--- title: Upscale 5.0 - Finance Leads description: As a scaling company, you’re often running against the clock. And, as the leader of a scaleup, it’s likely that hiring is your number one pain point, with up to 30–40% of your time spent on recruitment. image: https://notes.technation.io/hubfs/CFO.jpeg --- [![Tech Nation Solar](https://notes.technation.io/hubfs/TechNation%20January%202020/Images/tech-nation-header-logo-cropped.svg)](https://technation.io/) - [Home](https://technation.io/) - [Programmes](https://technation.io/programmes/) - - [Growth Programmes](https://technation.io/programmes) - - Early Stage - [Founders’ Network](https://technation.io/programmes/founders-network/) - [Rising Stars](https://technation.io/programmes/rising-stars/) - Mid Stage - [Upscale](https://technation.io/programmes/upscale/) - Late Stage - [Future Fifty](https://technation.io/programmes/future-fifty/) - - [Fintech](https://technation.io/programmes/fintech/) - [Cyber](https://technation.io/programmes/cyber-security/) - [Applied AI](https://technation.io/programmes/applied-ai/) - [Resources](https://technation.io/resources/) - - [Resources](https://technation.io/resources/) - - - [Digital Business Academy](https://technation.io/resources/digital-business-academy/) - [Immersion](https://technation.io/resources/tech-immersion/) - - [Scaling Guide](https://technation.io/the-ultimate-guide-to-scaling/) - [Scaleup Glossary](https://technation.io/resources/scaleup-glossary/) - - [Government Resources](https://technation.io/resources/government-resources) - [Brexit guide](https://technation.io/resources/brexit-readiness-business-guide/) - - [Fintech collaboration toolkit](https://technation.io/resources/fintech-collaboration-toolkit/) - [Insurtech Standards](https://technation.io/insurtech-standards/) - [Guide to AI](https://technation.io/guide-to-ai/) - [Reports](http://technation.io/insights) - - [Reports](https://technation.io/insights/) - - [Tech Nation Report 2019](https://technation.io/report2019) - [Tech Nation Report 2018](https://technation.io/insights/report-2018/) - [Tech for Social Good](https://technation.io/insights/tech-for-social-good/) - - [A Bright Tech Future report](https://technation.io/bright-tech-future/) - [The Unicorn Update](https://technation.io/news/uks-digital-tech-sector-has-created-one-tech-unicorn-a-month-for-last-year/) - [Data Commons](https://datacommons.technation.io/home) - [Visa](https://technation.io/visa/) - - [Visas](https://technation.io/visa) - - [Tech Nation Visa](https://technation.io/visa) - [Startup and Innovator Visa](https://technation.io/visa/startup-and-innovator/) - - [Alumni Network](https://technation.io/tech-nation-visa-alumni-network/) - [UK regions](https://technation.io/about-us/national-network/) - - [UK regions](https://technation.io/about-us/national-network/) - - - [East of England](https://technation.io/about-us/national-network/east-of-england/) - [North West](https://technation.io/about-us/national-network/north-west/) - [Northern Ireland](https://technation.io/about-us/national-network/northern-ireland/) - - [London](https://technation.io/about-us/national-network/london/) - [South East](https://technation.io/about-us/national-network/south-east/) - [Scotland](https://technation.io/about-us/national-network/scotland/) - - [Midlands](https://technation.io/about-us/national-network/midlands/) - [South West](https://technation.io/about-us/national-network/south-west/) - [Wales](https://technation.io/about-us/national-network/wales/) - - [North East](https://technation.io/about-us/national-network/north-east/) - [Yorkshire](https://technation.io/about-us/national-network/yorkshire/) - [News](https://technation.io/news/) - [Events](https://technation.io/events/) - [About us](https://technation.io/about-us/) - - [About us](https://technation.io/about-us/) - - [Alumni](https://technation.io/programmes/alumni) - [Partnerships](https://technation.io/about-us/partnerships/) - [Press](https://technation.io/about-us/press/) - [Jobs](https://technation.io/about-us/jobs/) - - [Contact Us](https://technation.io/contact-us/) - [Fintech Delivery Panel](https://technation.io/about-us/fintech-delivery-panel/) - [Lawtech Delivery Panel](https://technation.io/about-us/lawtech-panel/) × Search Search # Upscale 5.0 - Finance Leads ![Liam Ward](https://app.hubspot.com/settings/avatar/8c975dde3657bd69f95758936c2834b3) [Liam Ward](https://notes.technation.io/blog/author/liam-ward) , July 9, 2020 ⏱ 4 min read ![](https://notes.technation.io/hubfs/CFO.jpeg) The session will bring together marketing leads from the rest of the cohort to discuss when and how to scale your finance team, managing your cash flow and forecasting as you scale. It will also be an opportunity to create a community of like-minded Finance Leads who can support you as you scale and share best practices. **Scale Coaches:** - [Neil Alexander](https://uk.linkedin.com/in/neil-alexander-66895618) - CEO, Nutmeg - [David Blacher](https://uk.linkedin.com/in/davidblacher) - Partner, RSM **Session Takeaways:** - Insights on scaling and building out your Finance team - Managing cash flow - Tips on forecasting as you scale  - Hear from an experienced CFO on the challenges of scaling and frameworks to support growth - Understand tools/processes used at scale - Understand peer challenges and approaches that you can tailor to your situation - A network of Finance Leads to support you as you scale!   --- #### **> SESSION NOTES** **SCALING AS A FINANCE LEAD** *with Neil Alexander, Nutmeg* --- **Structuring a finance team for scale**: **How to structure a finance team for scale** When thinking about structuring a finance team for scale, it’s important to be sure on what you want the finance team to deliver and what goals you want to achieve. Understanding which core specialist skills are needed is key, as there will be some functions that will be outsourced. A great place to start is Integrating your finance function into the whole business to avoid Finance as a Function (FaaF) - this gives you a great opportunity to see every aspect of the business and learn more. **Process is crucial ** Good process is everything for scale. It’s important to think about what data you want to gather and ensure it is systematic so that it is easier to make transitions between systems in the future. Keeping the long term vision for your finance function in mind to create those processes will make a big difference, especially keeping a great accounts payable and receivable process. **Employing the right people for a high functional team** - High Emotional intelligence is critical  - Common sense and brains - Test people - Curiosity and problem solving - “A fish rots from the head” **Key hires for scale ups** - Depends on type of business, e.g. if your business is in procurement, accounts payable is crucial - Hire the best person you possibly can, even if that means spending a bit more than you set out to as it will be worth it in the long run **Forecasting in a scale up:** Data and processes need to be set up correctly or forecasting will become a lot harder. Think about what data sets you need to collect and understand the economics of your business, for example look at the Representation of contribution margin or Break Even analysis.  Ask questions such as  - How does business work? - What does the supply chain look like? - What are the costs incurred? Consider data such as sales pipeline, open purchase orders, actual sales, and actual costs. This can all be done on excel and then moved into a different system at a later date. **Managing cash flow** Cash flow needs to be managed very carefully so don’t be afraid to look longer term all the time, even a few years ahead. Since it involves getting down to huge levels of detail, it will take a lot of time, effort and testing. Work across the business so that all teams can go through their actuals and feed into the model on a monthly basis, then provide estimates in 3 month increments. It’s also beneficial to coach the whole business on being better at managing cash  i.e. it’s not just about the price all the time, think about payment terms too. --- **Developing as a CFO** **Be the role model** Utilise all the qualities mentioned for a high functioning finance team such as creativity, common sense, and problem solving. Be brutally honest with yourself about what your weaknesses are, knowing what you don't know will help you to work towards either filling your knowledge gaps of leaving certain things with specialists. **Be a yes person** If something needs to be done, put your hands up and do it as it will give you great experience and allows you to challenge yourself. It broadens your experience and gives a deeper understanding of how a business works. **Be the voice of reason** Sit back and listen, then ask the questions. Be the mediator and work in the business to bring it all together, engage that EQ. **Jack of all trades** As mentioned, a lot of things fall to the finance team, this gives you an insight of other areas of the business. **Relationships are crucial** Invest your time to build those relationships as you need to communicate clearly and engage. Talk to the senior people and everyone else as much as you can since you only get qualitative data by talking to others . **Shop window** It is critical to ensure that management reports are timely and accurate, as well as professionally presented. **Never assume** Don't be afraid to ask questions and to get to the truth of the matter. **Don't blag it** Investors will spot it and you will be caught out. **Integrity** This is a superpower as a finance person, you need to be trustworthy. **Don't DIY** Don't do everything yourself as it is not a sustainable long term plan. Hire great people to work with you that can fill in the gaps of your experience. **Say no** Need to be comfortable to say no, but explain why and suggest alternatives. **Pick your CEO** It won't work if you have completely contrasting and different styles, interview the CEO and much as they interview you **You are always going to find dead bodies!** Look for them immediately and dig them out as soon as possible, there will be some. --- **BREAKOUT DISCUSSIONS** **1) How is your finance team currently structured? How will this change over time?
** Think about when the right time to recruit is, not only at C suite level but a lower level that can support you in your day-to-day so that you can focus on other priorities. Outsourcing can only get you so far, think about in house sooner rather than later **2) What tools/technologies do you use as a Finance Lead?** - Xero - Excel - Tableau - G-Accon xero and google sheets - Receipt bank - Spotlight - Revolut - managing expense flows into Xero - Funnel.io brings information back from Marketing platforms to bring into Anaplan **
3) How is COVID-19 affecting you as a Finance Lead? How’re you managing the uncertainty?** - Finding new income streams given what has happened, how can you move into new areas to generate top line growth? - Management - being creative and helping the business develop while cogs are still turning in the finance function - Forecasting - Most are looking at forecasting the next 12 months, updating this process regularly either weekly or monthly - Investors are being supportive, even though they may want more information, it is expected - There are inconsistencies in what VCs are looking for, some focus on growth story while others are only interested in survival plans - Cost saving measures include talking to landlords, AWS projects, managing and evaluating subscription costs - - - - [mailto:?subject=Upscale%205.0%20-%20Finance%20Leads%20&%20body=https://notes.technation.io/blog/upscale-finance-leads](mailto:?subject=Upscale%205.0%20-%20Finance%20Leads%20&%20body=https://notes.technation.io/blog/upscale-finance-leads) [Upscale](https://notes.technation.io/blog/tag/upscale) ## Add your thoughts... [Upscale](https://notes.technation.io/blog/tag/upscale) # [Upscale 5.0 - International Expansion By Liam Ward, July 30, 2020 ⏱ 3 min read](https://notes.technation.io/blog/upscale-international-expansion) [Upscale](https://notes.technation.io/blog/tag/upscale) # [Upscale 5.0 - Hiring Talent By Liam Ward, July 9, 2020 ⏱ 7 min read](https://notes.technation.io/blog/upsale-hiring-talent) [Upscale](https://notes.technation.io/blog/tag/upscale) # [Upscale 5.0 - Operations Leads By Liam Ward, July 9, 2020 ⏱ 6 min read](https://notes.technation.io/blog/upscale-operations) ## Address Registered Address (not office): Tech Nation 20-22 Wenlock Road, London, N1 7GU. - Menu - [Home](https://technation.io/) - [Growth Programmes](https://technation.io/programmes/) - [Resources](https://technation.io/resources/) - [Insights](https://technation.io/insights/) - [Visa](https://technation.io/visa/) - [News & Events](https://technation.io/news/) - [About us](https://technation.io/about-us/) - [Contact us](https://technation.io/contact-us/) - [UK network](https://technation.io/about-us/national-network/) - [Privacy Policy](https://technation.io/privacy-policy/) - [Terms](https://technation.io/terms-and-conditions/) - [Cookies](https://technation.io/cookie-policy/) ## Become a partner If you’d like to become a commercial partner or sponsor, we have a range of programmes, reports, events and campaigns you could get involved in. [Find out more.](https://technation.io/about-us/partnerships) © Copyright 2020, Tech Nation. All rights reserved. [![Tech Nation](https://notes.technation.io/hubfs/TechNation%20January%202020/Images/tech-nation-footer-logo-cropped.svg)](https://technation.io/)