA Financial Process Monthly Reporting (IPPF)

Glossary of Terms
For a complete listing, refer to the Glossary of Terms section in the NA PSC Wiki.

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PSC NA Financial Process Monthly Reporting (IPPF)

References & Contacts


A critical piece to successful project financial management understands which project team
member or IBM department to contact to resolve issues. Below is a listing of commonly
used role names and descriptions for the Monthly Reporting portion of the overall process,
and examples of what types of issues should be directed to those departments. These
examples are not all inclusive.
Role Name
PM

Role Description
Project Manager

Partner

Project Partner

PSC Program Manager / Lead

Project Services Center Program


Manager / Lead
Project Services Center
Manager

PSC Manager

Last Update 9/20/16

Contact for
All project related items
(primary)
Project related items
(secondary)
Monthly status reports &
issue reporting
Issue resolution &
escalation

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