Finance & Administration Playbook

Overview

This playbook defines the financial management, reporting, and administrative processes for SkyMirror's finance team.

Team Lead: CFO (Abdulwahab A)
Scope: Financial planning, accounting, compliance, administration
Last Updated: December 2024

Tooling Reference

For detailed tool configurations and integrations, see the Workflow & Tooling Guide.

Finance Tool Stack

Tool	Purpose	When to Use
Trello	Expense approvals, finance tasks, invoicing workflow	Workflow management
Notion	Financial documentation, reporting, tracking	Policies, procedures, dashboards
Slack	Team communication	Daily coordination

Trello Finance Workflow

┌───────────┬───────────┬───────────┬───────────┬───────────┐
│   Draft   │   Sent    │  Pending  │   Paid    │  Overdue  │
├───────────┼───────────┼───────────┼───────────┼───────────┤
│ New       │ Invoices  │ Awaiting  │ Completed │ Follow-up │
│ invoices  │ sent      │ payment   │ payments  │ needed    │
└───────────┴───────────┴───────────┴───────────┴───────────┘

Chart of Accounts (Notion Database)

Category	Accounts
Revenue	Software Solutions, CheckMet SaaS, Traquiva, Academy
COGS	Cloud Infrastructure, Third-party APIs, Hardware
Operating	Salaries, Marketing, Software Subscriptions
Admin	Legal, Accounting, Office

Slack Channels for Finance

Channel	Purpose
`#team-finance`	Finance team discussions
`#expense-approvals`	Expense approval requests
`#invoices`	Invoice notifications
`#leadership`	Executive financial updates

Daily Finance Workflow

00 - Review cash position (Notion)
30 - Process invoices, payments (Trello)
00 - Expense approvals (Trello)
00 - Lunch
00 - Financial analysis (Notion)
00 - Vendor management
00 - Update financial reports (Notion)

Weekly Finance Rituals

Day	Activity	Tool
Monday	Cash flow review	Notion
Wednesday	Budget vs actual review	Notion
Thursday	Invoice follow-ups	Trello
Friday	Weekly financial summary	Notion

Integrations

Trello → Slack: Invoice overdue alerts to #invoices
Trello → Slack: Expense approval notifications
Jira → Trello: Billable hours for client projects

Team Structure

Finance Organization

CFO (Abdulwahab A)
├── Financial Planning & Analysis
│   ├── FP&A Manager
│   └── Financial Analyst
├── Accounting
│   ├── Accounting Manager
│   ├── Accountant
│   └── Accounts Payable/Receivable
├── Legal & Compliance
│   ├── Legal Counsel (External)
│   └── Compliance Coordinator
└── Administration
    ├── Office Manager
    └── Executive Assistant

Financial Planning & Analysis

Annual Planning Cycle

Month	Activity	Owner
September	Strategic planning kickoff	CEO + CFO
October	Department budget requests	All departments
November	Budget consolidation & review	FP&A
December	Board approval	CFO
January	Budget communication	CFO
Ongoing	Monthly variance analysis	FP&A

Budget Process

Budget Template Structure

Category	Line Items
Revenue	By product, by segment
COGS	Direct costs by product
Gross Profit	Revenue - COGS
Operating Expenses
- Sales & Marketing	Headcount, campaigns, events
- R&D	Headcount, tools, infrastructure
- G&A	Headcount, facilities, professional services
EBITDA	Gross Profit - OpEx
Capital Expenditure	Equipment, software
Headcount	By department, by role

Budget Approval Thresholds

Amount	Approval Required
Under €5,000	Department Head
€5,000-€25,000	CFO
€25,000-€100,000	CEO
Over €100,000	Board

Forecasting

Forecast Cadence

Forecast	Frequency	Horizon	Purpose
Weekly Cash	Weekly	13 weeks	Cash management
Monthly Rolling	Monthly	12 months	Operational planning
Quarterly Reforecast	Quarterly	Full year	Board reporting

Forecast Methodology

Revenue Stream	Method
SaaS (CheckMet, Traquiva)	Cohort-based, retention adjusted
Software Solutions	Pipeline-weighted
Academy	Enrollment-based

Financial Metrics

Key Performance Indicators

Metric	Definition	Target
Revenue Growth	YoY revenue increase	Over 100% Y1-Y2
Gross Margin	Gross Profit / Revenue	Over 60%
EBITDA Margin	EBITDA / Revenue	Over 20% (Y3)
Burn Rate	Monthly cash consumption	Decreasing
Runway	Cash / Monthly Burn	Over 18 months
CAC	Sales & Marketing / New Customers	Under €5,000
LTV	Avg Revenue × Lifetime	Over €15,000
LTV:CAC	LTV / CAC	Over 3:1

SaaS Metrics

Metric	Definition	Target
MRR	Monthly Recurring Revenue	Growing
ARR	Annual Recurring Revenue	€500K Y1
Net Revenue Retention	(Starting + Expansion - Churn) / Starting	Over 100%
Gross Retention	(Starting - Churn) / Starting	Over 90%
Churn Rate	Lost ARR / Starting ARR	Under 10%

Accounting Operations

Chart of Accounts

Account Range	Category
1000-1999	Assets
2000-2999	Liabilities
3000-3999	Equity
4000-4999	Revenue
5000-5999	Cost of Goods Sold
6000-6999	Operating Expenses
7000-7999	Other Income/Expense

Monthly Close Process

Day	Activity	Owner
1	Cut-off communications	Accounting Manager
2	Bank reconciliation	Accountant
3	AP/AR reconciliation	AP/AR
4	Revenue recognition	Accounting Manager
5	Expense accruals	Accountant
6	Intercompany (if applicable)	Accounting Manager
7	Trial balance review	Accounting Manager
8	Management review	CFO
10	Close complete	Accounting Manager

Revenue Recognition (ASC 606)

Recognition Criteria

Revenue Type	Recognition Method
SaaS Subscriptions	Ratably over subscription period
Implementation Fees	Over implementation period
Professional Services	As services delivered
Training	As training delivered
Hardware	At delivery

Contract Review Checklist

Contract terms documented
Performance obligations identified
Transaction price determined
Price allocated to obligations
Recognition timing determined

Accounts Receivable

Invoice Process

Step	Timeline	Owner
Contract signed	Day 0	Sales
Invoice generated	Day 1	AR
Invoice sent	Day 1	AR
Payment due	Net 30	Customer
First reminder	Day 35	AR
Second reminder	Day 45	AR
Escalation	Day 60	CFO

Collections Escalation

Days Overdue	Action	Owner
1-30	Standard reminders	AR
31-60	Phone follow-up	AR + CSM
61-90	CFO escalation	CFO
90+	Legal/collections	Legal

Accounts Payable

Invoice Approval Workflow

Invoice Received → Coded → Approved → Scheduled → Paid

Approval Matrix

Amount	Approver
Under €1,000	Department Manager
€1,000-€10,000	Department Head
€10,000-€50,000	CFO
Over €50,000	CEO

Payment Terms

Vendor Type	Standard Terms
Contractors	Net 15
Suppliers	Net 30
Utilities	Net 30
Professional Services	Net 30

Financial Reporting

Internal Reports

Report	Frequency	Audience	Content
Flash Report	Weekly	Leadership	Key metrics snapshot
P&L	Monthly	Leadership	Income statement
Balance Sheet	Monthly	CFO	Financial position
Cash Flow	Monthly	CFO	Cash movements
Variance Analysis	Monthly	Leadership	Budget vs. actual
Board Package	Quarterly	Board	Comprehensive review

Board Package Contents

Executive Summary (1 page)
- Key highlights
- Critical issues
- Decisions needed
Financial Performance (3-4 pages)
- P&L with variance analysis
- Balance sheet
- Cash flow
- Key metrics dashboard
Operational Metrics (2-3 pages)
- Product metrics
- Customer metrics
- Team metrics
Strategic Updates (2-3 pages)
- Product roadmap progress
- Market developments
- Competitive landscape
Appendix
- Detailed financials
- Supporting data

Investor Reporting

Report	Frequency	Content
Monthly Update	Monthly	Key metrics, highlights
Quarterly Report	Quarterly	Detailed performance
Annual Report	Annually	Comprehensive review

Cash Management

Cash Flow Forecasting

13-Week Cash Flow Model

Week	Beginning Cash	Inflows	Outflows	Ending Cash
1	€X	€X	€X	€X
2	€X	€X	€X	€X
...	...	...	...	...
13	€X	€X	€X	€X

Cash Inflows

Source	Timing	Predictability
SaaS Subscriptions	Monthly	High
Project Payments	Per milestone	Medium
Academy Tuition	Per cohort	Medium

Cash Outflows

Category	Timing	Predictability
Payroll	Bi-weekly/Monthly	High
Rent	Monthly	High
Vendors	Per terms	Medium
Taxes	Quarterly	High

Treasury Policy

Cash Reserves

Reserve	Amount	Purpose
Operating	3 months OpEx	Day-to-day operations
Emergency	1 month OpEx	Unexpected needs
Strategic	Variable	Opportunities

Investment Policy

Investment Type	Allowed	Limit
Money Market	Yes	No limit
Government Bonds	Yes	50% of reserves
Corporate Bonds	No	-
Equities	No	-

Tax & Compliance

Tax Calendar (Hungary)

Tax	Frequency	Due Date
VAT	Monthly	20th of following month
Corporate Tax	Quarterly	20th of following quarter
Payroll Tax	Monthly	12th of following month
Annual Return	Annually	May 31

Compliance Checklist

Monthly

VAT return filed
Payroll taxes paid
Bank reconciliations complete
Expense reports processed

Quarterly

Corporate tax payment
Board meeting minutes
Regulatory filings

Annually

Annual financial statements
Tax return filed
Audit completed (if required)
Corporate registry updates

Data Type	Retention	Protection
Customer invoices	7 years	Encrypted storage
Employee payroll	7 years	Access controlled
Bank statements	7 years	Encrypted storage
Tax records	10 years	Secure archive

Procurement

Vendor Management

Vendor Onboarding

Vendor Categories

Category	Examples	Review Frequency
Strategic	Cloud providers, key tools	Annually
Operational	Office supplies, utilities	Bi-annually
Professional	Legal, accounting	Annually
Contractors	Freelancers	Per engagement

Purchase Process

Amount	Process
Under €500	Direct purchase
€500-€5,000	Purchase request
€5,000-€25,000	2 quotes required
Over €25,000	RFP process

Payroll & Benefits

Payroll Schedule

Country	Frequency	Pay Date
Hungary	Monthly	Last business day

Payroll Process

Day	Activity	Owner
-10	Timesheet deadline	Employees
-7	Payroll preparation	HR + Finance
-5	Payroll review	CFO
-3	Payroll submission	Finance
0	Pay date	Bank

Benefits Administration

Benefit	Administration	Frequency
Health Insurance	External provider	Monthly
Pension	Government + private	Monthly
Stock Options	Internal	Per grant
Training Budget	Internal	Per request

Risk Management

Financial Risks

Risk	Likelihood	Impact	Mitigation
Cash shortfall	Medium	High	18-month runway target
Currency exposure	Low	Medium	EUR-denominated contracts
Customer concentration	Medium	High	Diversification strategy
Fraud	Low	High	Internal controls

Internal Controls

Control	Purpose	Frequency
Segregation of duties	Prevent fraud	Ongoing
Bank reconciliation	Verify accuracy	Monthly
Expense approval	Control spending	Per transaction
Access controls	Protect data	Quarterly review

Insurance Coverage

Type	Coverage	Annual Premium
D&O	€2M	€X
Professional Liability	€1M	€X
Cyber	€1M	€X
General Liability	€500K	€X
Property	Replacement value	€X

Fundraising Support

Investor Materials

Document	Purpose	Owner
Financial Model	Projections	FP&A
Data Room	Due diligence	CFO
Cap Table	Ownership	CFO
Board Deck	Updates	CFO + CEO

Due Diligence Preparation

Financial Documents

Legal Documents

Operational Documents

Customer list
Vendor list
Organization chart
Product roadmap

Tools & Systems

Finance Stack

Tool	Purpose	Owner
Trello	Invoice tracking, expense approvals	Finance Team
Notion	Financial documentation, reporting	FP&A
Excel/Sheets	Modeling, analysis	FP&A
Stripe	Payments	Finance
Slack	Team communication	All

Reporting Calendar

Monthly Schedule

Day	Activity
1-10	Month-end close
11-15	Management reporting
16-20	Variance analysis
21-25	Forecast update
26-30	Planning & projects

Quarterly Schedule

Week	Activity
1	Quarter-end close
2	Board package preparation
3	Board meeting
4	Quarterly planning

Invoice Best Practices

Invoice Management (Trello)

Create invoice cards within 24 hours of service delivery
Set payment terms consistently (Net 30 default)
Move to Overdue and send reminders at 7, 14, and 21 days
Escalate to CFO at 30+ days overdue
Update Notion with payment records weekly

Expense Management

Expense Type	Approval Required	Limit
Software subscriptions	Manager	€100/month
Travel	CFO	€500/trip
Equipment	CFO	€1,000
Training	Manager	€500
Client entertainment	CFO	€200

Monthly Close Checklist

Reconcile all bank accounts (Notion)
Review accounts receivable aging
Process all expense reports
Accrue for unbilled revenue
Generate P&L and Balance Sheet
Update cash flow forecast
Prepare management report (Notion)

Document Version: 1.1
Last Updated: December 2024
Owner: CFO (Abdulwahab A)
Review Cycle: Quarterly

Overview​

Finance Tool Stack​

Trello Finance Workflow​

Chart of Accounts (Notion Database)​

Slack Channels for Finance​

Daily Finance Workflow​

Weekly Finance Rituals​

Integrations​

Team Structure​

Finance Organization​

Financial Planning & Analysis​

Annual Planning Cycle​

Budget Process​

Budget Template Structure​

Budget Approval Thresholds​

Forecasting​

Forecast Cadence​

Forecast Methodology​

Financial Metrics​

Key Performance Indicators​

SaaS Metrics​

Accounting Operations​

Chart of Accounts​

Monthly Close Process​

Revenue Recognition (ASC 606)​

Recognition Criteria​

Contract Review Checklist​

Accounts Receivable​

Invoice Process​

Collections Escalation​

Accounts Payable​

Invoice Approval Workflow​

Approval Matrix​

Payment Terms​

Financial Reporting​

Internal Reports​

Board Package Contents​

Investor Reporting​

Cash Management​

Cash Flow Forecasting​

13-Week Cash Flow Model​

Cash Inflows​

Cash Outflows​

Treasury Policy​

Cash Reserves​

Investment Policy​

Tax & Compliance​

Tax Calendar (Hungary)​

Compliance Checklist​

Monthly​

Quarterly​

Annually​

GDPR Compliance (Finance)​

Procurement​

Vendor Management​

Vendor Onboarding​

Vendor Categories​

Purchase Process​

Payroll & Benefits​

Payroll Schedule​

Payroll Process​

Benefits Administration​

Risk Management​

Financial Risks​

Internal Controls​

Insurance Coverage​

Fundraising Support​

Investor Materials​

Due Diligence Preparation​

Financial Documents​

Legal Documents​

Operational Documents​

Tools & Systems​

Finance Stack​

Reporting Calendar​

Monthly Schedule​

Quarterly Schedule​

Invoice Best Practices​

Invoice Management (Trello)​

Expense Management​