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FinOps Project Plan
Black Label Creations
Welcome
Our Health Check is a review of your FinOps function.
Functional areas reviewed
The 8 core functional areas reviewed are: Cash In, Cash Out, Payroll, Cash Management, Reporting, Partnering, Compliance and Team
Each area is assigned a score from 1 (poor) to 5 (excellent), reviewed across people, processes, and technology, to provide an overall FinOps function growth readiness assessment.
All improvement recommendations are noted and included within the assessment of each area, and the function as a whole.
Subject to time available, the team will look to help you implement improvements as they progress with the review.
Recommendations
Recommendations are split into (1) Quick Wins and (2) Long-term Improvements, prioritised to build a roadmap for improving the FinOps Function.
How it works
Focus areas for project
We will focus on understanding the quote > invoice > collection process and how this drives COGS order > allocation > payment process.
The aim is to identify how the data flows within these processes to be able to provide better management information and reporting to identify profitability drivers, risk areas and untapped growth potential.
The core review takes place over 3 days, which allows for an initial overview, deep dive and report.
Additional time
Where areas are found to be particularly complex, we may advise that more time is required than budgeted to complete our review. If approved, this will be completed. If not, this will be indicated within our report.
We will need to meet the key stakeholders in the business who lead on each area and/or undertakes the majority of the processes within each.
We will book in Area Overview meetings and Detailed Review meetings with the relevant people.
Meetings
We will request a list of stakeholders and area owners prior to commencing our review, so we can schedule time with each of them for an overview and a key process walkthrough. More often than not, these will be the people within your finance and/ or operations team.
We will understand the key technology infrastructure, in particular, how well integrated each tool is with wider business processes.
Sharing information
We will ask for any relevant information you have on process documentation/ notes before the start of the review. For reporting and partnering, this can include copies of the latest management accounts or other monthly business reporting.
Health Check Plan
We will use the tables below to track our progress, document our review and raise recommendations.
Area
Aim
Overview meeting
Review meeting
Score
People
Process
Tech
Notes
Rec's raised
Cash In
1
Accurate and effective billing and data to drive strong customer relationships
0
0
1
Cash Out
1
Accurate and timely ordering on client orders with COGS allocated correctly to clients/ projects.
Well controlled OpEx with timely, necessary payments made.
0
1
Reporting
1
Clear, accurate, and automated financial reports for better decisions.
0
1
Payroll
1
Paying employees correctly, ensuring payroll and pension compliance.
0
1
Cash Management
1
Conserving and managing cash flow to ensure business survival.
0
0
Partnering
1
Providing financial insights and support to teams to deliver growth.
0
0
Compliance
1
Tax, legal reporting, and regulatory requirements.
0
0
Team
1
Right team, skills, and priorities now, and in the future
0
0
Recommendations
Quick Win/ Improvement
Area
Priority
Recommendation
Detail
Quick win
2
Cash In
Example quick win 1
Payroll
Example quick win 2
Improvement
2
Cash Out
⚠️
Example priority project 1
Reporting
🔥
Example priority project 2
Note
We'll focus on creating high-level process maps for your key finance workflows, identifying bottlenecks, and highlighting where system integrations aren't functioning effectively. This will give you a clear visual of how work currently flows through your finance function and pinpoints the specific areas causing inefficiencies—whether that's manual data entry or disconnected systems. We likely won't have time to implement new workflows in their entirety, but you'll receive the roadmap of prioritised improvements as detailed above.
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