This dynamic client from within the hospitality sector has been growing year on year. With 16 owned outlets, and other franchise interests, at the time of writing, the expansion will continue over years to come.
This client wants to keep their Head Office team to a minimum and therefore does not want an in-house finance team. The client prefers an outsourced service where they get a dedicated and personalised service and they don’t have to manage staff in-house themselves. The client also loves technology and embraces us using as much automation as possible to deliver our service.
How we work with them
So we work completely remotely from them in physical terms but we are part of the internal communications systems with their staff, managers and the business owners. We use Slack, Teams and in-person meetings to keep relationships and communication strong.
We work on the business daily to ensure they are always up to date. We mange their email boxes, liaise with suppliers, carry out the full bookkeeping processes and checks, submit VAT returns and ensure their accountants have a great set of accounts ready for them to complete their year end accounts.
We provide the business with a full set of reports – for the overall business and by store – by the 15th of the following month.
Our 3rd party payroll provider also provides them with a monthly payroll for approximately 150 staff and payments to staff are automated via Modulr.
Technology
We currently use the following technology;
- Xero
- Datamolino – for data capture as this reads the store addresses really well
- An AI tool called Otto for automatic bank rule reconciliation
- Telleroo for supplier payments. They have a huge amount of supplier invoices to be paid and using this technology has reduced the impact on our team and the business owner
- Sage payroll to run the payroll
- Modulr to automate the salary payments to staff.
The technology we use is always under review to see if we can improve any other aspects of our processes.
Why this works
Many businesses this size would choose to have an in-house Finance Manager instead. However, that option would leave them exposed if that person/s left/was ill/not competent. The business would also have to recruit the right person, manage them and have all the other commitments that go with an employee. It is also likely to cost them more financially.
Working with us, we take the responsibility for the training and management of their dedicated Finance team and for providing back up and cover. They also get the benefit of expertise from other members of our team when they need it.
The people, communication and the technology being used are what makes this work so successfully on such a large business.
So you don’t have to employ an inhouse Finance team when you get to a certain size.
If we can help you, please don’t hesitate to make contact with us for an exploratory conversation.