Virtual Services For
Consumer Goods Companies
Consumer goods makers have complex needs around inventory, third-party logistics (3PL) management and product margins. We’ve worked with both eCommerce and Consumer Packaged Goods manufacturers to help them better optimize inventory levels during high growth. We’ve implemented standard cost systems at our customers so we can track actual vs. budgeted performance and control product costs. Our customers sell to consumers directly as well as to large national retailers.
Managing cash flow is the #1 priority for inventory-based companies. Fintelligent works with its customers to optimize inventory cash outlays and reduce cycle times so that product purchases can be quickly converted into cash. We do this by developing a comprehensive financial model that provides a roadmap for higher sales, profits and cash flow. We’ll factor in the impact of inventory purchases and identify cash gaps. Since many of our customers have high demand during the holiday season, we’ll evaluate different “what-if” scenarios to manage expectations.
Financial systems for consumer goods companies require solid procurement and inventory management systems to effectively control cash flow. Ideally, these systems operate off a “single ledger” where various departments can access the same information from any computer connected to the internet. This reduces errors and greatly enhances data integrity, informing decisions that support growth.
Constructing these systems internally is consumes cash needed for inventory and distracts from your mission. Why not rent one instead?
Fintelligent offers a platform of services and cloud-based technology that provides visibility on all aspects of your business. We understand inventory and how to manage it. We offer various service levels to meet the needs of your business: Virtual CFO, Virtual Controller and Virtual Bookkeeping. We’ll manage your financial operations and provide you sophisticated financial analysis so you can focus on profitably growing your business.
What Our Consumer Goods Customers Want to Know
Managing inventory and expanding margins is their first priority, followed by measuring the effectiveness of their sales and marketing campaigns.
- How is my inventory purchase plan going to affect my cash needs?
- What is my true product margin by unit and how can I expand margins?
- What are the best metrics to track the performance of our sales and marketing campaigns?
Why Do I Need a Virtual CFO?
You need financial expertise to help structure your company to efficiently and profitably capture the next $10 million in sales. To do that you need highly trained staff and software that goes well beyond the basics. Right now, you may not be ready to afford a full-time CFO and the resources that person would need. Maybe it’s time to consider a Virtual CFO, a part-time financial expert who can guide you through your high growth. A Virtual CFO helps your company grow sales, cash flow and profit. He or she does this by helping you figure out the most efficient path to sustainably scale your business. This is accomplished by first building a sound financial infrastructure to deliver accurate, timely data. That information informs a financial plan that is developed with you to lay out a roadmap of increased sales, profit and cash flow. The plan contains key financial and operational metrics that need to be achieved. The plan is compared to actual performance and the organization is held accountable for delivering results.
What Does a Virtual CFO Do?
A Virtual CFO typically works remotely and interacts with you and your team as set intervals, such as a monthly meeting to review financials. A Virtual CFOs work is greatly enhanced when he or she has a robust technological platform to provide accurate, timely data. The Virtual CFO will supervise a staff to perform various financial and accounting tasks. To be most effective, a Virtual CFO will supervise a team including a Virtual Controller providing Virtual Bookkeeping services. This integrated approach enables a company like yours to have a robust, turnkey financial operation available to assist you during your rapid growth phase. This team takes care of the financial operation so you can focus on growing your company. Learn more about the benefits of a Virtual CFO and the services Fintelligent provides.
Why Do I Need a Virtual Controller?
If you need better financial reporting, greater automation and stronger accounting processes then a Virtual Controller may be the way to go. A Controller is often the first full-time accounting hire made by an emerging company. Many times the hire is made out of desperation… an entrepreneur may be overwhelmed with financial tasks and cannot get the information they need to continue to rapidly grow the company. While many may think a Controller will solve all the problems, the fact is that a Controller is the first investment in a financial system required to sustain high growth. The Controller will need staff, technology, independent accountants and other resources to do an effective job. Often the true cost of a strong financial operation is underestimated.
What Does A Virtual Controller Do?
A Virtual Controller is responsible for providing timely and accurate books and records of your company. This is the “magic” that goes into preparing financial statements and reports. Strong Controllers lead a team of accountants who perform everyday tasks such as sending invoices to customers, processing accounts payable, booking payroll and closing the books each month. They analyze accounts and accrue expenses for costs that may have been incurred but not yet billed. This is critical to not only report accurate financials to but get visibility on future cash needs so they can be funded ahead of time. A Virtual Controller will work with you to help you understand your financials and how they impact your business. A good Controller acts as a detective, reviewing financial information to see if costs are in line, customers are paying on time and to research any issues that may arise. He or she will escalate certain issues to you. For example, if they see a customer is chronically paying late they may recommend a credit hold be placed on a customer until they pay down their balance. This helps you manage cash flow and instill some discipline in your customers that they must pay on a timely basis. Learn more about the benefits of a Virtual Controller and the services Fintelligent provides.
Why Do I Need Virtual Bookkeeping?
You didn’t start a company to become an accountant. Good financial data is critical for you to manage your business, yet seems so hard to get on a timely basis. The bookkeeper you currently have worked well before, but you’re growing and just need more. More data, more time, more financial expertise. Virtual Bookkeeping relieves you of the daily tasks of creating invoices, collecting payments, managing accounts receivable, posting payroll and researching issues. It organizes your financial data into reports that are easy for you to retrieve and understand. The data is updated regularly so you have up-to-date information to assist in your decision making. Most of all, it relieves you of these tasks so you can focus on growing your company.
What Does a Virtual Bookkeeping Operation Do?
A Virtual Bookkeeper processes all the financial transaction for your business. This typically includes:
- Preparing customer invoices, collecting customer payments and managing cash deposits
- Entering vendor bills and processing vendor payments
- Updating credit card transactions in the general ledger
- Booking payroll entries to the general ledger
- Supporting the Virtual Controller with the monthly close
- Contacting customers for payment
- Responding to various transaction inquires
The Virtual Bookkeeper operates remotely and is trained on the latest techniques and software to accurately and efficiently process financial transactions. Transaction processing can happen as frequently as daily depending upon the service levels required by a customer. He or she is a member of your team and is available to your company for clarification, inquiries and follow up. Learn more about the benefits of a Virtual Bookkeeping operation and the services Fintelligent provides.