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Project Financial Reporting

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Carolyn Tulloh Project Manager| Pacific Premier Bank Oxnard, Ca, United States
Would anyone have any articles/webinars/information to share pertaining to best practices on project financial reporting that includes extending beyond the project close date, in order to:

(1) track and report actuals against the Cost Benefit Analysis projections cited in the project Business Case that goes out post-implementation (i.e. A 5 year contract term, 3 year CBA), and

(2) report all-in expenses from project contracts that includes extended licensing fees, recurring costs over time, incremental expenses, etc.?

Our Financial Institution continues such financial reporting post project close date, and we are looking for best practices/guidance on financial reporting formats for extended expenses vs projections. We greatly appreciate any PMI help you can offer us.
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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Carolyn -

Usually when you look beyond the project end date you are evaluating product/service revenues & costs rather than project ones. Business cases might be justified based on cost-benefit analysis done for a limited time after a project has completed and the person who is responsible for tracking and reporting on those is usually identified early on in the life of the project.

Effectively the projections in the business case beyond project close out would be transferred to normal P&L tracking like any other element of normal financial reporting practices.

Kiron
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1 reply by Carolyn Tulloh
Apr 26, 2023 4:33 PM
Carolyn Tulloh
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Thank you so much for your response. I have shared your response with my EPMO manager. We understand fully what you state. Let me talk with my manager and then further respond as would like to carry the conversation a bit more perhaps. Again, my many thanks.
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Carolyn Tulloh Project Manager| Pacific Premier Bank Oxnard, Ca, United States
Apr 26, 2023 4:10 PM
Replying to Kiron Bondale
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Carolyn -

Usually when you look beyond the project end date you are evaluating product/service revenues & costs rather than project ones. Business cases might be justified based on cost-benefit analysis done for a limited time after a project has completed and the person who is responsible for tracking and reporting on those is usually identified early on in the life of the project.

Effectively the projections in the business case beyond project close out would be transferred to normal P&L tracking like any other element of normal financial reporting practices.

Kiron
Thank you so much for your response. I have shared your response with my EPMO manager. We understand fully what you state. Let me talk with my manager and then further respond as would like to carry the conversation a bit more perhaps. Again, my many thanks.
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1 reply by Sergio Luis Conte
Apr 27, 2023 6:16 AM
Sergio Luis Conte
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In my personal experience is like @Kiron stated above. And just to give you some additional information the business analyst is accountable for that (talking about a role, but you can find the role with different names in different companies). I performed the role in several organizations.
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Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates New Westminster, British Columbia, Canada
Carolyn, I would agree with Kiron. Beyond the project, we move all expenses to Operations and track them accordingly per cost code.
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Sergio Luis Conte Helping to create solutions for everyone| Worldwide based Organizations Buenos Aires, Argentina
Apr 26, 2023 4:33 PM
Replying to Carolyn Tulloh
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Thank you so much for your response. I have shared your response with my EPMO manager. We understand fully what you state. Let me talk with my manager and then further respond as would like to carry the conversation a bit more perhaps. Again, my many thanks.
In my personal experience is like @Kiron stated above. And just to give you some additional information the business analyst is accountable for that (talking about a role, but you can find the role with different names in different companies). I performed the role in several organizations.
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Latha Thamma reddi Sr Product and Portfolio Management (Automation Innovation)| DXC Technology Mckinney, Tx, United States
Thank You!.

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