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Nu Quantum Finance function review

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: 7 days

Where 8 hours = 1 working day

Our plan

Our plan

Stage

Task

Detail

Required from you

Proposed allocation (days)

Notes

Discovery

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

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

Open

Sum

Recommendations

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

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

Sum

⁠

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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