Ensuring quality accounting every week is simple execution: 📝Weekly Accounting runs a short set of weekly checks, most paired in brackets with the evidence that shows the check is done.
- Accept all downloaded transactions [Is it done? Last transaction date.]
- Revenue recognition system [daily customer balance roll-forward]
- Payroll journal entry system [clocked hours and estimated payroll compared to the last payroll journal entry]
- A new vendor triggers the 📝New Vendor Approval Process
- Schedule of vendors who haven't completed the new vendor process
- Bank balance matches book balance
- Month-end reconciliation checklist completed
- Wide variance on an amount in an account
- Data in the Ask account
These checks extend the 📝Weekly Bookkeeping Checklist. Behind them, 📝DataLinks ingests the data from every app of every portfolio company into 📝BigQuery. From that data, the team:
- Updates a daily 📝Integrated Financial Model (IFM)
- Reports a weekly IFM color chart, the 📝Monday Morning Metrics (MMM) look at every portfolio company every week
- Closes the month
- Produces a standard monthly financial report