Purchasing
Nu Quantum is a quantum hardware start-up, based on developing physical hardware prototypes and products. This means a robust and efficient purchasing process is required to acquire consumables, materials and large CAPEX for our lab based operations.
Sourcing and Approvals
The process of sourcing purchases is managed by the requestor with new suppliers assessed and evaluated by the Finance Manager. Purchases are then approved either departmentally (e.g. General Office by the Head of Operations) or via the technical project team (e.g. IDRA purchases by the IDRA Programme Manager).
Nu Quantum utilise the ApprovalMax platform for managing approval workflows.
Purchase Order
Purchase order is our preferred method of purchasing. These are automatically generated once approval has been granted and sent to a limited set of suppliers directly by ApprovalMax where possible; or sent to the supplier by the requestor/Finance Manager from Nu Quantum.
The purchase Orders are also fully visible on Xero and include a fully audit trail.
Goods In
Managing goods in is completed by the Office Manager and Lab Manager. Receipting is then reflected in ApprovalMax.
Invoicing
Invoicing and accounts payable is managed by the company finance manager directly, matching Invoices to Purchases orders on Xero. When an invoice is matched this shows on Approval Max as Billed.
Book-keeping and Company Secretarial
The Company uses Xero accounting software which is hosted by external accounting specialists, Max Accountants for month-end accounting. They manage the submission of VAT returns, the PSA return, the fixed asset registers, and all Company Secretarial filings.
Day to day book-keeping, sales invoicing and debtor collection, creditor management and banking is the responsibility of the company finance manager.
Payroll
The Company engages Max Accountants to manage the payroll using myePayPortal. Payslips are generated and accessible to staff by myePayWindow. Salary BACS payments are set up on Teleroo.
HiBob is used for general HR functions.
Budgeting
Company wide budgeting is completed annually during August for Board approval and Investor consent during September, for the following financial year. Project budgets are managed by the assigned Project Manager and spend is reviewed regularly against budget with Senior Management and the Technical lead on the project.
Year end
Max Accountants provide year end services, producing annual accounts for filing at Companies House and completing the corporation tax filing, ensuring available reliefs are maximised including R&D tax credits and supporting computations and narrative are correctly submitted to HMRC.
Treasury
The Company has accounts at HSBC and Revolut, and has recently opened an account at a second major bank, JP Morgan. HSBC is the main operating account. The Company maximises its interest income by investing surplus funds in short term money market deposits. The Company currently has no hedging policy as foreign exchange risk is minimal. This is expected to change as the Company scales. JP Morgan will provide banking facilities for Nu Quantum Inc, a wholly owned subsidiary recently incorporated in the US. The Company currently has no debt facilities with the banks.
Current Review of FinOps
We are currently conducting a review of many of the processes in preparation for post series A scaling. This review has been conducted by RORA. The changes to the above processes that will be made are:
- Payroll to be completed entirely by Nu Quantum. The payroll application will also change.
- Utilise Approval Max to its full functionality which will include Budgets for all projects and spends and invoice capture and direct payments.
- Dext will no longer be used as the same improved function exists in Approval Max.
- Revolut will also be changing to a new Debit card expense system for employees.
