💸Finance

By leveraging powerful tools like HubSpot, Trello, Stripe, Ramp, and Gusto, we've streamlined our processes from sales to invoicing, accounts payable, payroll, bookkeeping, and forecasting. This article outlines how these processes work in harmony to maintain Hifive's financial health and operational efficiency.

Account Receivables: From Sales to Invoicing

Our sales process is seamlessly integrated with our financial operations. Here's how it works:

1. Sales Quotes: Sales teams create and send quotes to customers using HubSpot, complete with e-signature capabilities.

2. Closing Deals: Once a quote is signed, the deal is marked as closed-won in HubSpot, triggering the creation of a new Trello card on the Customer Invoicing board, under Closed-won deals.

3. Trello Card Customization: Sales adds crucial details to the Trello card, such as Billing Frequency, Emails, Pilot, Invoicing Period, etc.

4. Notification and Invoicing Process: Moving the Trello card to the New customer to be invoiced list triggers notifications to the #Hifive_finance Slack channel and an email alert to Finance. Finance then has 30 days to invoice the customer, facilitated by Stripe integration or manual follow-ups.

This process ensures that each step from sales to finance is tracked, automated where possible, and clearly communicated across teams.

Accounts Payable: Managing Subscriptions and Payments

We use Ramp for managing all subscriptions and payments:

• Creating Virtual Cards: For new subscriptions or services, we create virtual cards via Ramp.

• Access and Requests: Team members without Ramp access can request new virtual cards through [e-mail].

This streamlined process ensures that Hifive maintains control over its expenditures and leverages digital tools for efficient financial management.

Payroll: Simplifying Employee and Contractor Payments

Gusto is our one-stop solution for payroll, benefits, and HR:

• Autopay for US Employees: Ensures timely and automatic payment.

• Manual Payments: US contractors and international contractors are paid manually, ensuring flexibility and accuracy.

• Bi-monthly Schedule: Payroll is processed on the 1st and 15th of each month, keeping payments regular and reliable.

Bookkeeping: Keeping Our Books in Check

Finance is responsible for maintaining Hifive's financial transactions, with monthly reconciliations and reports to leadership. This disciplined approach ensures transparency and accountability in our financial operations.

Forecasting: Planning for the Future

Our forecasting process integrates data from QuickBooks, HubSpot, and a meticulously managed Google Sheet:

• Integration and Collaboration: By combining financial data with sales forecasts, we offer a comprehensive view of Hifive's financial health.

• Leadership Involvement: Sharing the forecast model with leadership prior to board meetings ensures informed decision-making and strategic planning.