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VCP - New Financial Year

When is a new Financial Year (FY) created in Untap?
When your company is first created, we keep a record of the starting month for the Financial Year.
On the 1st day of the month, Untap will create the new financial year for you.
The process will run in the early hours of the morning and the VCP for the new year will appear as the Current year.

What happens when a new FY is created?

Value Driver
value_driver.png		 Objectives
Objective.png		 Initiatives
initiative.png		 Risks
Risk.png		 Issues
Issue.png
What happens when a new FY is created?
  • All Value Drivers, Objectives, Initiatives, Risks and Issues from the current year will be copied to show in the new financial year.
  • The structure of where they are positioned in the Value Creation Plan will remain the same.
  • The owner, deputy and participants will show the same.
What do I need to do?
  • Review the Value Drivers, Objectives, Initiatives, Risks and Issues to make sure they still apply.
  • Remove any which are no longer required.
  • Create new Objectives etc which have been agreed.
  • Update the owner / deputy where applicable.
  • Make sure Objectives etc have Actions so they can progress.

 

KPIs
(Value Drivers & Objectives)
kpi_unpublished.pngkpi_published.png
What happens when a new FY is created?
  • The KPI configuration will be copied
    e.g. If you have a sales target of £120,000 per year to achieve £10,000 per month, this is copied to the new year. 
  • The start / end dates for the targets are updated to show the equivalent dates for the new financial year.
    e.g. Q1 2020 will show Q1 2021. 
  • If the original KPI shows as published/unpublished this will show the same symbol when copied over to the new financial year.
What do I need to do?
  • Check every KPI target to make sure the values / configuration is updated with the targets for the new year.  Remember: If the KPI showed a tick for last year, it will show a tick for the new year but this does not mean the targets have been reviewed and updated!
  • Make sure any KPIs showing the red spots have the targets published so a tick icon shows.
  • If a Value Driver / Objective exists which should not have KPI targets, consider if this should be an initiative instead.



Actions
Action.png
Not Started
0%		 In Progress

 Done
100%
Existing action moved
to the new financial year. 
Existing action moved to
the new financial year. 

Any progress added to an
Action will be kept.

Action will remain in the
original financial year
and does not get
moved / copied.
What do I need to do?
It's best practice for the Owners to review their Actions before the end of the financial year. 
Examples of things to check:
  • Are the owner / end dates / checklist items showing the right information?  
  • Are there any Actions showing as 100% completed but left in Progress?  
  • If an Action hasn't been started by the end of a financial year does it still apply?
Once the new FY has been created, double check your VCP to make sure all Objectives etc have actions for the year.

 

How do I move an Action to a different FY?
The Action Owner or Company Administrators should be able to move Actions.
Click on the 3 spots, select Move to and choose the year:
move_action.png

How can I check for Objectives missing KPIs or Actions?
Under Company > Dashboard we have a widget available called Value Creation Health.
Clicking on a Value will give a list of any Objectives which need to be reviewed and updated.
kpis_not_config.png