80% Cash Flow Increased Due to Accurate Bookkeeping
A Brazilian Restaurant Experienced the increasing cashflow operations.
Located in Santa Catarina, Brazil, the company is an agglomeration of Mexican fast food fine-dine restaurants. Our client has tactically approached the market by popularizing Mexican fast food as the healthiest fast food. Not only that, but our client believes that Mexican fast food perfectly suits the active lifestyle of Brazilians. Currently, the company owns more than 100 restaurants in Brazil and they are planning to increase the numbers.
Company's Requirements
Besides expansion, the company has made some other plans to be involved in other businesses. That's the primary reason why the company was looking for an outsourcing Partner. So that, it could delegate the responsibility of bookkeeping and focus more on expansion projects. Besides that, it was also searching for some solutions for fixing their account maintenance.
Importance of Bookkeeping Data Entry for Restaurant Businesses
Bookkeeping is an important task in account maintenance, especially in the restaurant business. The tasks included managing regular transactions, assisting in preparing annual financial statements, and other work. With the help of outsourcing this service, the process of bookkeeping becomes easier. Therefore, restaurant chains can only manage their functions if they hire a full-time bookkeeper to manage these functions.
Besides that, with the help of outsourcing bookkeeping services, businesses can ensure accuracy in their accounting system. Also, businesses can get all the bookkeeping-related services on time without any delay. Bookkeeping data entry services are cost-efficient and efficient, which can help businesses minimize their operational costs. Added to that, restaurant businesses can choose their pattern of service with the help of flexible bookkeeping data entry services.
Challenges the Company Faced
For the last couple of years, the company has been interacting with the following issues in its bookkeeping process.
Maintaining daily transactions accurately is the prime task of a bookkeeper in any organization. But in this case, the company did not have a fixed bookkeeper in any of their restaurants. Therefore, only the general staff were maintaining the bookkeeping tasks. Imagine, they did not have any prior experience in bookkeeping but still doing the bookkeeping tasks. Thus, the client lacked an efficient process that could guide them with financial insights.
As discussed before, the company did not have any fixed employees who could perform daily bookkeeping tasks. Hence, the company has a backlog of three years pending, which is huge for a restaurant chain. Interestingly, the company has to compile this three-year backlog within six months to meet tax compliance. Imagine processing bookkeeping data for three years within six months, which is quite hectic.
The company owns a restaurant chain business where each chain uses software for accounting and bookkeeping work. The person who generally manages the restaurant enters all the daily financial transaction data into the software. It has continued the process for more than three years, which increases the burden of pending files. Moreover, the company did not have an accountant who could deal with these financial records.
Due to these critical factors, the company has decided to hire an outsourcing company to manage its bookkeeping process. It was looking for a reliable partner who could clear the pending task within a brief time.
Custom Solution from AskDataEntry
We have thoroughly understood the client company's needs and immediately started working with their instructions. The client asked us to start with their pending tasks so moved into that project first. However, we have divided the project into different parts to ease the tasks as per the guide "bookkeeping for small businesses". Here, we have applied a very logical method to complete the tasks within the estimated deadline.
Initially, we have communicated with the client team via video conferencing calls. We have acquired knowledge of their workings and understood their immediate needs. Also, the client team has communicated their needs to us and sent all the raw files. Therefore, we have decided where to start our project and what would be our strategy to deal with this. Plus, we continued interaction with the client team wherever we had any doubts regarding the process.
After getting everything done via video conferencing calls, we immediately divided our members into different teams. We have arranged a quick training session to brief the team regarding the client's requirements. From the initial years, we have retained talented professionals in our organization. Because they have some special skills, so we decided to hand over the project to them.
Verifying monthly transactions was our priority so we did it accordingly. We have reconciled the bank account to make sure that our verification process is on the right track. Auditing the inventory process was our primary need so we reviewed and audited it on each month's bookkeeping records. Plus, We covered restaurant menu data entry tasks also for the company.
Starting with the software assessment where the client has stored all financial records, we move to document preparation. Thereafter, we have divided the bookkeeping data into two different groups; daily and monthly. Next, we have started indexing the documents including all the invoices, bills, cheques, etc.
a. Handling Daily Process
We have posted daily transactions that the client has recorded in the software, by extracting data from that. Here, we made an Excel Sheet to record all data in the format that the client wanted. Also, our team has reconciled weekly transactions to make the monthly files. Note that, we send emails to the client whenever we have some queries, and they respond immediately.
b. Handling Monthly Process
Verifying monthly transactions was our priority so we did it accordingly. We have reconciled the bank account to make sure that our verification process is on the right track. Auditing the inventory process was our primary need so we reviewed and audited it on each month's bookkeeping records.
Mark Goodheart
(Operation Head)
AskDataEntry has been instrumental in streamlining our catalog processing operations. Their meticulous attention to detail and efficient workflow management have significantly improved our productivity and accuracy. With their support, we've been able to handle large volumes of catalog data seamlessly, allowing us to focus more on our core business activities.
