Tuesday, 30 January 2018
Hi! My name is Ric, and I joined Invisible as CFO on January 16. The company had been without a CFO since April of 2016. The urgent challenge has been to build an accounting system from the ground up, replacing the prior practice of preparing ad hoc analyses on spreadsheets. We will formally deliver our first unreviewed financial statements by February 16. But as early as the end of this week, we will also provide draft statements to key parties who have requested information.
I have reviewed all 2017 and 2018 transactions — downloading data directly from our banking services, uploading to cloud-based software, and reviewing classification. And I’ve reviewed supporting documentation (such as contracts, invoices). I have also reorganized the structure of our file naming and directories, to more efficiently support future accounting compilations, reviews, and audits.
W-2s and 1099s are being prepared for issuance tomorrow, 31st of January.
A calendar of upcoming tax and regulatory deadlines has been established.
This Q1, our priorities include new real time financial Dashboards, displaying operational metrics and forecasts. We will also transition from cash basis to accrual accounting.
Investment in R&D and innovation and systems will be accounted for separately from operating costs.
We will relentlessly increase the efficiency of all financial operations by implementing more and more of our own Invisible Technologies. We are automating ourselves — soon our bots will be doing my job! (The sooner the better).
All our processes will be defined in writing, measured, analyzed, and continuously improved.
The goals for the Finance function at Invisible are:
- to create high operating leverage through rigorous automation, and
- to support rapid and profitable growth.
I look forward to reporting (more thoroughly) on February in the first week of March!