There are several ways that organizations implement Information Technology governance, depending on their business structure but the goal is essentially the same: to maximize the potential of the company’s IT infrastructure and use it to meet the business goals and objectives. No matter how small or big the organization is, IT governance is fast becoming a necessity so that the core IT structure can be clearly defined. The rule of thumb is, the larger the organization, the more detailed the IT governance structure.
One of the components included in IT governance is software financials and project management. Since IT governance is a combination of the technical and managerial aspects of a company’s IT infrastructure, overseeing the financial aspect is an important part in financial governance. For this, there are several functions performed by the finance or accounting department of a company. When there is an IT project that needs to be done, the staff should develop financial and fund-raising strategies to help finance the project. Fund-raising work should also be accomplished if necessary and finally, the accounting process to monitor the progress of each stage of the project is also performed. This is a crucial part of IT governance because the use of software financials and project management principles is the best way to streamline the process. As a final note, software financials and project management from the IT governance perspective is a way to integrate the management of services, manpower and finances to see an IT project to its successful end.