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Financial Controls Checklist

A checklist for financial controls.

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What's included

Cash Controls
- Bank reconciliation
- Payment approval
- Cash access
Revenue Controls
- Contract management
- Billing accuracy
- Collection procedures
Expense Controls
- Approval workflows
- Expense reporting
- Vendor management
Reporting Controls
- Close procedures
- Review processes
- Audit trails

Best used when

Building finance function from scratch
Preparing for first audit
Assessing control gaps
SOC 2 or compliance prep

Why this is Gold

Controls prevent problems. This checklist ensures appropriate controls.

The template

The Template

FINANCIAL CONTROLS PHILOSOPHY

Understanding Controls as Business Protection

FINANCIAL CONTROLS FUNDAMENTALS

WHY FINANCIAL CONTROLS MATTER:
☐ Protect company assets
☐ Ensure accuracy of financial data
☐ Prevent fraud and errors
☐ Enable audit readiness
☐ Support compliance requirements

CEO'S ROLE IN CONTROLS:
☐ Set tone at the top
☐ Support control implementation
☐ Review control deficiencies
☐ Ensure adequate resources
☐ Lead by example

THE CONTROLS REALITY:
"Controls aren't bureaucracy. They're
protection. At small scale, trust works.
At any meaningful scale, you need
controls to protect good people from
temptation and catch honest mistakes."

WHEN TO IMPLEMENT CONTROLS:
☐ Series A and beyond
☐ Before first audit
☐ When headcount exceeds 20-30
☐ When revenue exceeds $2-3M
☐ Before SOC 2 or compliance requirements

COMMON CONTROL MISTAKES:
☐ Relying on trust alone at scale
☐ Over-engineering controls (too complex)
☐ Under-engineering controls (too lax)
☐ Not documenting controls
☐ Not testing controls
☐ CEO bypassing controls

CONTROL PRINCIPLES:
1. Segregation of duties
2. Authorization levels
3. Documentation requirements
4. Reconciliation and review
5. Physical/logical access controls

COMPREHENSIVE FINANCIAL CONTROLS FRAMEWORK

Financial Controls Checklist

═══════════════════════════════════════
FINANCIAL CONTROLS CHECKLIST
═══════════════════════════════════════

COMPANY: _______________
Assessment Date: _______________
Assessed by: _______________

═══════════════════════════════════════
SECTION 1: CASH AND BANKING CONTROLS
═══════════════════════════════════════

BANK ACCOUNT MANAGEMENT:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Bank account opening requires board approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Authorized signers list maintained | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Bank statements received directly by reviewer | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Positive pay enabled (if checks used) | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

BANK RECONCILIATION:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Reconciliations completed monthly | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Reconciled by someone without payment access | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Reconciliations reviewed by management | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Outstanding items investigated | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Reconciliations retained | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

PAYMENT CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Payment approval matrix defined | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Supporting documentation required | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Segregation: initiator ≠ approver | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Dual approval for large payments | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Wire/ACH requires verification callback | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

PAYMENT APPROVAL THRESHOLDS:
| Amount | Required Approval |
|--------|-------------------|
| $0 - $5,000 | Manager |
| $5,001 - $25,000 | Director/VP |
| $25,001 - $100,000 | CFO |
| $100,001+ | CEO + CFO |
| Capital expenditure | Per budget + above |

ACCESS CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| User access list maintained | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Access reviewed quarterly | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Terminated users removed within 24 hrs | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Admin access limited | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| MFA enabled | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

═══════════════════════════════════════
SECTION 2: REVENUE CONTROLS
═══════════════════════════════════════

CONTRACT MANAGEMENT:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Contract signature authority defined | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Legal/finance review for non-standard | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Contract repository maintained | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Amendment process documented | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Pricing approval for discounts | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

DISCOUNT APPROVAL MATRIX:
| Discount Level | Required Approval |
|----------------|-------------------|
| 0-10% | Sales Manager |
| 11-20% | VP Sales |
| 21-30% | CRO |
| 31%+ | CEO |

BILLING CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Billing tied to contract terms | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Invoice accuracy reviewed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Credit memos require approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Refunds require dual approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Billing exceptions reviewed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

COLLECTION CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| AR aging reviewed weekly | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Collection procedures documented | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Write-offs require approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Cash application same-day | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Delinquent account escalation | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

═══════════════════════════════════════
SECTION 3: EXPENSE CONTROLS
═══════════════════════════════════════

VENDOR MANAGEMENT:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| New vendor approval required | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Vendor W-9/tax docs collected | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Bank info verified for ACH | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Vendor master changes reviewed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Vendor list reviewed annually | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

PURCHASING CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Purchase approval matrix defined | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Contracts reviewed before signing | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Three-way match (PO/receipt/invoice) | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Budget checked before approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

EXPENSE REPORT CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Expense policy documented | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Receipts required | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Manager approval required | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Policy compliance reviewed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| CEO expenses approved by board/CFO | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

CORPORATE CARD CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Card policy documented | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Individual spending limits set | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Receipts required for all charges | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Monthly reconciliation required | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Cards deactivated on termination | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

═══════════════════════════════════════
SECTION 4: PAYROLL CONTROLS
═══════════════════════════════════════

HIRING CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Hiring requires budget approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Offer letters approved by HR | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Compensation within bands | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Background checks completed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| I-9 completed on start | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

PAYROLL PROCESSING:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Pay rate changes require approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Payroll reviewed before processing | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Segregation: preparer ≠ approver | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Payroll register reviewed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Terminated employees removed timely | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

═══════════════════════════════════════
SECTION 5: FINANCIAL CLOSE CONTROLS
═══════════════════════════════════════

CLOSE PROCESS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Close calendar documented | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Close checklist used | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Account reconciliations monthly | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Reconciliations reviewed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Journal entries require approval | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

REPORTING CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Financial statements reviewed by CFO | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Variance analysis performed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Board reporting accurate | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Investor reporting reconciled | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| External reporting reviewed | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

═══════════════════════════════════════
SECTION 6: SYSTEM ACCESS CONTROLS
═══════════════════════════════════════

GENERAL IT CONTROLS:
| Control | In Place? | Documented? | Working? |
|---------|-----------|-------------|----------|
| Password policies enforced | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| MFA enabled for financial systems | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Access based on role | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Admin access restricted | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |
| Access reviewed quarterly | ☐ Y ☐ N | ☐ Y ☐ N | ☐ Y ☐ N |

SYSTEM-SPECIFIC ACCESS:
| System | Access Review Date | Issues | Owner |
|--------|-------------------|--------|-------|
| ERP/Accounting | | ☐ None ☐ Issues | |
| Banking | | ☐ None ☐ Issues | |
| Payroll | | ☐ None ☐ Issues | |
| Expense | | ☐ None ☐ Issues | |
| Billing | | ☐ None ☐ Issues | |

Control Assessment Summary

Area	Controls in Place	Controls Documented	Controls Working	Gaps
Cash/Banking	___/10	___/10	___/10	___
Revenue	___/10	___/10	___/10	___
Expenses	___/12	___/12	___/12	___
Payroll	___/8	___/8	___/8	___
Close	___/10	___/10	___/10	___
Access	___/8	___/8	___/8	___

Control Remediation Tracker

Control Gap	Risk Level	Remediation	Owner	Due	Status
	H/M/L				☐
	H/M/L				☐
	H/M/L				☐
	H/M/L				☐

Frequently asked questions

What is the Financial Controls Checklist?

A checklist for financial controls.

Who is the Financial Controls Checklist for?

It is built for CEOs and their teams working on Finance Operations. The AI coach adapts it to your company, stage, and goals.

How long does the Financial Controls Checklist take to use?

It saves roughly 35+ hours versus building from scratch. Our AI coach can tailor the checklist to your situation in minutes, then hand you a step-by-step plan.

Is the Financial Controls Checklist free?

Yes. You can read the full checklist and start getting coached through it for free. Sign in to save your tailored version and track your next steps.

How does the AI coach help with the Financial Controls Checklist?

The coach teaches you the framework, asks a few questions about your business, tailors the checklist to you, and gives you measurable next steps to execute.