Case Study

The Rigor and Cadence Around Business Accounting

This hemp startup came to GrowthLab five years into their journey, just as they found traction and began preparing for scale. As they transitioned from an LLC to a C-Corp and issued stock options to employees, they needed a partner to bring structure, discipline, and clarity to their accounting.

Challenge

Lack of Financial Cadence, Complex Fixed Assets, and Regulated Industry Oversight

Industry

Hemp / Manufacturing

Services

• Accounting Systems
• Fixed Asset Tracking
• Policy & Procedure Development

No Cadence, No Structure, and Equipment That Needed Tracking

Like many manufacturers, this company faced the common pain of disorganized fixed asset schedules. They were buying and even assembling equipment that needed to be properly tracked for depreciation—yet didn’t have the infrastructure in place. With entity restructuring and a 409A valuation underway, their books needed to be airtight and audit-ready.

Monthly Discipline and Scalable Accounting Built for Manufacturing

Over four years, GrowthLab focused on embedding rigor and cadence into the company’s finance function. We:

• Created a fixed asset schedule aligned with depreciation rules
• Built accounting policies and procedures tailored for manufacturing
• Introduced tools like QuickBooks Online, Bill.com, Square, and Hubdoc to streamline operations
• Established a purchase order (PO) processing system for better control
• Structured the chart of accounts based on industry norms and regulatory needs

All of this was implemented within the company’s tight budget—without compromising quality or compliance.

A Financial Backbone That Scales With the Business

From early-stage startup to entity restructuring and acquisitions, GrowthLab has been their long-term finance partner. We’ve helped the company:

• Prepare for growth and audits
• Navigate acquisitions and corporate transitions
• Identify systems to support inventory and PO management
• Plan for onboarding an ERP system to support cost accounting

The team now operates with a cadence that ensures clean records, regulatory readiness, and real-time insight.

Advice for Other Business Leaders

Your balance sheet is your best friend.

You need:

1. Accurate work papers to avoid backtracking
2. Fixed asset tracking to match growth with compliance
3. A cadence that keeps your financials clean and scalable
   

Final Thoughts

GrowthLab helped this hemp startup turn a tangle of spreadsheets into a systematized, scalable finance function—laying the foundation for their next stage of growth and operational excellence.