# #56 First Hire Series: Finance & Accounting with William Finkelstein

- Show: [The Startup CPG Podcast](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast)
- Published: 2022-08-09
- Length: 42m
- Episode: 33
- Page: https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein
- Listen: https://share.transistor.fm/s/1bf93a8a

## Summary

William Finkelstein, Senior Vice President of Finance at Yamamotoyama (owner of Stash Tea), advises CPG founders on hiring their first finance hire, distinguishing between bookkeeping and strategic finance. He outlines when to hire a bookkeeper versus a fractional CFO, emphasizing the importance of CPG-specific knowledge for handling COGS, deductions from distributors like UNFI and Keiki, and inventory accounting. Finkelstein highlights key metrics such as sales velocity and gross margin, and warns against common pitfalls like hiring without checking references or delaying accounting until revenue is established.

## Chapters

- [0:04](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=4) Introduction: William Finkelstein and Yamamotoyama
- [3:54](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=234) Framework for First Finance Hires: Bookkeeper vs. CFO
- [9:12](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=552) Day-to-Day Responsibilities of a First Finance Hire
- [13:12](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=792) Hiring Bookkeepers: Firms vs. Freelancers and CPG Expertise
- [17:49](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=1069) Cash vs. Accrual Accounting and GAAP Compliance
- [23:02](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=1382) Building a Finance Team: AR, AP, and Inventory
- [26:22](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=1582) Managing Distributor Deductions from UNFI and Keiki
- [29:34](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=1774) Key Metrics: Sales Velocity, COGS, and Gross Margin
- [35:56](https://hardwarepodcasts.com/podcast/the-startup-cpg-podcast/2022-08-09-56-first-hire-series-finance-accounting-with-william-finkelstein#t=2156) Common Pitfalls: References and Fractional Consulting

## Topics

- [Hiring & workforce](https://hardwarepodcasts.com/topic/hiring-and-workforce)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)

## Most relevant to

early-stage companies

## Mentioned

- Yamamotoyama (company)
- Stash Tea (company)
- UNFI (other)
- Keiki (other)
- Shopify (other)

## Related episodes from other shows

- [Advice Line with Bill Creelman of Spindrift](https://hardwarepodcasts.com/podcast/how-i-built-this/2025-11-27-advice-line-with-bill-creelman-of-spindrift) (How I Built This)
- [Advice Line with Gary Hirshberg of Stonyfield](https://hardwarepodcasts.com/podcast/how-i-built-this/2024-11-14-advice-line-with-gary-hirshberg-of-stonyfield) (How I Built This)
- [047: Financial, legal and HR traps of buying and selling small businesses, Chris Ray & Chariss Tatman of C2 Group](https://hardwarepodcasts.com/podcast/product-startup/2017-04-04-047-financial-legal-and-hr-traps-of-buying-and-selling-small-businesses-chris-ra) (Product Startup)
- [Advice Line with Mark Ramadan of Sir Kensington's](https://hardwarepodcasts.com/podcast/how-i-built-this/2024-06-27-advice-line-with-mark-ramadan-of-sir-kensingtons) (How I Built This)
- [Advice Line with Jim Koch of Boston Beer Company](https://hardwarepodcasts.com/podcast/how-i-built-this/2024-08-08-advice-line-with-jim-koch-of-boston-beer-company) (How I Built This)

## Citing this page

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