As businesses scale, the role of CFOs and finance leaders shifts from maintaining basic financial processes to building a finance function capable of supporting increased complexity and stronger operational discipline. Processes that once worked informally must now operate consistently and reliably as transaction volumes grow.
Clean books, scalable financial operations, reliable forecasts and clear reporting become essential to running the business effectively. A well-structured financial operations (FinOps) setup reduces manual effort, improves visibility over cash and performance, and enables finance teams to focus on insight, planning and performance analysis rather than day-to-day execution.
This checklist is designed to support that transition. It outlines the core tools, systems and operating practices finance teams typically put in place early to remain organised, scalable and trusted as the business grows.
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Step 1: Define the finance operating model
Decisions to lock early
Before investing in systems or reporting, establish a clear finance operating model that defines ownership and removes ambiguity across roles and responsibilities.
- Confirm what stays in house
Core finance responsibilities that remain internally owned such as cash oversight, forecasting and board reporting.
- Confirm what is outsourced
Activities delivered externally can include bookkeeping, payroll processing, statutory accounts and tax compliance.
- Confirm what is automated
Such as accounts payable, expenses, revenue recognition and recurring reporting.
- Set a target finance team structure
Design a lean internal team supported by external partners and automation.
For many scaling businesses, this typically equates to around 1.5 to 3 full-time equivalents across internal roles, external support and automation, depending on transaction volume and operational complexity.
A common setup at this stage includes:
- Internal: CFO and Finance Manager or Senior Accountant
- Outsourced: Bookkeeping, payroll, statutory accounts and tax
- Automated: Accounts payable, expenses, reporting and cash forecasting
- Document ownership clearly
Ensure every finance process has a named owner and clear accountability.
Step 2: Put core finance infrastructure in place
Once the operating model is defined, establish the core infrastructure required to support accurate, consistent and timely financial operations.
- Set up a dedicated finance inbox
Create one central inbox for all finance-related communication.
For example: finance@company.com
- Create clear finance aliases
Use separate inboxes for accounts payable (what you owe to suppliers) and accounts receivable (what’s owed to you).
For example: accounts-payable@company.com and billing@company.com
- Define access and permissions
Ensure shared access with role-based permissions across finance systems to avoid single points of failure.
- Configure accounting software for scale
Accounting software should be live, correctly configured and capable of supporting future growth.
Common platforms for scaling finance teams include Xero, QuickBooks or NetSuite, depending on transaction volume and complexity.
- Align the chart of accounts to reporting needs
Structure accounts to support management and board reporting requirements.
- Agree and document the monthly close process
Define a clear close timetable and responsibilities.
Many scaling businesses aim to close within 10 working days, with supporting documentation readily available.
- Store finance documents securely
Maintain centralised, audit-ready cloud storage with controlled access.
Step 3: Secure cash, banking, and controls
Formalise cash management, banking arrangements and payment controls to maintain visibility and reduce operational risk.
Banking and payment Controls
- Set up a primary operating bank account
A main account used for day-to-day business transactions.
- Set up a secondary bank account
Additional account to reduce operational and liquidity risk.
- Add foreign exchange (FX) accounts where required
Required for businesses operating internationally or transacting in multiple currencies.
- Optimise stagnant capital with Treasury platforms
Allow your dormant capital to compound with liquid interest money market funds, such as Round Treasury.
- Implement dual approval for payments
Ensure no single individual can authorise outgoing payments alone.
- Define spending limits by role
Set limits aligned with seniority and responsibility.
Cash visibility and forecasting
- Maintain daily cash visibility
Have an up-to-date view of cash balances across all accounts.
- Build a rolling cash forecast
Maintain a 13-week forward-looking cash forecast, updated regularly to reflect actual movements.
- Track runway regularly
Understand how many months of runway remain based on current cash and forecast.
- Prepare cash reporting for leadership
Provide actual versus forecast cash movement with key variances explained.
(For a business raising capital at Series A and above, this reporting typically extends to the board level, supported by a robust financial model that clearly links cash position, burn, runway and forecast variance).
Step 4: Control accounts payable, expenses, and spend
Ensure spend is visible, controlled and approved consistently across the business.
Accounts payable
- Centralise invoice intake
- Define approval workflows
Set clear approval rules based on spend thresholds.
- Introduce three-way matching where relevant
Match invoice, contract and delivery for higher-risk spend.
- Set a payment run cadence
Establish weekly or bi-weekly payment runs.
Expenses
- Implement an expense management tool
- Define a clear expense policy
Clearly state what is allowed, capped or excluded.
- Require receipts for all expenses made by employees
No reimbursement without supporting documentation.
- Apply Value Added Tax (VAT) treatment consistently
Automate VAT treatment where possible.
Corporate cards and spend controls
- Issue virtual cards by vendor
- Issue physical cards where required
Typically these are issued for leadership or travel-related spend only.
- Enforce spend limits automatically
Apply limits by role or card type.
- Maintain real-time spend visibility
Ensure up-to-date visibility over committed and actual spend.
Step 5: Payroll, people, and compliance
As headcount increases, payroll and people-related processes must be accurate, compliant and repeatable.
Payroll and payslips
- Implement payroll software
Use a system aligned with local regulatory requirements like BrightPay.
- Set a payroll calendar
Agree clear payroll timelines across finance and human resources.
- Automate payslips
Generate and distribute payslips in line with local regulations.
- Define joiner and leaver workflows
Document processes for starters, leavers and role changes.
- Review contractor and employee classification
Apply correct tax and payroll treatment consistently.
Benefits and pensions
- Set up a pension scheme
Ensure a compliant scheme is in place where required.
- Automate employer contributions
Calculate and process contributions accurately.
- Reconcile benefits regularly
Review benefit costs each payroll period.
- Track share options and incentives
Maintain accurate records for Enterprise Management Incentive (EMI) or other eligible schemes.
Step 6: Revenue, billing and collections
Ensure revenue is billed consistently, recognised correctly and collected on time.
Billing and accounts receivable
- Implement an invoicing system
Use a system integrated with accounting software.
- Define billing cadence
Clearly document monthly, annual or usage-based billing.
- Document revenue recognition logic
Apply consistent treatment aligned with customer contracts.
- Define credit notes and refunds process
Set clear procedures for adjustments.
Collections and cash inflow
- Set up automated payment reminders
Reduce reliance on manual chasing.
- Define a clear follow-up process that escalates depending on debtor timelines
Document escalation steps for overdue invoices.
- Review aged debt regularly
Review outstanding invoices weekly.
- Assign ownership for debt collections
Ensure clear accountability for follow-up.
(Note: For businesses raising capital at Series A or above, revenue is typically more scrutinised internally, making consistent revenue recognition and collections processes particularly important.)
Step 7: Financial planning and analysis, reporting and board readiness
Finance should support decisions around hiring, investment, runway and growth priorities at leadership and board level.
Management reporting
- Produce monthly or quarterly management accounts
Complete and review on a consistent timetable.
- Compare actuals to budget and forecast
Review and analyse budget and actual variances clearly.
- Track core performance metrics
Revenue, burn, runway and other key performance indicators.
- Assign ownership for departmental budgets
Budget accountability sits with department leaders.
Forecasting and Planning
- Maintain a rolling forecast
Typically 12 – 18 month forward view.
- Link hiring plans to cash forecasts
Reflect headcount changes in cash impact.
- Run scenario planning
Prepare base, downside and upside cases – both from an expense and revenue perspective.
Board level reporting and governance
- Standardise board reporting
Use a consistent format each period – quarterly is most typical.
- Align metrics with strategic priorities
Ensure your financials support leadership decisions and growth objectives.
- Keep the finance data room up to date
Maintain current, accessible financial documents.
Step 8: Tax, statutory and external providers
Tax and statutory obligations require structured oversight, even when delivery is outsourced.
External support
- Engage a scaleup-experienced finance partner
Define clear scope across bookkeeping, reporting and ongoing finance support.
- Ensure payroll delivery is compliant
Employees receive pay slips via email and payroll payments on agreed timelines.
- Ensure access to tax expertise
Cover corporation tax and indirect taxes.
- Consider audit readiness early
Compliance and filings
- Maintain a filing calendar
- Configure VAT or sales tax correctly
- Review transfer pricing where relevant
- Track incentives and reliefs
Monitor Research and Development (R&D) incentives from day one.
Step 9: Review the finance tool stack
Lean but scalable
The finance tool stack should support efficiency, accuracy and scalability without unnecessary complexity.
- Confirm accounting software is fit for scale
- Review accounts payable and spend tools
- Review expense management
- Review payroll and people systems
- Assess forecasting and reporting tools
- Review document storage and access
- Remove or consolidate overlapping tools
Many scaling teams often operate with a lean, integrated stack similar to the following:
- Accounting: Xero or NetSuite
- AP and spend: Apron, Dext & Airwallex
- Expenses: Integrated with spend management tools such as Apron & Dext.
- Payroll: Xero, QuickBooks or BrightPay
- FP&A: Fathom
- Reporting: Looker, Power BI or Fathom
- Document storage: Secure cloud storage with restricted access
Rule of thumb:
Automate anything that touches cash more than once.
Step 10: Establish the finance operating rhythm and governance
Embed a consistent operating rhythm so finance runs predictably and remains well governed.
Weekly
- Review cash position
- Review aged debt
- Approve payments
Monthly
- Close the books
- Review management accounts
- Refresh forecasts
Quarterly
- Prepare board reporting
- Review key suppliers
- Audit access and controls
Red flags to act on immediately
Based on our experience with scaling businesses, these are the most common indicators that a finance function is not set up to support growth and founders.
- Founders still using personal cards for business spend
- CFO or finance leader involved in day-to-day bookkeeping
- Payroll errors being tolerated or corrected after payday
- No clearly documented revenue recognition approach
- Invoices scattered across inboxes, Slack or shared folders
- Forecasts not trusted by leadership or the board
If several of these apply, your finance may be becoming reactive rather than enabling growth. Addressing these early helps ensure finance can support the business as it scales.
Reach out to us!
If you would like support with any of the areas above, please feel free to reach out to our experts. We would be happy to help.
