A multi-unit franchise saves 30 hours per month by implementing cloud-accounting solution through WVC RubixCloud.
The business challenge
An Ohio-based franchisee team sought to add an additional unit to their growing company but were faced with mounting pressure to manage the financial transactions in addition to day-to-day operations. Specifically, 95% of their time was focused on bill paying, the manual entry of transactions and the subsequent comparison to paper bank statements. Accounting irregularities were commonplace and often overlooked. A lack of quality data and timely forecasting was not valuable for financial performance reporting.
WVC RubixCloud Solution
WVC RubixCloud outsourcing accounting specialists met with the franchisee team to understand the labor-intensive manual processes and the associated inefficiencies. With the implementation of a cloudbased accounting solution and transformation of the business processes, transactional data can now be imported from financial accounts in real-time and payment processes are automated along with billing and payroll.
The franchisee team now spends 5% of their time generating accurate data and 95% analyzing the data to understand trends and gain insight into their operations. Our client’s restaurant dashboard offers drill-down capabilities which provide greater clarity and transparency into all transactions. General managers now have the visibility into costs and other pertinent KPIs to address issues in real-time as they arise. The seamless integration of the outsourced accounting solution has eliminated the need for manual entries and resulted in a trusted paperless monthly close process. Ultimately, WVC RubixCloud has empowered the franchisee team to make accurate datadriven decisions to grow their business.
“Think about all the bills you just have at your house, right, but for you personally. Now times that by four, and think about all the relationships you have to manage for each one of those. They took care of all of that for us. They’re very proactive, they’re not reactive. They’re driving us, we’re not driving them, which is great. That’s what we wanted. It’s clear that they have been thinking ahead about what would a franchise owner, what would a franchise operator, what things would they need beyond accounting? And they’ve wrapped kind of a nice suite of solutions around that. So we’ve been super impressed.” – multi-unit Penn Station franchise owner