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Setup of financial and economic department

Setup of the financial and economic department — controlled finances, transparent reporting, and fast decision-making

As the business grows, so does the complexity of financial management. Reports are compiled across dozens of Excel files, month-end closing drags on, payments require manual approvals, and budgets exist “on paper” but don’t actually work. CFOs and owners lack real-time visibility: where the profit lies, where working capital is “burning,” how exchange rates and taxes affect performance, and which business lines drag margins down. When entering EU markets, additional requirements appear — for reporting, taxation, data protection, and compliance. As a result, decisions come too late, risks go uncontrolled, and the company’s value suffers.

We’ll build your financial function “turnkey” in Ukraine and the EU: reporting, budgeting, treasury, and controlling — transparent, predictable, and fully aligned with the owner’s interests.

Why it’s convenient and safe with us:

Focus on decisions, not paperwork.

Policies and reports are created not for folders — but for management decisions and business value growth.

One language for owners, CFOs, and operational teams.

We translate strategic goals into numbers and daily routines.

Ukraine + EU expertise.

We account for regulatory and tax differences, aligning reports with formats accepted by banks and investors in both jurisdictions.

Confidentiality and transparency.

Clear data access, a transparent work plan, regular updates, and measurable results.

Our solution — a full setup of the financial and economic function (FE function) from scratch or a complete re-engineering of the existing one.

We design the target model, implement processes, regulations, and metrics, set up management accounting and budgeting, and establish a working treasury and payment discipline cycle. Everything is aligned with the owner’s goals — clear rules, defined roles, and readiness for scaling and audit. What we do:

Diagnostics and goals.

We quickly assess the maturity of the financial function, identify bottlenecks, and define priorities: closing speed, data quality, margin control, liquidity, and investor/bank readiness.

Org model and roles.

We build the FE structure (CFO/FP&A/controlling/treasury/accounting), define RACI, responsibilities, approval matrix, and limits.

Processes and regulations.

We develop end-to-end P2P (procure-to-pay), O2C (order-to-cash), R2R (record-to-report), and T2T (treasury) processes. We establish key policies: management accounting, credit, advance reporting, payment calendar, and internal controls.

Management accounting and reporting.

We configure the chart of accounts and analytics, profit/cost centers, and breakdowns by products, channels, and markets. We prepare management reports (P&L/BS/CF), KPI dashboards (profitability, gross/operating margin, turnover, DSO/DPO/DOH, ROCE).

Budgeting and plan-fact control.

We implement an annual budget and rolling forecast, set up plan-fact analysis, adjustment rules, and accountability mechanisms for managers.

Treasury and liquidity.

We centralize payments, set up payment calendars, limits, balance and covenant controls, and scenario modeling for cash gaps.

Taxes and compliance.

We align management data with Ukrainian and EU standards (VAT, transfer pricing, IFRS bridge), establish basic controls and documentation.

Tools.

We work with your existing systems; if needed — we prepare a technical specification for ERP/BI implementation (deployment of management accounting systems is available as a separate service).

Want to understand where your business is losing money and time?

Results and benefits for your business

By working with us, you will see tangible results:

Transparent business economics.

Clear visibility of where value is created — and where margin is lost.

Budget and payment discipline.

Predictable cash flows, control over obligations and covenants.

Fast and accurate decisions.

Reliable data and metrics, reduced manual work and errors.

Readiness for financing and investment.

Management reporting and processes aligned with bank and investor standards.

Scalability.

The financial function is ready for growth and market expansion — without “chaos in the numbers.”

Ready to take the next step?

Need a financial function that drives business growth?

Request a diagnostic session — get a priority map and an actionable plan to organize your company’s finances.

Questions and answers

Your question remains
unanswered?

Request a consultation

Is this service suitable for mid sized businesses?

Yes, implementing a financial function is equally valuable for SMBs and growing company groups: it accelerates decision-making and reduces risks.

What’s required at the start?

Access to current reports, plans, contracts, policies, and bank statements; defining the owner’s goals and key KPIs.

How does management accounting differ from bookkeeping?

Management accounting answers the question “how we earn and where we lose” in relevant breakdowns, while bookkeeping focuses on compliance and taxes.

Ukraine/EU — are there differences?

Yes, in taxation, reporting, and compliance. We take local requirements into account and prepare reports in formats accepted by banks and investors in both jurisdictions.

Other services

Transaction support and compliance

Legal transaction support Due diligence M&A transactions KYC/AML outsourcing

Corporate finance and consulting

Implementation of management accounting IT systems Management accounting setup and audit Implementation of budgeting Investment project analysis Setup of financial and economic department Development of organizational, legal, and financial structure

Project support

International Commercial Law Business and market development consulting Lean Management Management of individual company projects

Financial and economic function setup — a comprehensive implementation of a company’s financial system: organizational model, processes, regulations, management accounting, budgeting, treasury, and controlling.
The goal is to provide business owners and management with a transparent view of the company and fully controlled finances. The service is especially relevant for companies operating in Ukraine and entering the EU market, where reporting, tax, and compliance requirements are higher.

Scope of work

Financial department organization: role distribution (CFO, FP&A, controlling, treasury, accounting), RACI, limits, and approval matrix.
P2P/O2C/R2R/T2T processes: procure-to-pay, order-to-cash, record-to-report, treasury-to-treasury; regulations and control procedures.
Management accounting: chart of accounts and analytics, profit/cost centers, P&L/BS/CF reporting by segments, KPI dashboards (margin, turnover, DSO/DPO, EBITDA, ROCE).
Budgeting and plan-fact control: annual budget, rolling forecast, adjustment rules, management accountability, regular variance analysis.
Treasury: payment calendar, limits, balance control, working capital management, scenario analysis of cash gaps.
Tax and compliance: alignment of management data with accounting/tax records, VAT, transfer pricing, audit preparation, and if needed — IFRS bridge.

Technical details

Documents and artifacts: management accounting policy, budgeting and payment discipline policies, process regulations, reporting templates, month-end closing calendar, KPI catalog, limits and authority matrix.
IT integration: we work with the client’s existing systems; if required, we prepare technical specifications for ERP/BI and data integration (system implementation is a separate service).
Accounting dimensions: products, channels, regions, projects, clients — ensuring end-to-end analytics from primary documents to management reporting.

Transactional support and compliance