In today’s constantly changing economic environment, companies are scrutinizing every investment. Organizations realize that change is required to thrive, but understanding where and what to invest in is key. Planning is the necessary component to creating business growth. Growth is often fueled, in part, by projects, large and small, short-term and long-term; however, for company success, all projects must be connected with finance and other lines of business throughout the organization.
Project financial planning provides an understanding of the overall impact a project has on the financial plan and involves planning for every financial aspect of a project, including headcount, capital expenditures, and all other related project costs. Integration with project management in ERP is also key for constant feedback on the project’s financial performance.