Cifrova brings an assistant, a controller and financial operations software into the work around your accountant. The daily records feed the close. The monthly review turns the close into a conversation about the company.
Agree a reporting pack around the decisions you need to make.
In the first conversation, define the reports, their sources and the level of detail. A starting scope can include:
Results and margin
Revenue, costs and the result for the period, with the detail needed to investigate a change. Project, product or customer views depend on the available records and agreed cost allocation.
Cash and commitments
A view of cash movements and the commitments ahead. Forecasts need clear dates, sources and assumptions, so a possible receipt is distinguishable from a confirmed one.
Receivables and payables
Open invoices and overdue balances, with the issues requiring follow-up. The assistant helps organise the underlying document and transaction work.
Variances and next actions
The changes against the prior period and the agreed plan, explained in words. The review should end with a short list of decisions, owners and next steps.
From daily records to the monthly discussion.
- Organise the inputs. The assistant works on documents, bank matching and the missing information that would otherwise delay the month. Payment preparation remains subject to your approval.
- Review the close. The controller reviews the month alongside your accountant. Exceptions and outstanding questions remain visible, with someone responsible for resolving them.
- Explain the month. Review the report together: what changed, what caused it, what remains provisional and which action follows. Keep the reporting definitions consistent from one period to the next.
Set the scope before the first reporting cycle.
Agree the entities, accounts, reporting currency, timetable and responsibilities. For a UK business, bring your accountant into the discussion about the reporting basis and any connection with statutory work. The monthly management pack and filing responsibilities should each have a clear owner.
Questions to settle before you start.
Can we keep our accountant?
Yes. Cifrova works alongside the company's accountant. The first step is to agree who prepares the records, reviews adjustments, produces the management pack and handles the company's other accounting work.
Can we start with untidy records?
Use the first meeting to review the current position and the information available. Any initial clean-up, missing history or special reporting requirement needs to be included in the agreed scope.
Will we know when the report is ready?
Agree a target date and the information each person must supply. Also agree how provisional items and later corrections will be shown. A reporting date is useful when the responsibilities behind it are clear.