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Finance for Craft Spirits | People First

The PDF is a slide deck on the topic of considering people before tools in your finance department for a Craft Spirits company.

TCA - Craft Spirits Finance - People First
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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

    • CFO

    • Director of Finance (Financial Planning & Analysis)

    • Controller

    • Accounting Manager

    • Staff Accountant(s)

Possible combinations

  • 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)

Possible Combinations

  • $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.

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