Monthly Guide to Financial Management

Monthly Guide to Financial Management

A typical financial management timeline below. 

This should be reviewed and amended to suit your organisation.

Day 1 to Day 31 - Day to day  ongoing - Everyone

- New Business Proposals - Create proposed jobs, Create plan and estimate, send unapproved estimates to client for sign off

- Client Acceptance - Accept estimate, jobs go live, assign tasks 

- Traffic management - Assign and reassign tasks, check workflow

- Purchased Orders - Raise POs to suppliers

- Delivery - Completion of timesheets against tasks

- Billings - Create test invoices and log

- Billings forecast/ Sales Pipeline - Weekly/Ongoing Regular updates

- Communication - Record comments as WIP notes on the job

- Weekly/Monthly Bank reconciliation

Day 1 to Day 26 (cut off day) - Finance/Admin

- Billings - All client invoices to be created and log

- Supplier Invoices - ALL supplier invoices to be processed, against POs

- Receipt and payment processing

- Billings forecast - Finalise billings forecast for the period

- Communication - Record comments as WIP notes on the job

Day 27 to 30 - Monthly Job review - Account managers and Finance/Admin

Account Managers generally have 3/4 days to review all of their jobs. 

The review should consist of the follow

- Worklists - Create a work lists and add the appropriate columns ( this only needs to be set up once and should be done for each account manager)

- Review - Use the job detail reports, job status report and use the tabs available on the job ( Overview, Financial and timesheets) review the following

- Review Billings, POs, Costs and timesheets - Actual (Value) v Budget( Accepted Estimate). Has everything been billed, All costs and timesheets done and billed? Report any issues

- Check How the job is tracking budget v actual (value) and billings v budget/Actual (Value). Use WIP notes to record any issues and comments

- Job life cycle- WIP Where is the job at? Make job complete if work is done but still waiting on billings, costs and timesheets to be done. Make dead when all work, billings costs and timesheets are done. Communicate to finance which jobs are to be made dead.

- Monthly Job review with finance - Account Managers and finance to have a jobs/billings  catch up

- Communication - Record comments as WIP notes on the job. Flag when costs time is going over and why? WIP for the job

Day 31 to 35 - Happy Month end - Finance

- Check - bank rec are done, supplier invoices and processed, client invoices are logged, outstanding POs are completed.

- Job life cycle - review completed jobs which have been flag to make dead. Check all billings have been done, costs have come in (outstanding POs) and timesheets are done. Once happy make job dead.

-  Run GL verification and rec test

- Softroll

- Run and review wip and accrual

- Check PL, BS and income analysis reports

- Hard roll JobBag into the next period

- Communication - Record comments as WIP notes on the job

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