How a Growing Food & Beverage Company Transformed their Financial Operations with Addition

This certified B Corp creates plant-based, non-alcoholic drinks. Using natural ingredients, their combined team of scientists, herbalists and bartenders curate drinks that allow consumers to choose their mood and moment. Operating in the UK, Europe and throughout the US, they have grown exponentially in the last few years. With this growth came financial challenges such as complex international operations and the need for efficient financial reporting. Seeking a viable solution, this growing SMB partnered with Addition to gain a better understanding of their financial health.

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Addition Package: Core + CFO Plan, Credit Control, Supplier Payments, Payroll Plus, R&D tax credits.

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Key Stats:

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• Taxes managed for 21 US states

• Standardised UK + US Solution

• 10+ integrations

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The Challenge

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As a rapidly growing business, the company leader recognised the importance of maintaining a strong financial foundation. In pursuit of this, they needed to address a few challenges:

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1. Delayed Bookkeeping: With mounting financial transactions, they found it difficult to maintain up-to-date and accurate books with their previous set-up. This needed more efficient and timely bookkeeping to help with decision-making and any compliance concerns.

2. Lack of Financial Reporting: They needed a partner that could help them better understand their finances. They wanted access to crucial insights into their margins and unexpected financial fluctuations so that they could make informed forecasts.

3. Complex International Operations: Managing financial systems in both the US and UK added layers of complexity to their accounting. They needed a financial partner who could navigate the intricacies of international accounting seamlessly and consolidate their reporting quickly and easily.

4. Desire for Comprehensive Support: Their aspirations extended beyond mere bookkeeping. They sought a partner who could help with other areas vital to their growth, such as credit control and managing payment runs, estimating cash flow requirements and assistance with budgeting.

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The Solution

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Recognising that Addition was the right fit for their unique financial needs, we offered a comprehensive solution that aligned with their business goals:

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1. Affordability: They appreciated that Addition's services were not only top-notch but also cost-effective, making them a smart choice for a growing company.

2. Expertise in Xero: Addition's integration with Xero, a cloud-based accounting platform, ensured smooth and efficient financial management.

3. International Business Mindset: Addition demonstrated a deep understanding of international businesses, meaning they could effectively handle their US and UK operations.

4. Product-Based Business Focus: Addition's experience with product-based businesses was a crucial advantage, as it allowed them to tailor their services to their unique needs.

5. Comprehensive Financial Support: Addition provided a smart financial strategy that helped tackle key concerns, but also addressed other tasks like credit control, payment processing, R&D tax credit support, and more.

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The Result

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Since partnering with Addition Finance, this growing Food & Beverage SMB has experienced a remarkable transformation in their financial management:

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1. Improved Operational Efficiency: Addition’s platform integrated seamlessly with their operations, resulting in fewer financial surprises and enhanced predictability for the business.

2. Timely Financial Reporting: Addition's expertise ensures timely and accurate financial reports. This newfound insight enables informed decision-making and better financial planning.

3. Responsive and Accessible Team: Addition's dedicated team is always available, responsive, and committed to getting the job done promptly, aligning with the fast-paced business environment.

4. Adaptability and Feedback: Addition has proven its ability to adapt to evolving needs and is receptive to feedback, ensuring a collaborative and evolving partnership.

In conclusion, Addition Finance has become a valuable partner, helping them overcome their financial concerns. Through their expertise, affordability, and commitment to excellence, Addition has empowered this growing SMB to focus on what they do best – innovating in the world of plant-based, non-alcoholic drinks.

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The Feedback

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”Addition’s CFO service was a game-changer for us. They provided us with crucial insights for cash flow planning, forecasting, and strategic decision-making. And whenever we had a question, the Addition team was there to help us.”

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"Addition have been a valuable asset for our business. Their expertise, affordability, and unwavering commitment has helped transform our financial operations. They provide timely insights and are always there when needed.”

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