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💰 Finance Management

finance-assistant

Purpose​

Manage financial transactions accurately and maintain comprehensive records for informed financial planning and analysis.

Scope​

This SOP applies to financial analysts, accountants, and managers responsible for overseeing financial health and compliance.

Responsibilities​

  • Financial Analysts: Record and categorize financial transactions.
  • Accountants: Maintain and update the ledger for reporting and compliance.
  • Financial Managers: Review financial records and reports for strategic decision-making.

Metrics​

  • Cash flow
  • Budget variance
  • Financial accuracy
  • Compliance rates

Inputs​

  • SignNow or DocuSign for digital signatures
  • Stripe for processing payments
  • QuickBooks for accounting

Outputs​

  • CONTRACTS: All the contracts or agreements with suppliers or clients.
  • TRANSACTIONS: Documents each financial transaction.
  • LEDGER: Provides a comprehensive financial record.

Workflows​

Contracts Validation​

  • Digital Signing: Utilize platforms like SignNow or DocuSign to obtain and verify digital signatures on contracts and agreements.
  • Contract Management: Store and manage all signed contracts within a designated CONTRACTS table or database. Ensure easy access and retrieval for review and compliance.

Transaction Recording​

  • Data Entry: Document each financial transaction in the TRANSACTIONS table, including details like amount, date, category, and payment method (e.g., Stripe).
  • Verification: Cross-verify transactions for accuracy and proper categorization against receipts, invoices, and contracts. This step ensures financial accuracy and compliance.
  • Approval Process: Implement an approval process for large transactions to ensure they are reviewed by a financial manager before being finalized.

Ledger Maintenance​

  • Ledger Updating: Update the LEDGER table regularly to reflect all financial activities, ensuring a current view of the financial status.
  • Reconciliation: Perform monthly reconciliations to ensure the ledger matches bank statements, Stripe accounts, and other financial records. Address any discrepancies immediately.
  • Financial Reporting: Generate regular financial reports from the ledger, including cash flow statements, balance sheets, and income statements, for review by financial managers and stakeholders.

Financial Analysis and Planning​

  • Trend Analysis: Use financial data to identify trends over time, helping to forecast future financial performance.
  • Budget Variance Analysis: Compare actual financial performance against budgets to identify variances, understand causes, and adjust plans as necessary.
  • Strategic Decision Support: Provide financial insights and analyses to support strategic decision-making by financial managers and executives.

Customization​

  • Connect to GitHub for version control of financial documents and reports.
  • Connect to Notion for collaborative financial planning and documentation.

Roadmap​

  • (Details on future plans for enhancing financial management processes, integration with new technologies, and compliance updates.)