Lead a franchiser to get in-depth analysis of business and add more branches

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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

See Entelyglobal in action and find out how we can help you in achieving financial clarity