Lead a franchisor to get in depth analysis of business and add more branches
Client
- A franchisee of Zoup Chain of restaurant
Overview of client
- A US-based client had bought 2 existing zoup restaurant franchises which were on offer for sale & business-ready. The client was looking for cost-effective services & the bookkeeping firms he approached earlier were too expensive for his business.
Outsource function opted
- Clean up the books & keep them updated
Challenges faced
- There were no financials available for these two business units.
- The books were messy & were in an incomplete state
- Book balances never matched with the bank statement
- Inter-company transactions were wrongly posted
- There were numerous duplicate entries
Solution provided
- Discussed with the client to understand the situation & to obtain the required supporting documents to fix the books
- Business acquisition entries were booked using the purchase agreement
- Bank recons were fixed using the bank statements
- Inter-company transactions were rectified to show the correct “due to & due from” balances
- Duplicate entries were removed
- Up-to-date books were submitted complete with financials, recons, schedules & fixed asset register
Key success points
- Books were completed within 15 days along with schedules etc.,
- The client was very happy with the quick turnaround time, the cost-effectiveness of the services & the happy state of his books
- With books being ready well in advance, the client had enough time to review them with his CPA & file his taxes
- The client was able to scale up within a short span of time bringing more business to us
- Our consistency with the books enabled the client to happily refer our services to his business acquaintances which helped us to get more business
