Sonovate guide to Statement of Work

Key information you need to provide

What we need to see:

SoW Information

*We always advise that you send us any SoWs before they are signed so we can review them prior to them being sent to your client.

  • Bank details – these need to be listed as Sonovate on all invoices
  • Confirmation email from end-client confirming the work has been completed and uploaded to the portal and Sonovate Capital account copied in.
  • Dispute/Rebate process – what happens as and when there is a dispute
  • Engagement fee – If this is relevant, it must be detailed and ideally the following statement added signed by the consultancy (General Mills is an example Debtor)
  • Location – the location of delivery needs to be documented
  • Payment Terms – there should be listed as what the actual expected payment terms are i.e. 30 days, 45 days. If they are listed as 7 days for example then the invoice will become ‘aged’ very quickly and show as overdue.
  • Period of engagement / project / performance – dates need to be detailed clearly and if a Call Off Project that needs to be noted
  • PO/GRN – does the SoW require a PO/GRN and if so it should be noted that is the case.
  • Project Value – what is the value of the overall agreed project
  • Software licenses – clear detail around what the invoicing process is and any options for rebates (if there is an option)
  • Schedule of Work/Milestones – a list of proposed Schedule (if relevant) with proposed invoicing dates and values. it is preferable for the timescales to be listed as approximate rather than specific as allows some freedom if you complete the project early
    E.g. Startup, initiation, analysis/design, build/test, delivery, closure.
  • Signed – The SoW must be signed (We are happy to review an SoW prior to it being signed but to move forward me must have the signed version
  • Sign off – there needs to be detail around the sign off process for the milestone and ideally, a clause in the SoW which details the sign-off, who (or what department will sign it off) and how long they have to dispute the work

Milestones

*Once the first milestone has been completed you will be required to upload your invoice and evidence that the milestone has been completed / signed off by the client.

This must be in an email with the Sonovate Capital team cc’d and must state one of the conditions in the next column.

  • The work has been completed as per the SoW

OR

  • The invoice is being processed for payment

Ideally, we would like a formulaic response from end clients, but understand that this is not always possible so will show some flexibility on this point where necessary.

However, end-client approval should leave no room for interpretation and be explicit.

Financials

*These are the financial documents that we will need to review prior to registration with the Sonovate platform.

You can give us ‘view only’ access to your accountancy software (Once set up) alternatively you can send them via email.

  • Aged receivables / Aged debt / Sales ledger
  • Current status with Corporation tax (Screenshot from HMRC portal)
  • Current status with PAYE (Screenshot from HMRC portal)
  • Current status with VAT (Screenshot from HMRC portal)
  • Last financial year accounts
  • Most recent Management Accounts (including P&L and Balance Sheet)

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