Requirements checklist
What to ask for when choosing software for virtual CFO firms.
A checklist built from how virtual CFO firms work, to print or save as a PDF and bring to any supplier meeting.
What the software should cover
Tick each one that matters to your business.
- Client entity register
- Retainer tiers and scope
- Month-end close checklist
- Management pack and commentary
- Budget and cash forecast
- Document requests and data room
- Hours, retainers and invoices
Roles that need their own access
Who logs in, and what each person may see or change.
- For partners
- For analysts and bookkeepers
- For client founders and finance contacts
- For the practice manager
Reports to ask for
Ask to see each one with your own sample data.
- Close progress by client, step and analyst
- Packs issued, late or awaiting review
- Budget against actual by client and version
- Cash forecast against actual receipts and payments
- Open document requests by client and age
- Hours logged against retainer tier by partner
- Retainers up for renewal, with fees invoiced and received
Systems it may need to connect to
Note which ones you already run.
- Calendar
- Accounting package export
- Bank statement files
Questions for any vendor
Put these to every supplier you are comparing.
- Does it replace the client’s accounting package?
- Can each client have a different close checklist?
- How does the document request list work?
- Can we version budgets and forecasts?
- Can we see which retainers earn their fee?
- Can clients log in?
- Does it give financial advice?
- Can client records be exported if we leave?
- How is it priced?
Where the work usually breaks today
Circle the ones you recognise. They set the order of the project.
- The close checklist differs by client
- Management packs are rebuilt by hand
- Document requests chase the founder
- Hours do not match the retainer tier
- Deliverable dates are scattered
Prefer to talk it through? See the virtual CFO firms page.