FINANCIAL CONSULTING
Entrust us with guiding you towards compliant and future-proof financial management. Avoid common pitfalls which leads to untallied inventory or financial figures. Ease your efforts on monitoring with proper protocols. Gain access to financial figures online with our accrual-based accounting where operational costs are broken down accurately into monthly splits for each outlet, allowing for further data analysis to improve business profitability.
In-store finance-related procedures must be conducted and executed in a systematic manner to ensure that daily figures tally. This improves the accuracy of accounting and helps with filing of legal financial reports and profit maximization. Without a proper system in place to regulate daily in-store operations, the act of balancing numbers will be erroneous. Discrepancies could prove to be untraceable and can severely affect business profitability.
Our financial consulting services help F&B businesses to streamline and simplify the tedious process of balancing financial figures. We utilize accrual-based accounting on Quickbooks, allowing ease of access and convenience for our clients. Through our system, clients can also expect detailed data analysis the likes of revenue-cost-profit analysis, monthly
progress tracking and performance comparison reports.
Having an organized system and guidelines in place to keep track of numbers and financials is crucial for operation stability. In addition, reliable financial reports are required to achieve proper revenue and profit-sharing. These two systems work hand in hand to form a success cycle that will lead to a spike in efficiency and overall productivity.
CASE STUDY
CHALLENGES FACED
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Monthly financial figures do not tally
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Unable to discern reasons behind fluctuating monthly profits
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Uncertain of how to increase profitability
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Lack of third-party auditing
Daybooks accounting is a common accounting practice among lots of businesses. It's straightforward and records day-to-day transactions which is sufficient for most businesses. However, in the case of F&B businesses, the sheer volume of transactions and the multitude of channels involved render this method of accounting much less effective than normal. In order to solve all the pain points listed above, we recommend the adoption of accrual-based accounting instead.
THE PROCESS
With an accrual-based accounting system, every transaction is tracked and recorded for easy reference. The biggest advantage in adopting this practice is consideration of depreciation and amortization and build-up of cost centers, so as to reflect the true monthly cost and profit.
In order to assist with the implementation of accrual-based accounting, we will help alter the financial-related in-store operations. Our clients will gain access to numerous practical templates. In addition, we digitally upload every invoice for your convenience in a digital archive.
RESULTS
Our clients notice that the accounting process becomes much smoother and more organized upon implementation. Discrepancies decrease drastically and even if such incidents do occur, they are able to spot and rectify the problem immediately.
Every expense is also clearly stated so our clients understand where a bulk of their expenditure lies. This allows them to make informed and strategic decisions on potential areas to cut cost so as to improve business profitability.
Last but not least, we act as an external auditing agency that can help validate our client's accounting records.