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Keywords

finance teams, audit-ready, deductions management, accounting pitfalls, tariffs, internal alignment, documentation, growth strategies, risk management, supplier insights

Summary

In this episode of The Savvy Supplier, Al & Boyd talk with Kevin Stewart from Crowe, a Global Accounting Firm,  about the importance of building audit-ready finance teams, managing deductions effectively, and navigating the complexities of tariffs. They explore common accounting pitfalls, the significance of internal alignment, and the necessity of proper documentation. The conversation highlights the need for finance teams to be proactive in risk management and to adapt to market changes while maintaining a stable and structured approach to accounting processes.

Takeaways

• Managing your own function effectively is key to handling deductions.
• Understanding costs is crucial to avoid financial pitfalls.
• CFOs dislike surprises; clarity in financial processes is essential.
• Communication between finance and sales teams is vital for success.
• Being audit-ready means being prepared for change and uncertainty.
• Documentation is often overlooked but is critical for financial integrity.
• Growth requires a shift in finance team structure and processes.
• Internal alignment can prevent costly mistakes in pricing and deductions.
• Proactive risk management is essential for finance teams.
• Investing in proper systems can save significant costs in the long run.

Titles

• Building Audit-Ready Finance Teams
• Mastering Deductions Management

Sound Bites

• "Everyone hates surprises, especially CFOs."
• "We should be the lighthouse in the ocean."
• "I see concern, not panic, in the market."

Chapters

00:00

Building Audit-Ready Finance Teams

01:39

Managing Deductions Effectively

03:25

Common Accounting Pitfalls

04:48

Navigating Tariffs and Their Impact

06:36

Internal Team Alignment

12:28

Trends in Deductions Management

14:35

Addressing Concerns in the Market

15:39

Importance of Documentation

17:10

Transitioning Companies and Growth Challenges

22:18

Driving Culture in Finance Teams

25:01

The Role of CFOs in Risk Management

Welcome to “The Savvy Supplier,” your go-to podcast for navigating the ever-changing landscape of retail supply! Join us as we dive into expert insights and actionable tips to help retail suppliers save time and money. From tackling inflation to optimizing operations, we’ve got you covered. Tune in every week for strategies that empower you to thrive in a competitive market. Don't miss out—subscribe now and become a savvy supplier! 💡

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"Wiser Decisions, Fewer Deductions"