Where is my cheese? A multi-unit franchise owner detects a $5,000 theft just days after implementing a cloud-accounting solution through WVC RubixCloud.
The Business Challenge
A multi-unit franchise owner of a well-known pizza company sought to grow his business but his current accounting provider left him plagued with untimely financial reporting and unnecessary hours spent documenting. Specifically, he spent over 5 hours per week loading documents into Dropbox only to receive his financial statements a month after period-end, oftentimes with errors. By then, it was too late to make necessary adjustments to increase profitability. Recognizing the importance of “turn around time,” it was evident he lacked a sound financial footing from which he could make strategic decisions to grow and evolve.
WVC RubixCloud Solution
WVC RubixCloud was engaged to implement a cloud-based accounting solution so transactional data could be imported from financial accounts in real-time and payment processes could be automated along with billing. This would organize the client’s data for more granular reporting. The new system also captured accurate income and expenses which ultimately impacted the accuracy of the client’s monthly financial statements.
Thanks to WVC RubixCloud’s real-time reporting, visibility into each location was easy as “click, click, go.” Within the first reporting period, became clear that one of his location’s food costs were significantly higher. When brought to the attention of management, he discovered the employees were trading food with other local restaurants and some were even taking home bags of cheese for their personal use. As a result, he was able to act immediately to resolve a $5,000 theft which may have otherwise gone undetected and continued to negatively impact profits.
“Before WVC RubixCloud, it would be one to two months before I could identify if my costs were off or if a store was losing money. I was not able to adjust quickly enough utilizing outdated information. That was the old way!”
Now, I can be offsite and a P&L issue may arise. I can log into my system right from my phone, do a period-by-period comparison and act quickly to address the issue.
“I am definitely ahead of the game. Most franchisees I know don’t even know their numbers and for an owner/operator like myself, this is vital data for running your business.”
– Minal Patel, multi-unit Marco’s franchise owner