AN AUSTRALIAN SUCCESS STORY
The Client
Founded in 2013, designer Tom Baker and leading Australian distiller Philip Moore created Mr Black Coffee Liqueur, an extraordinary coffee liqueur loved by Aussies, and many others around the globe.
Their mission?
To inspire people to take their love of coffee into their evening drinks.
The Project
Business owner Tom Baker reached out to us when Mr Black was in its start-up phase with a poor accounting set-up and inventory management system that were hurting the business. Unfortunately, their accounting ‘consultant’ had given them the wrong advice, which resulted in highly inefficient operational processes.
“Viridity has extensive experience in financial management for manufacturing businesses, which proved to be advantageous for our small business that produces, sells and markets products.”
Owner Tom Baker
The Challenge
Mr Black’s popularity led to increasing demand for distribution. However, without the right systems and processes to handle these demands efficiently, Tom and his team were unable to stay on top of things.
Our problem solving approach was threefold:
1. Fix the poor accounting set-up
We deployed Xero to handle the financial business needs.
2. Implement cloud-based systems
We implemented Unleashed, a consumer-level inventory management system that works in conjunction with Xero to handle inventory management.
3. Handle the day-to-day financial needs
We acted as Mr Black’s accounts department, handling the Accounts Receivable, Accounts Payable, Payroll, BAS and their day-to-day accounting function.
“Outsourcing our accounting function gave us peace of mind that our staff and bills were being paid and we could focus on growth and expansion.”
Owner Tom Baker
The Result
We could provide accurate, real-time information to ensure bills, suppliers and payroll were processed and cashflow forecasts could be prepared. As a result, Tom could focus his time and energy on the business instead of always working in the business.
As a result, the business grew rapidly:
- 10-fold increase in revenue
- 30 staff members
- Global expansion
- No 1 selling Australian spirit across 17 US states
“Our business is far more efficient, which has contributed enormously to our growth.”
Owner Tom Baker
Our Expertise
Our staff include payroll specialists, accountants and bookkeepers who understand the unique needs of inventory based businesses. Find out the 10 reasons why Australian SMEs choose to partner with us or read client testimonials.
We can help with bookkeeping, carbon accounting, management accounting, payroll and accounting software selection & implementation.
Check out our Manufacturing page to read more about how we can help Australian SMEs optimise production efficiency and financial reporting. We also work with Ecommerce & Retail, Import & Distribution, Not-for-Profits, Professional Services and Software Developers.
Interested in working together? Contact us to tell us about the financial and operational challenges your business is currently facing.
