Success Story: PackWell Innovations

Client Overview

PackWell Innovations is a dynamic manufacturer of custom folding cartons and corrugated packaging solutions, serving diverse industries including food & beverage, consumer electronics, and e-commerce. They pride themselves on rapid turnaround times and innovative structural design.

The Challenges Faced

Operating in the fast-paced packaging sector, PackWell Innovations required timely and accurate financial insights to maintain competitiveness. However, their existing reporting processes presented several obstacles:

• Delayed month-end closing processes hindered timely financial reporting.
• Difficulty generating custom reports quickly to analyze profitability by customer, product type, or production run.
• Financial data was often siloed, requiring significant manual effort to consolidate for meaningful analysis.
• Lack of standardized Key Performance Indicators (KPIs) made performance tracking inconsistent.
• Management needed faster access to reliable financial data to react quickly to market changes and customer demands.

Our Solutions Implemented

Schapira CPA collaborated with PackWell Innovations to streamline their financial reporting infrastructure and processes:

• Reviewed and optimized the month-end closing checklist and procedures to reduce closing time.
• Assisted in selecting and implementing enhanced reporting tools/modules within their existing accounting or ERP system.
• Developed standardized templates for key management reports (e.g., variance analysis, margin analysis by segment).
• Worked with management to define and implement tracking for relevant manufacturing KPIs (e.g., Overall Equipment Effectiveness - OEE, On-Time Delivery, Material Yield).
• Established automated data feeds where possible to reduce manual data entry and consolidation errors.
• Provided training to the finance team on utilizing new reporting tools and best practices.

The Results Achieved

The targeted improvements to financial reporting yielded significant benefits for PackWell Innovations's operational efficiency and strategic capabilities:

• Reduced month-end closing cycle by 3 business days, enabling faster reporting.
• Management report generation time decreased by 40%, freeing up finance team resources.
• Improved visibility into customer and product profitability led to strategic adjustments, increasing overall margins by 4%.
• Standardized KPI reporting provided consistent performance tracking across departments.
• Faster access to reliable data empowered management to make more agile operational and strategic decisions.