The PDF is a slide deck on the topic of considering people before tools in your finance department for a Craft Spirits company.
Here is text only outline of the slide deck.
Why People First
Process and tools do not replace expertise. They scale existing expertise.
An app isn’t going to solve an accounting challenge without the expertise that understands the inputs, process and outputs.
Observation: The cost of higher end systems is still sufficiently high, that people working less automated, more manual processes will usually be more cost effective at < $5M size.
What are the Roles?
Full Blown Department
Director of Finance (Financial Planning & Analysis)
Less than $5M
No real CFO or Finance Director
Controller combined with an Accounting Manger into 1 FTE
Part-time Staff Accountant or an FTE shared with other functions. (Ex. Office manager)
$5M to $10M
Controller combined with Finance Director into 1 FTE
Accounting Manager 1 FTE
Staff Accountant 1 FTE
$10M to $15M
CFO combined with Finance Director into 1 FTE
Controller combined with Accounting Manger into 1 FTE
Staff Accountant(s) 1 to 2 FTE
Who are the Right People?
Outsourcing can give you broader coverage of the varying skill levels at a lower price because of being able to deploy people on a “fractional” basis. Ex. With outsourcing, less than $10M businesses can have the involvement of experienced CFOs and Finance Directors.
Four-year degrees in accounting or related.
Cost accounting and inventory experience a priority.
Certifications such as CPA, CFA, CMA generally not needed but may be indication of quality and commitment.
Exception if significant GAAP compliance requirements and subject to audits. A CPA with public account experience in the Controller seat will make this easier.
Beware of title inflation. A growing business needs room to add more experienced team members.
The Accounting/Operational CFO versus the Investment Banking CFO.