GC NICHE: Ag and Cloud Accounting Services Team
GC TEAMMEMBERS INVOLVED: Tami Davis (CAS); Jeff Coleman and Jeff Bowman (Ag Team)
TYPE OF INDUSTRY: Almond and walnut family farming operation
DATE PROJECT COMPLETED: 2015
Two brothers and one sister, members of a third-generation farm, were unable to keep up with the business management and bookkeeping processes for their expanding operation. The sister took on bookkeeping tasks to help fill the need, but had no training or accounting background. Farm equipment, cultural and labor costs were often in question and cash flow was a constant struggle, as was accurate bookkeeping.
Track expenses across three entities and four orchards.
Access accurate information easily.
Raise awareness about the skills each member of the business needs to demonstrate.
Manage cash flow carefully due to recent plantings.
Transition the sister (at her request) away from day-to-day business responsibilities.
Identify and track profitability by entity.
ADDITIONAL CONSIDERATIONS & TACTICS:
Each sibling has a unique skillset and interest in the business; however, each sibling does not invest an equal amount of time in the business, which requires careful valuation. Early on, it became clear that each sibling is adept at technology and open to using it across a variety of devices to manage the business. The siblings are also open-minded and welcoming of regular outside counsel.
After much discussion, the final recommendation was four-fold:
I. Adopt and integrate Intacct.com and Bill.com cloud accounting software technologies.
II. Utilize Grimbleby Coleman’s Managed Service department with an outsourced Accounting Manager to assist with ongoing, high-level bookkeeping controller needs.
III. Set up a dashboard with Intacct.com auto-generated reports for each sibling’s review.
IV. Conduct a monthly meeting to review income and expenses for the entire operation, orchard development costs per acre, financial results compared to budget by acre and crop by year, and impacts on cash flow.
FINAL OUTCOME – SUCCESS!
After much discussion, the four recommendations were adopted and have been very helpful from an operational and financial perspective. The siblings now have the ability to:
Continuously manage the business anytime, anywhere.
Review financial results across all entities in a single report.
Remotely approve Bill.com payments, sign checks, and manage cash flow.
Analyze planting, cultural and harvest costs by year, acre, or other criteria.
Use tools to compare financial results against budgets and industry standards, as well as analyze the effectiveness of irrigation, spraying, and harvest equipment.
Allocate expenses between orchards and entities.
Use an outsourced controller to implement protocol and increase accuracy. The ongoing presence of an “extended” accounting and bookkeeping expert has helped facilitate and develop accurate data.
The siblings are now making business decisions with confidence and the family business is thriving.
To learn more about this case study or other ag related managed services capabilities please contact Jeff Bowman (firstname.lastname@example.org) or Tami Davis (email@example.com).
Once upon a time, in decades past, there was an industry/ancient art of Typesetting. It was composed (no pun) of a specialist who set type for printers, publishers and newspapers. This is how our Processing Coordinator, Lori Anvik, first began honing her proofreading ability and utilizing her strong attention to detail and organization skills.
In 2006, Lori and her husband relocated to Modesto from Denver and that’s when she first found her home at Grimbleby Coleman (GC). Lori has been in the Accounting industry for over 15 years and has worked for top global firms such as Ernst & Young and Crowe Horwath, LLP as a senior document specialist and senior tax processor. Although Lori has worked for large global firms, she appreciates the “family-feel” of GC and values that working at a firm of our size gives her the ability to generate new ideas and processes to genuinely make a difference at work. Lori relocated again in 2011 to Michigan, but in 2015, Grimbleby Coleman welcomed her back with open arms.
When she’s not improving processes or reviewing proposals, Lori opens her heart and home to rescuing cats. Lori has always had a soft spot for animals and enjoys working with animal rescue groups to foster and rehabilitate abused cats. At one time, Lori even participated (and won) cat shows with her prized Persian, Mr. Cruise.
On most days, you can find Lori spending time with her husband, Steve, enjoying his cooking while listening to Michael McDonald or spending time with her family and grandbabies.