ACCOUNTING
We can help with the proper set up of your general ledger accounting system in addition to supporting all areas of accounting from overseeing A/P, A/R and the monthly close process to reconciling your balance sheet at the end of each month. We can publish a monthly reporting packet with variance analysis, comparing actual results to expected results (budget) and previous year’s results.
SETUP
CHART OF ACCOUNT STRUCTURE
Developing a proper chart of account structure is crucial to maintain your general ledger (GL) account structure at a level of detail consistent with industry best practice and GAAP compliance.
DEPARTMENT CODING OF OPERATING EXPENSES
Building out your GL with the proper departmental coding to ensure operating expenses are tracked and budgeted by functional area. Tracking operating expenses by functional area such as sales, marketing and production gives each functional area the ability to track their expenses against budget and make more insightful decisions in a timely manner. Like many things, this level of detail becomes a critical success factor as the business expands it’s footprint.
DIVISION CODING OF BILLBACK EXPENSES
Implementing divisional coding for billback expenses is vital for tracking expenses by state and distributor. This level of detail is a necessity for effective budgeting and measurement at the state and distributor level. Tracking all activity by distributor is another critical success factor, especially in industries like wine and spirits where sales territories operate independently, and state-level regulations and excise taxes can significantly impact pricing dynamics by territory.
PROCESS FLOWS FOR A STRONGER CONTROL ENVIRONMENT
Developing process flows is essential to establishing an acceptable control environment within the company. Establishing clear policies, procedures and protocols; the business can mitigate risks to an acceptable level. Moreover, a stronger control environment supports stronger compliance with regulations and a more efficient operating environment in general.
ON GOING SUPPORT
DAY TO DAY ACCOUNTING SUPPORT
Our accounting support includes, but is not limited to overseeing all aspects of A/P, handling invoice entries, and processing payments. Additionally, we manage accounts receivable, invoicing customers, and applying payments as needed. If coordination with third-party fulfillment houses such as MHW or Park Street is necessary, we take charge of setting up and managing these relationships from an accounting standpoint. Our monthly tasks include closing the general ledger , reconciling the balance sheet, and providing crucial support for potential audits. We supervise both the day-to-day accounting and human resources functions, ensuring efficiency and compliance across all operational areas.
OTHER SUPPORT
HUMAN RESOURCES, AUDITING AND INVESTOR UPDATES
Our human resource function falls within the accounting department, which include, but not limited to employee relations, hiring, benefits and payroll. Additionally, we provide audit support for any annual audits or one-off audits, regardless if regulatory or financial statement. We will always work hard to ensure the brands we work with maintain strong compliance with GAAP and all applicable regulations the business would be subject to. We also prepare investor updates as needed to stakeholders.
Operations
Our process includes product development, overseeing production, logistics, and supporting all areas of supply chain management.
Marketing
Our process includes defining your brand, developing a marketing strategy and supporting your day to day marketing needs.
Finance
Our process includes building a proper budget model and measurement tools customized to your brand.
Sales
Our process includes distribution oversight, local market sales teams, market expansion and state by state budgeting.