Finance Playbook
👀 First off: what is a "playbook" and why do you need a finance routine playbook
Let's admit it. Founders are busy, and bookkeeping and finance management often are not on "top of the mind".
That's where a finance "playbook" will come handy, that you can use it on-demand to organize your monetary data!
Key benefits of a finance routine playbook
• Cover your "blind-spot" in a busy founder's life
• Time-saving way to ensure your "financials health" is being looked at routinely
• Reduced friction in human-touch-points, higher trust and confidence
Step-by-step: weekly & monthly founders finance playbook
While there's no one-size-fits-all solution to your finance routine, here are typical finance routine that are applicable to all types of companies.
- Connect Pocket with financial data sources for data ingestion - within the first week of your sign-up
- Review your draft financials - weekly
- Reconcile your financials - monthly
- [Optional] Collaborate with an accountant to manage financial data quality - weekly and monthly. (Applicable to the essential pricing tier)
- [Optional] Collaborate with an advisor/CFO to manage financial analytics and reporting quality - monthly. (Applicable to the strategic pricing tier)
✅ Set up a meeting HERE with our account team to create your account specific playbook.
| Section | Routine | Task | Time spent | Due date | Frequency | Tutorial |
|---|---|---|---|---|---|---|
| 1.00 | Set up your account | One-time | ">https://demo.mypocketcfo.com/showcase/clwx793sf01zssgvcqm7q24qx | |||
| 1.10 | Connect with all your eCommerce platforms | 5-minutes | Sign-up day | |||
| 1.20 | Connect with all your business bank and credit card accounts | 5-minutes | Sign-up day | |||
| 1.30 | Connect with your Quickbooks for chart of accounts migration and invoices and bills ingestion | 5-minutes | Sign-up day | |||
| 1.40 | Import your chart of account from Quickbooks (if applicable) | 5-minutes | Sign-up day | |||
| 1.50 | Complete your customer survey | 7-minutes | Sign-up day | |||
| 1.60 | Upload your Balance sheet as of "Data Ingestion Date - 1" for opening balance booking. (for example, our default Data ingestion date is Jan 1st, 2024, so please upload your Balance sheet as of Dec 31, 2023 for opening balance booking.) | 3-minutes | Sign-up day | |||
| 1.70 | Review your data ingestion | One-time | ||||
| 1.71 | Confirm your sales data ingested | 5-minutes | Day 7 after sign-up day | |||
| 1.72 | Confirm your bank and credit card data ingested | 5-minutes | Day 7 after sign-up day | |||
| 1.73 | Confirm your chart of accounts, invoices/bills data ingested | 5-minutes | Day 7 after sign-up day | |||
| 1.74 | Confirm your COGS rule setup | 5-minutes | Day 7 after sign-up day | |||
| 1.75 | Confirm your vendor rule setup | 5-minutes | Day 7 after sign-up day | |||
| 1.76 | Confirm your opening balance entered | 5-minutes | Day 7 after sign-up day | |||
| 💖ONBOARDING COMPLETE SIGN-OFF | ||||||
| 2.00 | Review and fine-tune your draft financials | Weekly | ||||
| 2.10 | Confirm your sales by channel | 5-minutes | Every Mon/Fri | |||
| 2.20 | Confirm your COGS | 5-minutes | Every Mon/Fri | |||
| 2.30 | Confirm your selling and marketing expenses | 5-minutes | Every Mon/Fri | |||
| 2.40 | Confirm your G&A expenses | 5-minutes | Every Mon/Fri | |||
| 2.50 | Confirm your cash position | 5-minutes | Every Mon/Fri | |||
| 2.60 | Confirm your clearing accounts, accounts receivable (invoices); inventory, accounts payable (credit card balance etc.), and short-term loans. (Optional) | 5-minutes | Every Mon/Fri | |||
| 3.00 | Reconcile your monthly book | Week-1 of each month for the previous month’s book | Monthly | |||
| 3.10 | Upload your bank statement of the last month, click "Reconcile" to reconcile | 5-minutes | ||||
| 3.20 | Commenting @ CPA for clearing accounts, accounts receivable, accounts payable, and inventory "true-up" review (Optional). | 5-minutes | ||||
| 3.21 | Clearing accounts true up (optional) | |||||
| 3.22 | Accounts Receivable true-up (optional) | |||||
| 3.23 | Accounts payable true-up (optional) | |||||
| 3.24 | Inventory true-up (optional) | |||||
| 3.25 | Other accrual-accounts that need true-up (optional) | |||||
| ✅MONTHLY BOOK RECONCILED - SIGNED OFF BY CPA | By the end of week-2 for the previous month | Monthly | ||||
| 4.00 | Collaborate with a CFO to manage making sense of the data - monthly. (Applicable to strategic pricing tier) | On-demand thru In-app commeting | ||||
| 4.10 | Commenting @CFO to review and customize chart of accounts (Optional) | 5-minutes | ||||
| 4.20 | Commenting @CFO to review and adjust COGS rule (Optional) | 5-minites | ||||
| 4.30 | Commenting @CFO to review and adjust vendor or keyword rules - sales vendors/platforms; inventory vendors; key contractors; key inter-bank transfer rules etc. (Optional) | 5-minutes | ||||
| 4.40 | Review CFO notes on sales, COGS, selling and marketing expense, and G&A expenses trend-line. Review CFO notes on Balance Sheet key metrics. | 10-minutes | ||||
| ✅MONTHLY BOOK READY FOR LENDER AND INESTOR - SIGNED OFF BY CFO | By the end of week 2 for the previous month. | Monthly |
For common FAQs about features or functionality on Pocket, visit the link here.
Still need help? Email us at support@mypocketcfo.com