Sugar-Free Food Brand, Noshu, Grows 200% with Keeping Company
On the cusp of exponential growth, cult Sugar free foods brand Noshu needed to up their financial game to take them to the next level. Find out how Keeping Company’s sophisticated financial governance for Noshu has enabled the company to grow by an incredible 187%
NOSHU CASE STUDY
On the hunt for an accounting firm a little over a year ago, founder of Australian-owned sugar free foods company Noshu, Rachel Bajada, was looking for something special.
“We needed an accounting partner who would be a great cultural fit. One that understood our vision, was forward focused, smart and who would match our energy and passion. We met with several firms, but Keeping Company was the only one to tick all of the boxes and more.”
At the time, Noshu was on a fast growth trajectory, with their sugar free, healthy treats gaining a cult following, available in supermarkets and online. Rachel realised that to support their company moving to the next level, they needed more sophisticated financial governance structures in place.
“We decided to partner with an accounting firm to provide us with CFO services. We knew we would benefit from having access to multiple minds and skill sets across the organisation, but on a pro rata basis.”
It wasn’t long before the relationship between Noshu and Keeping Company was born.
How we helped
At Keeping Company, we kicked things off with a full review of Noshu’s financial data and systems. We identified several areas where we could add value immediately including changing banks to a more cost effective and user friendly facility and establishing improved tracking to provide transparency on metrics like profitability by product or category.
We introduced structured monthly performance reviews to budget, and detailed quarterly operational budgets and cash flow forecasts.
As Noshu implemented a new inventory system, we also assisted with the roll out and integration with Xero.
Since we began working with Noshu just over a year ago, the company has grown its revenue by nearly 187% and its headcount from 7 to 12. Rachel credits Keeping Company with being an important part of that success.
“Suddenly we had access to real time data, which allowed us to get much closer to the business, uncover any discrepancies or leaks, and really understand our product profitability. We can now model different scenarios to understand where we should focus to improve margin or reduce costs. This has been absolutely invaluable.”
More sophisticated financial management has given Noshu the ability to see what’s coming down the line. The company now also has the foundations in place to meet more complex tax, super and employee entitlement requirements as the company scales.
We meet with Noshu every month to review and refine their budgets and forecasts. Our team is also a trusted sounding board for any issues or opportunities as they arise.
“The team at Keeping Company have been awesome to work with. They’re a trusted part of our team and the results speak for themselves.”
Keeping Company is thrilled to work with such an incredible company like Noshu, we can’t wait to see what they do next!
At Keeping Company, we’re not just accountants, we’re business people too. With our counsel, your business can reach its full potential.
For all media enquires please contact Tracy Miller, CMO, Keeping Company 0414 898 452.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.