A San Francisco-based entrepreneur, Ashley Nickelsen, founder and CEO of B.T.R. NATION, realized the need for more funding when retailers asked to carry her sugar-free protein bars. To address this challenge, Nickelsen turned to Alice Zhang, a fractional CFO, and her bookkeeping tool called myPocketCFO. This automated bookkeeping solution, sitting on top of QuickBooks, allowed Nickelsen to review analytics for her Superfood Protein Bars and other products, helping her raise $1 million in early-stage angel and venture funding.
Consumer packaged goods (CPG) businesses often struggle with bookkeeping because conventional accounting tools are not designed for them. These businesses rely on accrual accounting to record inventory accurately, recording expenses and revenue when transactions occur. However, most bookkeeping platforms are built for cash accounting, creating challenges for CPG companies. Alice Zhang saw an opportunity to address this issue and, along with co-founder Eric Sonsino, developed myPocketCFO, which automates bookkeeping tasks, making it easier for founders to maintain clean books and provide clear financial information to investors and backers.
The global CPG market is expected to reach $244.92 billion by 2030, making financial management crucial for business success. Cash flow tracking is particularly important for CPG companies, as they invest in inventory months before sales occur. myPocketCFO helps businesses track cash flow and manage finances effectively, offering a daily overview of their financial status. The platform has garnered positive feedback from entrepreneurs in the CPG sector, with about 100 companies currently using it for $199 a month. The founders have raised $1.5 million in funding to support further development of the tool.
Marilyn Yang, co-founder and CEO of Fun-Gal Snacks, found myPocketCFO to be a valuable resource for managing her company’s finances. The New York City-based company sells shitake-mushroom snacks through various stores and online platforms. Yang appreciated the platform’s ability to provide an “in-between” option for bookkeeping and finance without requiring a full-time CFO. As her business grew, she utilized myPocketCFO to categorize transactions, track sales details, and manage various sources of financing.
The platform’s popularity among founders has been impressive, with many accessing it weekly to check their financial data. Future plans for myPocketCFO include expanding its functionality to serve a broader range of brands and simplify financial management for millions of businesses. Alice Zhang is excited about the impact the tool can have on helping entrepreneurs in the CPG sector streamline their financial operations and make informed decisions for business growth. With a growing user base and positive feedback from entrepreneurs like Marilyn Yang, myPocketCFO continues to evolve to meet the needs of CPG businesses seeking financial management solutions.
