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Finance function review


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Objectives:
Evaluate the existing finance function, with a specific focus on purchasing, budgets and the financial forecast, and roadmap for improvements to the financial processes & controls
Make recommendations on more suitable systems and processes where appropriate
Make recommendations for changes to processes required before, and after, due diligence & fundraising
Note: the financial review described will be “lighter touch”, excluding the areas identified as a priority, in order to accommodate a full review. As we progress we will try to highlight areas in which we could spend more time, and confirm priorities with you before proceeding.

Time allocation for project: 4-7 days TBD
Where 8 hours = 1 working day
Our plan
Stage
Task
Detail
Required from you
Proposed allocation (days)
Notes
Discovery
7
RORA prep structure / question list for all sections below
Prepare detailed question list for the below sections, to maximise efficiency of meetings
Review current process documentation (where available)
​
0.5
Open
Financial Processes and Systems review
Prep questions + high-level review of the following processes, with specific attention to how processes might need to change now & after Series A:
Revenue
Invoicing
Cash collection
Payment process
Expenses
Payroll / HR system
Month end
Budgets & Allocation
Audit readiness (?)
Walkthrough with SLT / Finance Manager / FD and any other relevant individuals to discuss and observe processes
1.5
Open
Purchasing
Prep questions + review the following processes:
POs & purchasing approvals
Tracking deliveries / receipt of goods
Payment terms - on account, invoices
Smaller purchases on cards
Ideal workflow for PMs and finance
2 hrs to discuss with a couple of PMs 2 hrs to discuss with finance
1
Open
Forecast model review
Review existing financial model
Review budget
1 hr to walk through existing budget/model with FD
0.25
Open
Financial Controls
​
2 hrs to discuss internal financial controls
0.5
Open
Big picture review
Dive in to more detail with SLT and other relevant team members to discuss:
current processes
bottlenecks
key objectives
policy requirements
2 hrs to get a sense of where the company is at
0.25
Open
Process Mapping & Review
Meeting with each key stakeholder to understand their input into processes
Mapping out of structure & processes
Delving into access & information blockages
Key outcomes for processes & team efficiency
8 hrs to get a sense of the overall accounts and flow of information
1
Open
5
Sum
Recommendations
3
Identify alternative best in class systems & processes where needed
Identify alternative systems
Identify alternative/improved processes
Split of roles & responsibilities
Flagging anything that might be questioned in due diligence
And any changes that might be necessary before/after Series A
Evaluate system integrations with existing stack
​
1
Open
Report on recommendations
High level process maps
Comparison to similar companies processes
Urgent changes required, if applicable
Recommended improvements
Pre-fundraise
Post-fundraise
​
0.75
Open
Review recommendations
Discuss on call with team
Discuss next steps
​
0.25
Open
2
Sum
7
Sum
⁠
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NB:
We contract for a number of days booked rather than for fixed outputs. We think this model gives more flexibility and a better integration with your team. We’re confident we’ll be able to deliver the above within the recommended scope, however, we do not guarantee fixed outputs - just an agreement on priorities and where we’ll spend our time. Our team work for you on a secondment basis for the days contracted.

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