Which finance processes and SOPs should a scaling company have?

A single consolidated calendar of all key deadlines across close, reporting, payroll, tax, and statutory filings with assigned owners.

All tasks finance performs by frequency (daily, weekly, monthly, year-end) and owner.

All repeating and manual journals posted, with defined owners and frequency.

Confirms who has what access, and who can post and approve.

A record of any tasks, reconciliations, or analyses currently in progress or unresolved for handovers.

A log of all active finance policies, when they were last reviewed, and who owns them.

Defines approval limits and values for purchases, payments, journals, and contracts.

Documents who in the finance team can do what, including posting transactions, approving them, and releasing payments.

Defines who can add or amend GL accounts, coding standards, and the review cycle for account structure.

A periodic check where the team reviews whether key financial controls are actually working in practice, with findings documented and shared with management.

Defines the full sequence of close activities, owners, and deadlines.

Covers who can prepare and post journals, what supporting documentation is required, and who reviews and approves before posting.

Sets out which accounts are reconciled, at what frequency, by whom, and how differences are resolved and signed off.

Documents the process for agreeing intercompany balances across entities and resolving mismatches before consolidation.

Covers preparation, review, and distribution of monthly management accounts to defined recipients.

Defines how costs and revenues that fall outside the current period are estimated, recorded, and reversed.

Reconciles cost of goods sold between operational systems and the general ledger at period end.

Defines how the business selects and onboards suppliers, including when competitive quotes are required and who has authority to commit the business to a contract.

Governs how new suppliers are created, approved, and maintained, including banking detail changes.

Defines when a purchase order is required, who can approve purchases at different spend levels, and how the order, delivery, and invoice are checked against each other before payment.

Covers how incoming invoices are received, assigned to the right cost category, approved by the right person, and recorded in the finance system, including what happens when there is an error or dispute.

Defines how often payments are made, who must approve each payment run, and what checks are in place before money leaves the business.

Sets out eligible expenses, receipt requirements, approval levels, and processing timelines.

A periodic check that what suppliers say the business owes matches what is recorded internally.

Defines how new customers are set up in the system, what information is required, and who approves changes to billing details or payment terms.

Covers how and when invoices are raised, what triggers invoicing, and the required documentation.

Defines the point at which a sale is recorded as revenue in the accounts, covering different sales types.

Sets out how overdue invoices are followed up, at what intervals, and how disputes are resolved.

Covers how customer returns and pricing disputes are handled, who can authorise a credit note, and how it is recorded.

Defines finance actions required when employees join, change role, or leave, including system access removal and final pay.

Defines who can make changes to payroll data such as salary adjustments, new starters, or bank detail changes, and what approval is required before each payroll run is finalised.

Covers the relationship with the external payroll provider, including what data is sent, in what format, by when, and how output is reviewed before payroll is released.

Documents inputs, approval of variable pay, processing steps, and sign-off requirements before submission to the payroll provider.

Covers GL posting of payroll, reconciliation of net pay, employer costs, and balance sheet payroll accounts at each period end.

Covers which banks the business uses, who manages those relationships, and how new accounts are opened or closed.

Defines who is authorised to operate bank accounts, what approval is required for payments above certain amounts, and how banking access is reviewed and updated.

Documents how foreign currency exposures are identified, reported, and managed across entities.

Defines how cash is moved between group entities, on what terms, and how intercompany loans are documented and priced.

Defines how often bank statements are reconciled against the finance system, who is responsible, and how unresolved differences are escalated and signed off.

Covers frequency, inputs, owner, and format for rolling cash flow forecasts.

Defines how inventory is valued in the accounts, which costing method is used, and how the policy is applied consistently across locations and product types.

Covers how physical inventory counts are planned and conducted, who is responsible, and how the results are reconciled against the system.

Defines how inventory balances in the operational system are reconciled against the finance system at each period end, and how differences are investigated and resolved.

Sets out how slow-moving, damaged, or expired stock is identified, approved for write-off, and removed from the balance sheet.

Covers how incoming stock is recorded when received and how returns to suppliers are processed and reflected in the finance system.

Defines how the business estimates the value of stock that may not be sold at full price, and how that estimate is reviewed and updated each period.

A record of all assets the business owns, including purchase date, cost, location, and current book value.

Defines what qualifies as a fixed asset versus a regular expense.

Sets out which depreciation method is used for each asset category, over what useful life, and how this is applied consistently each period.

Covers how new assets are approved, purchased, recorded in the register, and assigned to the correct cost category and owner.

Defines the process for retiring, selling, or writing off an asset, including who approves the disposal and how it is removed from the register and the balance sheet.

A periodic check that assets recorded in the register actually exist, are in the expected location, and are still in use.

A record of all active lease contracts, including asset type, lease term, payment schedule, and the corresponding right-of-use asset and liability values.

Covers how new leases are initially measured, recorded on the balance sheet, and how the liability and asset are unwound over the lease term.