Does the Financial department have a procedure in place whereby the financial manager/MSO and department head receive and review regular reports?

In SAP Financial System, there is a seperate section under BW/BI which contains management pack and different budgetory reports like WBS Actual vs. Plan report, Cost Center  Actual vs. Plan report, Profit Center Actual vs. plan report etc.

These reports not only shows the actual year to-date revenue and expenditure but also compares it with actual plan and latest forecast figure.