Quarterly Variance Reporting Workflow Annotation Requirements
The following actions are required each quarter.
FY Q1
Review of financial results.
- Reports compares final budget to YTD actuals plus forecast
- AD/COO reviews report
- Workflow annotations indicate "Reviewed"
FY Q2
S&U Variance analysis.
- Reports compares final budget to YTD actuals plus forecast
- AD/COO reviews report
- Workflow annotations address significant variances
FY Q3
Review of financial results.
- Reports compares final budget to YTD actuals plus forecast
- AD/COO reviews report
- Workflow annotations indicate "Reviewed"
FY Q4
S&U variance analysis.
- Reports compares final budget to YTD actuals plus forecast
- AD/COO reviews report
- Workflow annotations address significant variances
Resources
S&U Variance Analysis (Q2 & Q4) Annotation Expectations and Guidelines
- Annotations should provide context behind significant variances, rather than simply restating data from the report.
- Focus explanations at the financial department level C or fund group level, unless a specific sub-department or fund is driving the variance.
- Where relevant, include actions the unit has taken or plans to take in response to the variance.
- Aim for high-level insights that highlight patterns, trends and key assumptions.