Beauty & Co
Beauty & Co outsourced virtual CFO services to TSC to build and improve their finance function. The company obtained rapid revenue during their start up period and recognised the need of developing a key financial strategy to support further growth.
Services Provided
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Financial Forecasting
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Business Budgeting & Review
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Monthly Financial Reporting
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Strategic Planning and Advisory
Company
Beauty & Co is sustainable cosmetics brand, manufacturing and distributing luxury skincare, cosmetics and personal care products with a focus on natural, plant made ingredients.
Requirement
Beauty & Co outsourced virtual CFO services to TSC to build and improve their finance function. The company obtained rapid revenue during their start up period and recognised the need of developing a key financial strategy to support further growth.
Key Summary
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A review of the systems and procedures. This included converting the accounting methodology from a cash basis to an accrual basis to provide for accurate financial reporting and portray a holistic view of the company’s financial health.
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Established a robust financial forecast and budget process and implementation of monthly financial reporting.
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Strategic analysis with a review of profitability and liquidity ratios to underpin investor and lender reporting.
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Training the in-house finance book-keeper on the changes in accounting methodology, along with the newly adopted financial reporting methods.
Process
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Accounting Methodology Review: Assessing and reviewing current practices and implement best business practise.
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SWOT Analysis: Leading the swot analysis and reviewing impact of economic changes on the business.
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Budget Review: Implementation of budget process and continuous review of budget against the business performance.
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Forecast Planning: Quarterly and bi-annual forecasting to predict business performance and areas for improvement.
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KPI Analysis: Drafting company and industry specific and KPI’s to align with strategic goals.
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Robust Financial Reporting: Implementing monthly reporting to review actual results against budget, with a focus on key business areas.
Results
Reliable and accurate financial reporting
Informed decision making and business planning
Profitability and Liquidity Reviews
Improved financial visibility
Better investor and lender reporting
Trained in-house Book-keeper
Financial Impact
£50,000
Revenue Growth
£125,000
Stock Savings
£85,000
Cost Reductions