Quick Start Guide for Financial Planning

[Vinitha Chukkala]

Financial Planning in SPM

ServiceNow’s Next Experience Financial Planning in Strategic Portfolio Management (SPM) is designed to enable managers and planners to have real-time insights into the latest financial information while unifying data to be natively compatible with all work planning and delivery approaches. The new Financial Planning capabilities are integrated within in Strategic Planning Workspace (SPW) and Project Workspace (PW). 

The key stakeholders (personas) in the financial planning process within SPM typically involve individuals responsible for overseeing and managing financial resources within an organization. These personas include Financial Managers, Portfolio Managers, Project Managers, CFOs (Chief Financial Offers), Business Analysts. They all benefit from SPM’s capabilities to gain real-time insights, unify financial data, and optimize financial strategies. 

If you are new to ServiceNow’s Next Experience Financial Planning within Strategic Planning Workspace, or if you are interested in transitioning from Classic Financial Planning to the Next Experience Financial Planning capabilities, the resources and links below offer quick guidance on starting your journey. Empower your organization's financial strategies and enhance overall performance with these strategic capabilities.

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Financials in Project Workspace:

Financials in Portfolio Planning:

Why opt for the Next Experience Financial Planning?

• Support for Traditional and Lean budgeting models helping to make you shift from ‘Projects to Products’
• Improved user experience with easy forecasting of costs by quarter or yearly breakdowns and visualization of financials & comparison with budgets
• Ensures goal alignment, optimize asset allocation, and enhance cash flow management by providing a comprehensive view of your financial landscape

Note: The New Financial Planning budget model is not yet compatible with legacy Invesment Funding

Resources & Links

Financial Planning Guidance & Migrations Steps

• Comprehensive course of New Financial Planning capabilities in SPM (Latest to May 2025 release)
• Using the New Financial Planning in Next Experience - How-to video tutorials
• Financial Planning Setup for Agile Epics– Guidance
• Attribute based Labor Cost Generation for Demands, Project & Epics
• Configuring custom financial planning attributes to categorise labor costs based on the RAs
• How to generate labor cost plans by individual resources in the New Financials Experience
• Flexible budget allocation for work items - How-to configure and Use
• New Financials screen in Portfolio planning 
• Scenario Planning Financials
• Financial Baseline Migration Guide
• Financial Budget Migration Guide
• How to compare latest actuals with planned cost in New Financials experience for Projects
• Introducing Display Modes in SPM Financials: A Smarter Way to View Your Data
• Frequently Asked Questions on New Financials 

Delta Decks (feature release overviews slides, posted every after release)

• SPM Delta Deck for Washington Release
• SPM Delta Decks for Vancouver Release

NowLearning (Training)

• Strategic Portfolio Management (SPM) Fundamentals Instructor-led Training (Washington)
• Strategic Portfolio Management (SPM) Implementation (Washington)
• Strategic Portfolio Management (SPM) Implementation Simulator (Washington)
• Strategic Portfolio Management  (SPM Financial Planning: Baseline Migration to Next Experience
• Strategic Planning Essentials (Vancouver)

Product Docs

• Financial Planning in Project Workspace
• Configure Financials for Strategic Planning
• Financial Planning for Planning Items in SPW

Webinar & Workshops

• 360 Exchange: Mastering Financial Management in SPM – Recording from May 28, 2024
• Financial Planning & Resource Management Enhancements from Washington DC
• Financial Planning Overview from Vancouver

Other Key Resources

• Strategic Portfolio Management Welcome Guide
• Quick Start Guide for Strategic Planning Workspace
• Quick Start Guide for Resource Management Workspace

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[tracyjeannine]

Please advise on where current SvcN info, docs, nowcreate assets (process docs, pitch decks), list of plugins/apps needed, are located for Financial Charging.  I have a client who wants to implement this.  I implemented a custom showback/chargeback solution in SvcN in early days - Fuji - but want to take advantage of current SvcN Financial Charging solution.

[Alpa82]

Hello @Vinitha Chukkala could you please advise whether monetary benefits can be created via the Financial planning part of the Project workspace?

Thank you

[Damian Martinez]

Hello,

is there a step by step implementation guide plan for spm financials?
Thanks.

[Vinay3]

@Alpa82 It is not supported currently. As of Feb 2025 release, they can be created from the monetary benefit plans related list in the Details page.

Financials screen will be enhanced in upcoming releases to give the ability for users to create monetary benefits in it.

[Vinay3]

@Damian Martinez You can refer the 'Financial Planning Guidance & Migrations Steps' section of this article. We do not have an implementation guide other than this as of now.

[ErAsxx]

@Vinay3 @Vinitha Chukkala 
Thanks thats helps, 

for some modules there are Process Guide (e.g. Assets - Now Create) available, showing the flow how to proceed e.g as a PM to do financials in their projects. 

As know this is mostly define in the company process, but just in case if it is availble for this modules as well.

Thanks

[Alpa82]

Hello @Vinay3 in the above steps is covered the Baseline migration, I cannot find information in the docs on the Cost Plan migration, from the classic UI to the Next Experience, to assure that the cost plans that were created in the classic UI are displayed in the newly enabled PW. Could you please advise how to achive that? thank you

A.