The Confidence of Knowing™
Industry: Sports Equipment Manufacturing
- Grew revenue 49% over 2 years
- Improved relationships with independent commissioned sales representatives
Preferred CFO Services
- Inventory Management Process Improvement
- Product Cost Analysis
- Budget to Actual Reporting
Through improved cost accounting and inventory management processes, DPS Skis has been empowered to make strategic decisions involving product introduction and retirement, fundraising, and manufacturing.
Accounting | Inventory Management Process Improvement
Product Cost Analysis | Budget to Actual Reporting
DPS Skis operated with an existing remote accounting team from its earlier days as a company. As the company grew and made a strategic decision to bring in-house some of its manufacturing, the complexity of its operations surpassed the accounting team’s skillset, resulting in poor inventory management, imprecise understanding of product costs, and delayed financial reporting.
- Set up QuickBooks for manufacturing with a proper chart of accounts and detailed Bills of Materials for resource tracking and materials planning.
- Implemented proper inventory control procedures and materials handling practices to better safeguard and track inventory from manufacturing to distribution worldwide.
- Due to health issues of in-house accounting personnel, Preferred CFO was asked to provide team support for the entire accounting function.
- Streamlined monthly closing process and budget review meetings have assisted the company in obtaining and utilizing accurate, timely financial reporting.
- Developed and implemented a new production and sales forecasting model to improve the accuracy of production plans and product availability estimates.
- Over the last two years DPS skis has grown its revenue approximately 49%.
- Improved relationship with and focus on independent commissioned sales representatives through more reliable product availability forecasts, commission reporting, and status updates.
- DPS enjoys the benefits of a fully staffed and well-trained accounting department of CFO, controller, accounting manager, bookkeeper, and clerks for the same price as they previously paid for part-time, remote assistance.