CFOx recently worked with a rapidly growing Consumer Packaged Goods (CPG) company that sells its products online and through retailers across the country. Due to recent growth, the CPG-client needed to improve their accounting processes, procedures, and systems to solidify its financials and streamline month-end closes.
During the first phase of the engagement, CFOx improved the company’s Chart of Accounts to allow for more organized reporting and better insights. The CFOx team then developed a monthly reporting package for management and investors.
The next phase was to create processes to reconcile sales with third-party retail platforms such as Amazon Seller Central and Shopify. CFOx implemented a software program that integrated these platforms with the client’s accounting software. This allowed for seamless revenue recognition and daily reconciliation with the third-party platforms. This integration improved month-end close and the accuracy of the financials.
After the systems were integrated, CFOx was then able to clean up the company’s Balance Sheet, giving management a clear financial picture of the business.
Implementing proper accounting processes and streamlining systems is essential for growing companies. By investing in accounting infrastructure early, owners, investors, and management can save themselves time and confusion in the future.
If you would like to learn more about our CFO Services, please reach out via email ([email protected]) or schedule a call directly on our Contact Us page.
CFO Services Provided:
- Accounting Processes and Procedures
- Historical Accounting Clean Up
- System Implementation
