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Building The Right Team Financial Team For Your Food Business

Behind every great food entrepreneur is a great financial team. As the business grows, many of the core financial functions of the business will need to be delegated, or at least partially led by other people. That is why who is on the team and what is the best role for them to play are some of the most important questions food and beverage entrepreneurs will face.

For example, the bookkeeping role focuses on accurate data-entry, and this is the necessary prerequisite to having accurate financial statements. The accountant role focuses on accurate presentation of financial statements and the more complicated transactions or treatment of transactions that underlie those financial statements. The Chief Financial Officer (CFO) role is often a forward looking role, taking those accurate financial statements, evaluating the past performance of the business and then making realistic projections of where the business is headed to inform planning and raise money. All of these roles need to be working in tandem, sharing information and refining processes, so that the business owners and management understand their business’ key financial drivers.

However, not everyone on the team needs to be an employee of the company, as even some financial functions can be outsourced. When businesses start out, an outside accounting firm can come in monthly or quarterly to help take on the more complicated accounting and tax issues, allowing the entrepreneur to perform the basic data entry tasks of their accounting system associated with the role of the bookkeeper. If the entrepreneur isn’t able to afford paying a CFO, whether in-house or through outsourcing, often a financially savvy member of their board of directors can help fill that role until someone can be hired. Accountants, bookkeepers and CFOs can then be hired in-house as needed as the company grows.

Behind every great food entrepreneur is a great financial team, whether that team is employed by the business directly or through an outsourcing method. Building that team helps the entrepreneur, management and board make informed decisions and allows the business’ key stakeholders to focus on growing their customer base and strengthening their brand. Ultimately, that is what leads to financial success.


And now, our roundup of the best food and beverage finance news, events and resources from around the web…

Food and Beverage Business Models

Business Model Insights

Raising Capital

Raising Capital

Grocery Store Shopping

CPG/National Brands

Grocery Store Produce Section

Market Trends

 Regenerative Agriculture

Farming and AgTech

Mergers and Acquisitions

Deals/M&A

Farm Landscape

Industry Events

Categories: Insights Newsletter