When Alice Zhang, a seasoned fractional CFO, crossed paths with an entrepreneur in 2021, a new chapter began in the world of bookkeeping for consumer packaged goods (CPG) businesses. Alice introduced myPocketCFO, an automated bookkeeping tool that integrates smoothly with QuickBooks. This newfound tool liberated our entrepreneur from the drudgery of spending days inputting data. Instead, she could instantly access important analytics about her Superfood Protein Bars and other products, all at her convenience. This revolutionized her approach to bookkeeping and allowed her to focus more on growing her business rather than wrestling with numbers.
The world of CPG is filled with unique challenges, particularly in the realm of bookkeeping. Many entrepreneurs in this sector find traditional accounting tools frustratingly inadequate. These conventional platforms are often tailored for cash accounting, which is not well-suited to the needs of CPG businesses. According to Zhang, proper inventory recording necessitates the use of accrual accounting. However, this method isn’t the forte of most mainstream bookkeeping tools, leaving many founders grappling with their finances. Zhang, with her extensive experience and MBA credentials from the Wharton School of Business, saw this as an opportunity to innovate.
Zhang’s solution to this problem is as elegant as it is effective. “Because our system is automated, we generate your books daily so you get a financial overview daily,” she explains. This daily financial snapshot is a game-changer for CPG companies, where investing in inventory months before the goods are sold is a common practice. In such a capital-intensive environment, precise financial management and cash flow tracking are imperative, especially in the early stages when capital is often scarce. Zhang’s insight into these challenges comes from her time as a country CFO for Fuji Xerox China in Shanghai, where she honed her financial acumen.
Today, nearly 100 companies have embraced myPocketCFO, paying a basic membership fee of $199 per month. The tool’s growing user base is a testament to its efficacy and the value it provides. Business owners can now breathe a sigh of relief, knowing that their financial data is not only accurate but also readily accessible. The automated nature of myPocketCFO means that every day brings a fresh, up-to-date overview of their financial status, empowering them to make informed decisions swiftly.
As more businesses discover the benefits of myPocketCFO, Zhang is committed to expanding its capabilities. The future looks promising as Zhang continues to develop and enhance the platform, ensuring it remains at the forefront of automated bookkeeping solutions. Her vision is clear—provide entrepreneurs with the tools they need to manage their finances effortlessly, so they can focus on what they do best: growing their businesses. With myPocketCFO, the cumbersome days of manual bookkeeping are becoming a thing of the past, replaced by a sleek, automated future.
By
