F&B Case Study
F&B Case Study
Industry: F&B
A restaurant operates in F&B industry employing 85-95 staffs on average. With 16 Carts,
6 coffee shops/restaurants and 8 storage units.
Client Goal:
The client’s primary goals was to boost revenue, streamline workforce requirements,
enhance profitability, and optimize staff management.
Challenges:
Inadequate Accounting Records
The client did not maintain sufficient accounting documentation, making it difficult to assess the financial situation accurately.
Incomplete Handover
During the transition, we did not receive all necessary details, including schedules, balance sheet account confirmations, and other essential information, which hindered our understanding of the financial landscape.
Lack of Systems and Processes
There were no established systems or processes in place for managing financial transactions, leading to inefficiencies and potential errors.
Unclear Legal Structure
The most significant challenge was the lack of clear information regarding the company's legal structure, complicating compliance and financial reporting efforts.
Solution Approach
To address the client’s challenges, we implemented a series of solutions aimed at improving accounting accuracy, enhancing control, and streamlining operations. These measures were designed to establish robust systems and ensure compliance across the board.
Solutions Provided:
Accounting Software Implementation
Recommended a software solution for precise documentation and set up the accounting system aligned with the client’s.
Enhanced Control Processes
Introduced procedures for effectively recording, reporting, and approving petty cash and credit payments.
Purchase Order System
Implemented a system for generating purchase orders for all acquisitions to streamline procurement processes.
Supplier Engagement
Obtained quotations from multiple suppliers and established contracts to ensure compliance and better pricing.
HR Management Software
Suggested the use of HR management software to streamline all human resources activities.
Automated Reporting
Implemented data analysis tools to automate daily sales reporting for improved accuracy and efficiency.
Client Testimonial
“The client has expressed their satisfaction with the services provided by SS&CO, noting that the financial reports have been instrumental in facilitating informed decision-making.”