Executive Summary – Finance PROBLEM: Structure of Finance team PROPOSED SOLUTION: Brenda will become Finance Operations Manager, formalize a department structure that is able to scale. WHY: • Currently managing two Finance employees • Supervise our finance team’s day-to-day activities, such as checking employee records, collecting payroll information, processing invoices, and analyzing tax reportsHandle escalations from the team for any problems that are external facing • Breakdown of current day to day: 20% management 70% Finance 10% Special Projects • Ensures that all transactions are conducted in a manner compliant with our company policy • Conduct payroll and billing audits on a monthly basis to ensure the accuracy of our financial statements • Identify irregularities in our system, including possible fraud and theft, and report them GOAL: • • • • • Enhance Reporting Mechanisms and dashboards for leadership team to review Check whether all our billing, payroll, and other financial processes comply with internal policies and relevant laws and regulations More JVs from Leon Establish spending limits Formalize expense Policy and approval process Principles: • responding quickly to stakeholders, including partners, customers and competitors • incorporating various teams working on well-defined project scopes • fostering team collaboration and executing strategic tasks Back 2 Basics - Identify existing system "hairballs" and process bottlenecks. - Conduct a process workflow analysis. - Enhance Systems - Develop an implementation plan and align your people with new processes. - Evaluate progress and objectives. Finance Positions Finance Manager: Oversee the operations and development of the company’s finance departments including creating and reviewing policies, budgeting, recruiting, training and conducting regular assessments of financial procedures. Accounts Payable: Reports to Finance Manager, and is responsible for processing all invoices received for payment and for undertaking the payment of all creditors in an accurate, efficient and timely manner. Accounts Receivable: Reports to Finance Manager, and is responsible prepares accounts receivable transactions and processes customer payments. They also create invoices according to company practices and submit them for approval by management or clients.
