MODEL YOUR FUTURE - THE BRIXX BLOG
Case Study: Myconeos – Cash Flow In The Food Biotech Industry
Myconeos manufacture test strains and produce new strains of Penicillium roqueforti for the food industry. This is based on research carried out by Professor Paul Dyer, School of Life Sciences, University of Nottingham. The project’s initial funding was via a UKRI grant through the BBRSC, and they’ve also received funding through Micro NBV and Medilink.
Richard Simpson, their Commercial Director, kindly agreed to sit down and chat with us about how they use Brixx within their business.
In 2021 they embarked on a new UK Innovate Smart Grant project working on Penicillium Canberra. Richard tells us that they started with cheeses because that’s Paul’s area of passion. However, the business now has many strands and has diversified into various other areas of food. These include vegan food, fermented and meat products.
The commercial manufacturing of the strains takes place through partnerships with various facilities in Europe. Unfortunately, the UK doesn’t have any that can facilitate this production.
The use case for Brixx at Myconeos
Myconeos use Xero as their accounting system and use Brixx for forecasting. As a relatively compact organisation, it falls to Richard to handle the financial forecasting side of things with oversight from an external accountant.
They’ve been using Brixx in this capacity for the last three years. He says, “I’ve looked at quite a few options in the marketplace, and yours seems the easiest to get my head around with my level of commercial finance knowledge”. He goes on to say, “I know my way around a P&L, a balance sheet, and a cash flow. It was putting all three together in a forecasting tool that drew me to Brixx”.
Richard uses Brixx to look at their grant and Investor funding. Richard says, “Each time we look for new funding, we produce a cash flow. So, for example, with the Innovate UK grant, we used cash flow from Brixx, and we’ve just had the grant confirmed”. He saves each forecast as a snapshot and then manually brings in the actuals from Xero.
Richard is working on the full integration between Brixx and Xero. There are a few challenges in converting the data. However, the customer service team at Brixx have been helping to ease this path with various workarounds to get the job done as simply and as accurately as possible. Richard was an early adopter of our Xero integration and kindly helped test the tools as we rolled them out.
Why choose Brixx?
There are many options for small businesses, so we asked Richard why he picked us. He said, “So I took a little bit of advice from our accountant. And then the problem that you always have is you’re not quite sure – it’s a bit like a bottle of wine – you’re buying from the outside, but you don’t know what it’s like on the inside. So I gave it a go, and it seemed to be what I needed, and it was fairly easy to use. The software also presents it in a way that I’m used to”.
Three years later, and here we are. Richard uses Brixx monthly, making sure that everything is up to date. He also uses it on an ad-hoc basis for funding rounds. He mainly watches the cash flow because, as he says, “Cash is King”. His advice to all businesses out there is that “You’ve got to be in Brixx regularly; I think if you’re in there less than monthly, then really you should be asking yourself whether you’re actually watching your cash flow. Usually, weekly is what I’d say is the best way to try and manage cash flow”.
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