How to Use This Framework
This health check gives you a structured, scored assessment of your finance function across five critical areas: reporting, controls, planning, people & systems, and investor readiness. It is designed for founders, CFOs and finance directors who want an honest picture of where their function is performing well and where it is exposed.
Work through each question and assign a score: 2 = fully in place, 1 = partially in place, 0 = not in place. Total your score across all 20 questions (maximum 40 points) and use the scoring table at the end to identify your band. The areas where you score lowest are your highest-priority actions.
Assessment Areas
Area 1: Financial Reporting & Close Process
Q1. Management accounts produced within 10 working days of month-end consistently
Q2. Board pack includes P&L, balance sheet, cash flow and KPI commentary every month
Q3. Annual accounts completed within 3 months of year-end without material audit adjustments
Q4. Finance team can produce a 13-week cash flow forecast within 24 hours when requested
Area 2: Controls & Governance
Q5. Dual authorisation required for all payments above a documented threshold
Q6. Segregation of duties: no single person can both initiate and approve payments
Q7. Monthly bank reconciliations completed and reviewed by a second person
Q8. Journal policy in place: all non-routine journals require preparer and approver sign-off
Area 3: Planning & Forecasting
Q9. Annual budget approved by board before the start of the financial year
Q10. Rolling 12-month forecast updated every month and presented to management
Q11. Financial model is driver-based: key assumptions are documented and linked to outputs
Q12. Scenario analysis (base, upside, downside) available and regularly reviewed by leadership
Area 4: People & Systems
Q13. Finance headcount and skills are appropriate for the company's current stage and complexity
Q14. Accounting system is fit for purpose: can produce reliable, auditable management accounts
Q15. Finance team performance reviewed regularly: clear roles, responsibilities and development plans
Q16. Key finance processes are documented: any team member absence does not create a critical gap
Area 5: Investor & Regulatory Readiness
Q17. Financial statements are audited or reviewed by an external accountant appropriate to stage
Q18. All regulatory filings (HMRC, Companies House, FCA if applicable) are up to date
Q19. Investor reporting is timely, consistent with financial data and includes forward-looking content
Q20. CFO or senior finance person has capacity to handle a due diligence process without disruption
