Getting Fit to Plan for Growth

Client: Growing frozen food manufacturer
Situation: Improved financial visibility and financing needed to support expansion
Outcome:
TGG improved accounting processes and financial reporting that supported a new $1M line of credit

CHALLENGE

This manufacturer of healthy frozen food products engaged TGG to assist it in building a sustainable financial foundation for its growth plans, including new systems and processes and timely information flow. The company needed to finance its growth into new markets and new retailers, but also do so while managing significant seasonal fluctuations in sales and cash flow. Accurate and detailed financial reporting were a must – both to drive more effective business decisions by management and to provide validation for a new line of credit.

“TGG doesn’t feel like an outsourced vendor. Their highly trained and passionate finance professionals immediately became part of our team, working side by side with us to set our business up for our next phase of growth. Their financial insights, experience, and banking relationships helped us secure a line of credit beyond our expectations.”

TGG’S SOLUTION

TGG leveraged the expertise of its team of accounting and finance professionals, including a seasoned CFO, to implement a monthly accounting and financial reporting infrastructure that provided management with accurate and timely information and positioned the company for long-term success. The resulting improvement in the transparency of the company’s finances, both past and future, provided confidence to potential lenders. The result was a new $1M line of credit to finance working capital and growth in production.

Expertise
TGG performed a full overhaul of the company’s financial processes and reporting. TGG reviewed the company’s financial position, assessed potential risks and opportunities and developed the appropriate accounting structure and financial models. The result was a less risky business with greater lead time and cash cushion to prepare for seasonal business cycles. This detailed understanding of both client and lender needs, combined with TGG’s financial acumen and industry relationships, led to increased confidence from lenders.

Service
In addition to implementing a new financial reporting system, TGG’s financial knowledge and experience working with lenders added significant credibility to the new banking relationship and allowed the company to secure a line of credit. As importantly, TGG worked with the company’s business managers to truly understand performance drivers and to draw clear lines of accountability. This has provided the management team with a much clearer understanding of the overall company performance and the impacts of its decisions.

Results
The new financial controls and reporting solutions provided the company with timely insight into the company’s financial position, allowing it to secure a $1M line of credit with a trusted banking relationship. The company now has an established and structured financial platform from which to manage its strategic growth.

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