Monthly Guide to Financial Management

Financial Management Timeline

Below is a typical monthly financial management process. This structure can be reviewed and adjusted to suit your organisation.

Day 1 to Day 31 — Day-to-Day (Ongoing)

Everyone

New Business Proposals

• Create proposed jobs
• Create a plan and estimate
• Send unapproved estimates to clients for approval

Client Acceptance

• Accept estimate
• Jobs go live
• Assign tasks to team members

Traffic Management

• Assign and reassign tasks
• Monitor workflow and task progress

Purchase Orders

• Raise purchase orders (POs) to suppliers

Delivery

• Complete timesheets against assigned tasks

Billings

• Create and log test invoices

Billings Forecast / Sales Pipeline

• Regular weekly/ongoing updates

Communication

• Record comments as WIP notes on each job

Reconciliations

• Perform weekly or monthly bank reconciliations

Day 1 to Day 26 (Cut-off Day)

Finance / Admin

Billings

• Ensure all client invoices are created and logged

Supplier Invoices

• Process all supplier invoices
• Match supplier invoices against approved POs

Receipt & Payment Processing

• Record all receipts and payments

Finalise Billing Forecast

• Complete billing forecasts for the month/period

Communication

• Record all WIP notes and updates on the job

Day 27 to Day 30 — Monthly Job Review

Account Managers and Finance / Admin

Job Review Preparation

• Account Managers review their jobs over 3–4 days

Create Worklists

• Set up worklists for each Account Manager with relevant columns (only required once)

Review Jobs

Use tools such as:

• Job Detail Report
• Job Status Report
• Job Tabs (Overview, Financial, Timesheets)

Review the following:

• Billings, POs, costs, and timesheets — compare actuals vs budget (accepted estimate)
• Check billing status — are all billable items invoiced?
• Report discrepancies or issues via WIP notes

Track Job Progress

• Compare budget vs actuals and billings
• Flag issues using WIP notes

Job Lifecycle Review

• Check job status:
  • Complete: Work is done, waiting on final billings/costs/timesheets
  • Dead: All work, billing, and recording is complete
• Communicate to finance which jobs can be closed

Monthly Catch-Up

• Account Managers and Finance meet to review jobs and billing status

Communication

• Continue recording comments, warnings, and status updates in WIP notes

Day 31 to 35 — Month End Wrap-up

Finance

Final Checks

• Bank reconciliations are complete
• Supplier invoices processed
• Client invoices logged
• Outstanding POs followed up

Job Lifecycle Finalisation

• Review flagged jobs marked for closure
• Confirm all billings, costs, and timesheets are recorded
• Mark jobs as dead

Final Processes

• Run GL verification and reconciliation test
• Perform soft roll
• Run and review WIP and accruals
• Review Profit & Loss, Balance Sheet, and Income Analysis reports
• Perform hard roll of JobBag into next period

Communication

• Final comments and WIP notes added to job records