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Formalize Accounting System and Generate Key Statements and Reports for Mysteria
Case SynopsisAll growing companies need to take control of their finances at some point. An accurate bookkeeping system can help companies secure outside capital, manage day-to-day operations, and make better financial decisions. Mysteria’s looking for your help in generating a repeatable, scalable accounting system, including a high-level overview the key performance indicators that you believe they should be looking for in their business as they continue to grow.
Purchasing, Logistics, Supply Chain
Reporting, Financial Planning & Analysis
Sales & Business Development
- play a key role in designing and implementing a repeatable and scalable accounting system.
- gain cross-functional knowledge to inform the accounting system you design.
- think outside of the box, and design a system that sets the company up for forward-looking success and growth.
|Tagline||Mysteria is an independent premium cosmetics label focusing to create high-quality products that are natural, chemical free, and functional while promoting lip health|
|Hiring Potential||Follow-on Projects, Formal Internship, Entry Level Full-Time, Upper Level Full-Time|
Mysteria Cosmetics has taken off over the past year, selling thousands of units to customers across the globe. Today, the company is scaling quickly, but the whole process, including sourcing raw materials, product development, product formulation,marketing, and sales are done by the two co-founders exclusively. They’re very excited to open up their company for the first time to students so that they can gain a better understanding of their business.
Recommended Milestones & Case Analysis Process
- Identify what information Mysteria has available
- Sales Reports (sales volume by product/category)
- Cost Reports (raw materials, shipping, transactions costs, legal/regulatory, equipment, etc.)
- Request access to any additional materials needed to develop reports
Review all the available documents related to the company’s financial position. Map out what’s included on each of these documents and what materials are needed in order to produce more thorough financial statements.
- Job Costing Analysis (For one order, how much does it cost Mysteria to fulfill?)
- Customer Acquisition Cost Analysis (Enlist Help from Project 1 Team)
- Trend analysis (historically, since founding, how have certain metrics evolved)
After quantifying job costing and customer acquisition costs,take a qualitative approach to analyze these figures (past, present, and future)
- Income Statement / Statement of Cash Flows (Cash-Basis Accounting)
- Balance Sheet
- Produce an overview of insights that can be derived from these statements
Produce the financial documents required that showcase Mysteria’s performance to-date and a snapshot of their current business. Produce an overview of the insights that can be derived from these financial statements.
How can the company continually generate reports with low effort
Map out process step-by-step for company to follow moving forward
Provide Mysteria Cosmetics with an overview of their new accounting system, process, and outputs.
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