{"id":1127,"date":"2019-07-15T19:42:37","date_gmt":"2019-07-15T19:42:37","guid":{"rendered":"https:\/\/tysllp.com\/?p=1127"},"modified":"2023-10-09T17:33:40","modified_gmt":"2023-10-09T17:33:40","slug":"four-food-industry-accounting-efficiencies","status":"publish","type":"post","link":"https:\/\/tysllp.com\/four-food-industry-accounting-efficiencies\/","title":{"rendered":"Four Food Industry Accounting Efficiencies"},"content":{"rendered":"\n
\"Food<\/figure>\n\n\n\n

Like many industries, food industry folks can benefit from some simple yet effective strategies that stress organization and efficiency. Food industry companies don’t have an easy time of it. So while these ideas may seem tedious or pesky, they can make your food production or food and beverage business more profitable and less stressful in the long term. Some of these food industry accounting efficiencies are \u201cone and done!\u201d Others require more time and attention, but they are all incredibly helpful in making sure you’re on top of the financial part of your business. <\/p>\n\n\n\n

Monies Due<\/h2>\n\n\n\n

If you bill monthly, you will likely have to wait longer to get paid. Think about billing more frequently, even daily (like some big companies), to shorten the time between when the bill goes out and when the check comes back.<\/p>\n\n\n\n

Payment Due Upon Delivery<\/h2>\n\n\n\n

Have customers pay upfront whenever you can. Make sure you are equipped to take credit cards to help in this regard. If they just can\u2019t pay upfront, you can offer them some relief –  50% now, 50% in 2 weeks, or some other flexibility. But make it the rule, not the exception to be paid immediately. And make it clear to new customers that this is your policy, so they can be prepared for it.<\/p>\n\n\n\n

Payment Extensions<\/h2>\n\n\n\n

Inversely, you might need or want to get longer terms when you\u2019re paying vendors. If the typical 30-day doesn\u2019t work for your business, see if you can negotiate 60 or 90-day terms. Cash flow can be an issue in many food industry business. If yours is one of them, ask your vendor for some special consideration. You won\u2019t know if you don\u2019t ask.<\/p>\n\n\n\n

Receipts, receipts, receipts<\/h2>\n\n\n\n

Your accountant (or your future self) will thank you for keeping your receipts in a neat and organized manner. First, photocopy them. You know how they fade or smudge? You don\u2019t have to worry about that if they\u2019re copied. And if you copy them onto a full sheet of paper, they fit better in a file folder (or multiple file folders, for organizational purposes), and<\/em> you have room for additional notes, categories, etc. <\/p>\n\n\n\n

\n\n\n\n

So don\u2019t be afraid to change a process simply because you\u2019ve \u201calways done it that way.\u201d Change is the only constant in life and business, so embrace it! Look to other successful food manufacturers and food production companies for different ways of thinking and doing. Try out some food industry accounting efficiencies – like the ones above. If they don\u2019t work, you can always change them!<\/p>\n\n\n\n

Please contact us, we look forward to serving you. <\/a><\/p>\n\n\n\n

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<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Like many industries, food industry folks can benefit from some simple yet effective strategies that stress organization and efficiency. And while they may seem tedious or pesky, they can make your business more profitable and less stressful in the long term. Some of these tips are \u201cone and done!\u201d Others require more time and attention, but they are all incredibly helpful in making sure you’re on top of the financial part of your business. <\/p>\n","protected":false},"author":1,"featured_media":1133,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-accounting"],"yoast_head":"\nFour Food Industry Accounting Efficiencies<\/title>\n<meta name=\"description\" content=\"Food industry accounting efficiencies can make businesses more profitable and less stressful. 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