Download presentation
Presentation is loading. Please wait.
1
THE FINANCE DEPARTMENT
Organizing your Finances Presented to: Artemis Ventures Portfolio Group By: Bud Austin and Charlie Rodondi Kranz & Associates, LLC
2
Key Issues for a Start-up
Hire Your Interim CFO Determine Department Structure Set up a Chart of Accounts Purchase General Ledger Software Quick Books Peachtree Develop a Cash Management Program Establish Key Vendor Relationships Develop a Financial Plan Planning and Budgeting
3
Key Issues for a Start-up
Establish Consistent Reporting Formats Establish Filing System Establish Policies and Procedures Establish Employee Benefits Program Establish Stock Management Program Establish Contract Management Program Establish Revenue Recognition Plan
4
Hire Your Interim CFO Why Hire a CFO Experience Contacts
Obtain a Known Quantity Team Player Strategic Contributor Interview Several Options Individual Referrals Organizations Kranz & Associates The Brenner Group David Powell Group
5
Hire Your Interim CFO Check References Prior CEO’s Venture Partners
Industry Experts
6
Determine Department Structure
Development Marketing Business Development Sales G & A
7
Set-up Chart of Accounts
Establish a Numerical Chart with Department and Standard Account Structure First Two Digits = Department Number Last Four Digits = Account Number
8
Purchase Accounting Software
Key Features Low Cost Ease of Use Requires Disciplines for Cash Management, Revenue and Expense Management Reporting Structure Analytical Ability Ease of Conversion to Future Software Package
9
Cash Management System
Invest Excess Cash to Generate Income Cash Reserves Account Three to Six Months of Liquidity Money Market Account Investment Brokers Smith Barney Morgan Stanley Dean Witter
10
Cash Management System
Establish Authorization Matrix Two Signatures over $10,000 Establish Authorization Levels Managers = $ 1,000 Directors = $5,000 VP’s = $10,000 CEO = > $10,000
11
Cash Management System
Paper Documentation for All Activities Vendor Quote Sheet Approved Internal Purchase Request Approved Purchase Order
12
Establish Key Vendor Relationships
Banks Lease Lines Insurance Payroll Service CPA Firm Big Five Other Firms Investment Broker
13
Develop Financial Reporting
Design Reports for Various Users Board Of Directors Executive Staff Department Management Others
14
Planning and Budgeting
Define Goals and Objectives Corporate Department Bottoms-up Budget Start with Department Level Salaries and Build Up Roll Up: Balance Sheet Income Statement Cash Flow Statement Headcount Waterfall Capital Expenditures Obtain Board Approval
15
Establish Consistent Financial Reporting Package
Monthly and Quarterly Reporting Balance Sheet Income Statement Cash Flow Statement Waterfall Report Actual vs. Budget Variance
16
Set-up Filing Requirements
Personnel Folders Personnel Files Corporate Accounting
17
Establish Policies and Procedures
Disbursements Travel & Entertainment Capitalization Hiring Practices Purchasing Option Management
18
Establish Employee Benefits Program
Salary Structure Vacation and Sick Policy Medical, Dental, and Vision Plans 401K Plan Flexible Spending - Sec.125 Cafeteria Plan
19
Establish a Stock Management Plan
Set a Budget Set-up a Policy for Issuance, Exercise, and Repurchase Set-up “Cap Table” and Reporting Formats Obtain Board Approval
20
Set-up Contract Management Process
NDA’s Development Consulting – Draft Standard Agreement Customer Vendor
21
Establish a Revenue Plan
Sales Acceptance Policy Sales Order Processing Credit Limits Revenue Recognition Statement of Position 97-2 Staff Accounting Bulletin No. 101
22
Executive Summary Organize Early Outsource Your Finance Department
Manage Your Cash Be Successful
Similar presentations
© 2025 SlidePlayer.com. Inc.
All rights reserved.