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It’s a story that Matt Hagel likes to share as he networks with fellow finance executives and accounting types. Back in 2017—only days after stepping into a finance leadership role at the online prepared meals company Freshly—Hagel was reviewing the company’s chart of accounts when he asked himself: “Why is Plant, Property, and Equipment (PPE) under Operating Expenses?” As he soon learned, this stalwart accounting acronym has long led a double life and is also used by various industries (notably healthcare and food prep) as a shorthand designation for Personal Protective Equipment.
Three years later, the protective gear acronym is widely known from coast to coast—just like Freshly. In fact, since its PPE entry first drew Hagel’s consternation, Freshly has opened an East Coast kitchen and distribution center, an expansion that extended the firm’s geographic reach from 28 to 48 states and propelled its sales to nearly 10 times their early 2017 volumes.
“I inherited a finance and accounting team of three, and now I have a team of 30,” comments Hagel, who located many of his new finance and accounting hires at the company’s three distribution centers, the newest of which opened in Arizona this past April. Read our Article on Forbes.com
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Guest: Matt Hagel
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