Dunkin’ Donuts® franchisee, PVMC is a group comprised of over twenty Dunkin’ Donuts store franchises in upstate New York. Find out how BlumShapiro Consulting was able to provide the tools and support needed to help the owner outsource the venture’s back office accounting and focus on moving his business forward.
When the franchisee purchased over twenty Dunkin’ Donuts store franchises as a new venture, he quickly recognized that he would need help with bookkeeping and accounting. With no accounting and finance infrastructure or staff to help with back office reporting, it was nearly impossible for the owner to get an accurate read of how his stores were doing and where improvements could be made. In order for the venture to be successful, the owner needed someone to take care of his back office needs, so he could focus on taking the stores to the next level.
Based on the challenges faced by the Dunkin’ Donuts franchisee, BlumShapiro Consulting determined they were a perfect candidate for utilizing our fully managed accounting team, powered by Intacct, a cloud-based accounting and financial management software. BlumShapiro Consulting provided the group with the following services to help meet their back office needs:
- Access to a full accounting and financial team with controlled oversight
- Financial closings and weekly financial metric reporting
- Ensuring tax compliance
- Posting and reporting of revenue
- Bank reconciliations
- Invoice processing and payments
- Posting payroll
- Acces to Intacct, a cloud-based accounting software
Access to BlumShapiro Consulting's Fully Managed Accounting Team
With the franchisee having no back office staff at any of the stores, BlumShapiro Consulting was able to come in and provide a complete back office team—including a Chief Financial Officer, controller and accountants. By using our integrated team of seasoned accountants, the owner filled a staffing need at a fraction of the cost and eliminated the responsibility of training, hiring and managing back office personnel. At BlumShapiro Consulting, we completely manage our support team and ensure that all processes are controlled and documented.
Easy Reporting for Business Decisions
Utilizing the functionality and reporting capabilities of Intacct, the owner now has access to the data and information needed to make the most informed business decisions. Intacct is able to provide reporting at both individual store and aggregate levels. For instance, the owner is able to see an expense analysis on each store, providing him the proper information to make decisions regarding individual stores and the group of stores as a whole. Furthermore, by using this software, the capability is there to provide the franchisee with advanced accounting statements in easy to read, simple formats, including income statements by store, balance sheets by entity, and weekly expense management.
Anytime, Anywhere Access to Critical Business Information
Another benefit to the franchisee is that Intacct, the new software, is cloud-based, which allows for access to critical business information, reports and data anywhere, anytime and on any device. For an owner who is constantly on the go, the ability to review reports on his smartphone was a key advantage and benefit.
Overall, Intacct was able to give the business owner a higher level of insight into what was happening in his business at all times—even providing the ability to review bills and invoices on the go.
Customized Reporting for Stakeholders
Part of the BlumShapiro Consulting process is spending time understanding the unique intricacies and accounting/reporting needs of each client. Through this process, the team determined the most powerful reporting metrics for the owner, providing insight into data at both the store level and aggregated data for key metrics such as sales by date, maintenance cost per store and inventory costs.
As a franchise, another challenge was presented—a specific style of reporting needed to be sent to the company headquarters. Due to the flexibility of the software system, a customized reporting style that met the exact specifications of the franchise was created without redundancies, extra work or additional reports.
In summary, through our fully managed accounting team and the Intacct software solution, BlumShapiro Consulting was able to provide all back office needs for each store that makes up the venture. The owner was able to reap the benefits of having an experienced accounting team, while forgoing the expenses of hiring an in-house accounting team. As a result, the client had more time to concentrate on the important strategic initiatives to move the business forward, while our team helped provide the back office support, tools and data needed.
Services/Products: Intacct, Business Process Outsourcing, Tax Services