Food and Beverage Accounting Services

While exciting, running a business in the food and beverage industry can be challenging. You’re facing a new era of operations brought on by evolving consumer preferences, governmental regulations, and economic shifts. From start-up food brands to established national food processors seeking to go public, or wineries to craft breweries, keeping pace with these changes can impact the profitability of your business. With the proper ingredients, we can help you serve up success. Withum’s Food and Beverage Team works with companies who are hungry for growth and looking for innovative options to stay relevant within the marketplace, while remaining true to their brand.

Who We Help

Health Foods

Starting and growing your own natural foods company takes planning and intentional effort. Sourcing the proper ingredients from the appropriate suppliers is a full-time job. Once you have chosen the appropriate suppliers, products take time to research, develop, and test and it is natural that services such as tax and accounting are not at the top of your list. Partnering with Withum’s Food and Beverage team will allow you to focus on building your company, while we handle your compliance matters, such as tax and accounting, and advisory services, as well as work to ensure that you are taking advantage of all tax credits and incentives that are available to you.

Food Processors

Granola has a very different manufacturing process than candy, that has a different process than vegan yogurt, that is very different than beef jerky. That is if you even make our own product, as many small-scale brands outsource their production to contract manufacturers. If your accounting firm does not know the differences that make your business run, then they can’t provide you the kind of value that adds dollars to your bottom line. Our team of experts have worked with some of the largest brands in North America and truly understand the profit drivers of your business.

Distilleries

Through which channels will your sell your whiskey? Do you have a marketing and pricing strategy for your tequila brand? Your business doesn’t need to be in Kentucky to make Bourbon. The liquor industry, depending on the segment, is equal parts science and artistic expression. In some instances, your customers may need to wait years before they can try your latest product. That also means that you’ll need to wait years to collect your customers’ money. Working with an accounting firm that understands the cash flow cycle and inventory needs can make the difference between international success and financial ruin.

Breweries

It only takes one good press release or a GABF award to transform your hobby into a nationally recognized brand that everyone wants a taste of. The implementation of proper entity structure and planning from the start can make that surge in demand a delight instead of an unwelcome headache. Withum’s team of brewery customers – we meant to say experts, can help you achieve your short- and long-term goals, regardless of whether your team wants to remain that scrappy underground brand or take your plans to the next level. From set up of the preferred structure, to managing the supply chains of sourcing the ingredients, to understanding your cash flows and all in between, we are here to be that trusted resource for you.

Challenges Faced within the Food and Beverage Industry

Customer tastes used to be just that – tastes. Now food sourcing and selection is so much more, including conversations such as food sustainability, traceability, vegetarian and dietary needs or preferences. While some of the tastes might be popular for social media videos, some of them don’t translate to actual customer demands or preferences. Have a conversation with our food experts to learn what is and isn’t working for food companies across the various segments.

These days the only thing harder to predict than customer demand is expenses. It seems the whole paradigm of operating costs was turned on its head during the pandemic. Everything from rent inflation to supplier bankruptcies has greatly impacted the food industry. Ask us about our industry survey and benchmarking data surrounding industry best practices. Our data tells us that just because that’s the way you’ve always done it, doesn’t mean that’s the best way to do it.

Making apple pie without apples is a difficult task. Yet that is what many brands have faced over the last several years. This is especially true in the foods space where ingredient quality matters. An inferior input is often times incompatible with customer expectations, particularly around sustainable sourcing, fair trade, and organic branding. While Withum can’t supply your ingredients, we have process and supply chain experts who can help you identify the weak points before the next domino falls over.

Learn more about process and Supply chain experts

Sometimes a new product or concept needs a reality check, or second set of eyes, before going all-in on that next fad. Our team of industry experts and consultants have provided market studies, sometimes referred to as commercial diligences, to private equity groups, family offices, and strategic alike.

Learn more about our Industry experts