Every organization needs a manual that tells folks “how things work around here”. Having brief and succinct policies and procedures in place right from the start answers a lot of questions before they come up. As a venture-backed startup, employees need it (e.g. How much can I expense for my meals when traveling?), your management team needs it (How much am I allowed to sign off on when placing a Purchase Order or making a commitment of the company’s funds?), the Accounting function needs it (who should approve invoices and other expenditures?). Having documented Policies and Procedures in place helps set the tone of the organization and puts controls in place to ensure the money you have raised is being spent in a reasonable and appropriate manner.
No one-size fits all solution exists for building financial controls and accountability. However, a great place to start is to have a well-documented Policy and Procedure manual in place that covers everything from who can commit the company’s funds to what are considered to be appropriate and reasonable types of travel expenses.
Your Countsy CFO can help a company build its financial controls and accountability in an on-demand format, allowing your company the best advice from experienced and qualified resources right from the start, and through every phase of your startup’s growth.