There are unique and multiple challenges to running a successful business in the food and beverage industry.
Consumer needs, preferences, and behaviours are constantly changing, such as consumers’ increased desire to shop online. Raw materials and food ingredient costs are on the rise and that the regulatory environment has become increasingly complex.
You may have seen how foreign exchange swings impact supply chain costs, purchase decisions, and may affect pricing. How do you adapt to fluctuations in foreign exchange? Can you pass those costs on to customers? How are you managing your risks?
And, like many businesses, you may be dealing with the effects of COVID-19 on supply chains, its impact on markets, inventory, logistics, staffing, overhead costs, and business sustainability overall. Are there government programs or incentives available to help?
It’s a lot to manage.
How we help
We have deep-rooted expertise in the food and beverage sector, including sub-industries such as beverages (distillers and vintners); distribution (consumer packaged goods, groceries, and related products); and health and wellness (cold-pressed juices, healthy salad options, etc.).
In addition, we have wide knowledge and expertise in the industry as a whole, including retail, wholesale, distribution, and food processing.
Our team of experts understands current regulations and trends that impact your business and we are active members and sponsors of various industry associations which allows us to maintain our leadership in the industry.
We can support you through all stages of your business life cycle, from helping with investment decisions, preserving value, to considering cross-border expansion, to looking to implement a more tax-effective corporate structure, succession planning, or anything in between. We also can assist with cash flow forecasting to help you manage your business’ financial health.
Additionally, we assess the impact of factors related to foreign exchange swings and COVID-19 and provide timely analysis and assistance. In the case of COVID-19, our analysis incorporates our expertise related to relevant government programs for assistance to businesses affected by the pandemic. As an added benefit, our cloud-based tools increase efficiency and give you real-time financial records information to help you make timely business decisions.
We serve national and global food and beverage clients and you’ll benefit from our global alliances: The International Accounting Group (TIAG) and Leading Edge Alliance (LEA), which let us give you access to expertise in local markets. And of course, our full range of services at Fuller Landau is available for clients.
The following two examples demonstrate some of our expertise at the service of food and beverage health and wellness sub-sector clients, including COVID-19-related analysis:
GTA-based supplier and retailer of plant-based foods and juices
- M & A group provided corporate refinancing to a Toronto-based health and wellness client (wholesaler and retailer of cold-pressed juices and healthy salad and related options), enabling it to expand and further diversify its business operations, mitigating risk overall
- Assisted with search for equity investor
- Provided on-going business and tax advisory services
- Assisted with review and determination of Canada Emergency Wage Subsidy (CEWS) eligibility, including:
- assistance with CEWS applications,
- compilation of information, and
- performance of calculations for relevant claiming periods
- Performed year-end compliance work
GTA-based juice and smoothie retailer
- Provided bookkeeping and payroll support, sales tax compliance and reporting, CRA troubleshooting, and ongoing advisory and oversight via our Outsourced Small Business group (through which we can also fill the controllership function or CFO role for companies)
- Performed year-end compliance work, including audit, review, and Notice to Reader