Bookkeeping and Accounting for Food Entrepreneurs

We are well-positioned to grow with you through each stage, from venture capital to private equity to ultimate exit. Demand and supply planning is critical to ensure an efficient supply chain at minimum costs to serve markets. Typically, demand and supply planning is disaggregated across multiple departments such as manufacturing, sales, etc., and spans multiple systems, preventing an end-to-end view of the entire supply chain. A fine balance between reducing inventory costs, working capital, and lost sales require inputs from multiple sources and exhaustive analysis to get optimal results.

This includes using eco-friendly packaging materials, reducing waste, and adopting sustainable sourcing practices. The consumer packaged goods (CPG) industry faces several challenges that require companies to constantly adapt and innovate to remain competitive. Our client is an early stage CPG firm looking to add a VP of Finance to their growing team. The ideal candidate would be a Controller looking to make the next step in their career and who comes from a CPG background and also has finance experience.

CPG insights right out of the gate.

Infosys has a robust portfolio of clients supported across multiple shifts and geographies, enabling significant cost savings. As a hypergrowth CPG company started to sell its products across big box retail stores, it saw a manifold increase of its customer base. Additionally, its parent company was providing funding that was used almost immediately to pay for outstanding payables, as customer payments weren’t coming in quick enough. The business needed to streamline its accounting functions to get visibility and control over its AR. The company partnered with Accelerated Growth to keep on top of collection effectiveness and ensure timely payments.

They can muddle through things in QuickBooks Online for a certain amount of time, but add co-packers, trade spend deductions, distributors, and/or manufacturer charge backs and things become instantaneously overwhelming. Your team, from leadership to sales to finance and accounting, needs a deep understanding of the process and the importance of each step to enable proper, accurate treatment. The real value lies in the ability to forecast each activity and understand spend to guide proper accruals that lead to accurate financials. Without the deep knowledge, you could be spending too much or too little or not have an awareness in a shift in these expenses. To be successful, CPG business owners should partner with an outsourced bookkeeping and accounting firm that has industry-specific expertise and experience.

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For a product-driven company in the food and beverage industry, a few focus areas that can help drive understanding, actionable information and strategy are thorough reviews of discounts and allowances and Cost of Goods Sold (COGS). This process ensures everyone is aware of what is held on the balance sheet and can manage the balances properly. Without a strong knowledge of the balance sheet and well-documented accounts, a company can’t be sure that its income statement is accurate. The balance https://www.vizaca.com/bookkeeping-for-startups-financial-planning-to-push-your-business/ sheet is not as exciting as the income statement, but it is where the accuracy in the income statement is derived. They include your cash on hand, inventory information, equipment, accounts receivable, and other types of business transactions and assets. Keeping a tight rein on your trade costs helps you create and allocate budgets based on hard, cold data—and the actuals from accounting— and update your forecasts and budgets to reflect the most accurate and up-to-date information.

As you get more retail partners for your brand, managing trade spend becomes more critical in your daily operations. You’ll have multiple partners—each with their own promotions, spend calendars, order volumes, and deductions. A majority of CPG companies find it a challenge to manage logistics across multiple vendors, manufacturing locations, distribution centers, Carrying and Forwarding (C&F) locations, distributors, and dealers. Our solution enables efficient data management of transport vendors and contracts management with new transporters through research and analytics. Therefore, the goal was to leverage the expertise of accounting and financial experts to keep track of the cash that the customers owed and to ensure customer payments were collected more consistently. Empower your customer service team to speedily and accurately resolve service requests with real-time visibility into order status and proactive alerts to potential issues.

Multichannel Product Staging

This will be a fast paced role with lots of hands on work and will require someone with a start up mentality. Operate with a real-time view across your business to fulfill on-time and deliver on your customer expectations. Rising supplier costs, global shortages, and the drive for sustainability add new challenges to your procurement operations. How GE Healthcare eliminated incorrect payments in Accounts Payable and increased free cash flow by $1.3 billion. In order to spend wisely, you need to be able to anticipate deductions coming in from every possible avenue, from the deals made by sales reps and brokers to deductions taken for prior-year events. Finally, provide employees with documented processes so they understand how to consistently apply policy and workflows.

Whether a client’s business is in their kitchen or they have multiple co-packers, engagements can be as simple or complex as needed. Another challenge facing the CPG industry is the rising cost of raw materials and transportation. As the cost of commodities such as oil, metals, and agricultural products increases, companies face pressure to maintain profitability while keeping prices affordable for consumers. This can lead to a delicate balancing act between cost management and maintaining product quality. Infosys’ trade promotions management (TPM) solution maximizes effectiveness across the TPM process – planning, execution and monitoring promotions.

Multiple legacy systems and the disseminated ownership of item attributes complicate the maintenance of accurate data records. The need to reduce costs and achieve process efficiencies in the F&A space drives the CPG industry to outsource the
Finance & Accounting (F&A) function. Infosys’ offerings in this space address issues such as the high costs of F&A services, need for high-quality service, and need for automation through the implementation of technology enablers. The company’s accounting function was fraught with operational inefficiencies given the lack of invoicing and collection systems. Increasing customer volume combined with unique customer requirements for invoice submission made it difficult to monitor collections and get insight into its overdue invoices.

• This information takes time to set up, but once you do, it pays dividends in the long run.
• Once a team has been assigned to an engagement, they work closely with the business owner to understand the business’ financial history as well as the business owner’s goals for the future.
• We help develop a proper financial and tax foundation that can support the rapid growth of your brand.
• Don’t settle for a bookkeeping solution that can’t help navigate manufacturer charge backs, profitability of distributor relationships, and analyze margins by SKU.
• The position is part of a shared services department and reports to and works closely with the Controller.
• A CFO’s role involves enhancing transparency in current financial processes while guiding the long-term strategic plan.

Overstocking can lead to increased storage costs, while understocking can lead to lost sales and reduced profitability. You can start the cash flow forecast today by managing and understanding what is going in and out of the company’s bank account. Then use those same inflows and outflows to map out the next week, month and quarter. Consider this a rough guide, so it doesn’t have to be perfect, but rather directional in nature. Learn how accounts receivable automation enhances the customer experience offered by CPG businesses and creates real dollar value impact. One of the biggest challenges facing the CPG industry is changing consumer preferences.