Serving up increased productivity and streamlined financial operations for The Turmeric Co.
Serving up increased productivity and streamlined financial operations for The Turmeric Co.
About The Turmeric Co.
The Turmeric Co. produce a unique range of raw turmeric shots. Developed over a decade, each shot provides a combination of nature's most powerful and fresh ingredients. The Turmeric Co. has identified a gap in the market where previously consumers would buy juices high in sugar from natural ingredients, whereas now, people are looking for more functional products with wider health benefits. In 2020, the company won the Great Taste Award, certifying its place in the market and proving that it is servicing a crucial consumer need.
The business challenges; accounting, payroll and suppliers
The business has strong growth ambitions but the company’s founder and CEO, Thomas Robson-Kanu, didn’t have the time, bandwidth or full depth of knowledge to handle all the company’s financial matters. Thomas needed a robust finance and accounting technology platform that allowed senior management to access, review, analyse and report data on business performance accurately and in real-time.
In addition, managing payroll had become a herculean task, taking valuable time away from focusing on the overall business strategy and growth plan. There was a real need to optimise the payroll management and processing system, with automation providing the ideal solution.
For The Turmeric Co., paying multiple suppliers on a weekly basis has made their financial operations somewhat ‘messy’ and complicated. The Turmeric Co. wanted address this as it makes financial analysis and reporting inefficient, inaccurate and problematic for auditing purposes.
Our Focus
Given the business challenges faced, The Turmeric Co. had a clear set of objectives it wanted to focus on, including:
- Developing top-quality products
- Delivering an exceptional customer experience across all touchpoints
- Driving operational efficiencies across the finance function including data, analysis and payroll, structuring staff to manage processes and support customers effectively
The Turmeric Co. use BDO’s Business Services & Outsourcing team as an extension of its finance function so staff and management can focus on meeting customers’ needs and boosting customer satisfaction. BDO now handles the company’s payments to multiple suppliers on a weekly basis. BDO has also taken charge of managing the company’s payroll. The result is a cost-effective solution, with employees paid in a timely manner and all tax implications handled properly.
To help senior management stay abreast of business performance, inefficiencies and growth opportunities, BDO produces a set of monthly management accounts. This ensures management are able to take data-driven decisions on planning and maintaining customer satisfaction, which is vital to revenue growth and the overall growth of the company.
BDO has leveraged its finance and accounting technology expertise to benefit the business by implementing a dynamic stock reporting system. At any given time, management can see the exact value of, and track, stock within the business and break this down into ingredients, packaging and merchandise.
Together, BDO and The Turmeric Co. configured an ERP system that connects to the company’s accounting software. The company tracks all accounts and transactions properly and quickly in real-time. The increased visibility is tremendously valuable in pushing the company closer to achieving its growth goals.
Why The Turmeric Co. chose BDO to help meet their business challenges?
The Turmeric Co. decided they needed strategic support and consultancy advice from their accountants and business advisors. A mutual business recommended BDO as being “highly functional, dynamic and capable,” The Turmeric Co. felt positive and confident in their decision to engage BDO.
Sustainable growth is at the heart of everything we do – we want to maintain growth at the same volume. To achieve this, we need the right infrastructure and operations in place, while also meeting our customers’ demands and delivering an exceptional customer experience across every touchpoint.
BDO’s support has freed up our team’s time to focus on what truly matters – building a solid foundation upon which the business can grow consistently year after year.”
- ~ Thomas Robson-Kanu, Founder & CEO, The Turmeric Co.
The Results
| Result 1 | Result 2 | Result 3 |
|---|---|---|
|
100% traceability of stock |
Increased efficiencies within the finance function | Increased visibility into business performance |