Milo’s Tea is steeped in budgeting success
Enabled the finance team to track capital expenditures and identify cost-reduction opportunities.
Established a repeatable forecasting process and cadence, improving accuracy and strategic decision-making.
Achieved real-time business visibility through hourly ERP data imports from Sage X3.
Created customer-level gross margin statements enabling profitability analysis for each customer and product.
Streamlined report distribution and consistent access to performance insights.
Milo’s Tea Company is a family owned, certified Women Owned Business located in Birmingham, Ala. Milo’s was founded as a restaurant in 1946 by Milo and Bea Carlton. In 1989, Milo’s began selling their fresh brewed Famous Sweet Tea to local grocery stores and now Milo’s beverages can be found in thousands of retailers across the United States. Read the simple ingredient list on their juices and teas, and you will see the Difference. Drink Milo’s and Taste the Difference.
The budgeting process was predominately owned by the finance and accounting department. After determining projected sales for the fiscal year, the finance team compiled the remainder of the budget (i.e. cost of goods, expenses, etc.). This approach limited departmental input and made it difficult for the team to review their budgets as they progressed. Milo’s Tea was eager to find a solution that would allow them to budget collaboratively and move away from their reliance on Excel spreadsheets.
Prophix One Financial Planning & Analysis
Prophix has really helped out consolidate our reporting, planning, and forecasting into one source of truth. It has also allowed us to pull information together quickly that would have previously taken us days to pull together.
Tom Samuelson
Financial Analyst, Milo’s Tea
Milo’s Tea chose Prophix’s financial performance platform because it allowed them to centralize their financial data. With Prophix, they can also involve their wider team in the budget process and easily distribute reports to executives.
Establishing a forecasting process and cadence was one of the top priorities of Milo’s Prophix implementation. With the platform, Milo’s Tea can easily create flexible, accurate forecasts that empower their finance team to make strategic business decisions based on real-time information.
Prophix seamlessly integrates with Milo’s ERP, Sage X3. They import data hourly from their ERP, improving their visibility into the business. Milo’s Tea imports units sold by product by customers, revenue by product by customer, operating expenses by GL account by site, and Cap Ex by project.
With Prophix’s reporting and report distribution functionality, Milo’s Tea can share crucial information with their executive team. Their finance team has also set up several automated reports including income statement, cash flow and balance sheet.
Milo’s Tea also set-up a gross margin statement for each of their customers, which allows their management team to review each customer’s profitability. With Prophix, they can evaluate the profitability of each of their products and understand where, when, and how they’ve accrued expenses. In addition, the finance team can track capital expenditures in Prophix and make recommendations for cost reduction and improved financial performance.
Overall, the finance team at Milo’s Tea now has more time to analyze their business at the product and customer level.
Now that Milo’s Tea is confident that Prophix can more than deliver on their needs, they are keen to migrate to Prophix Cloud.
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