“In our line of business, the faster you identify and fix a problem, the quicker you can realize growth and maximize profitability. Intacct and BlumShapiro have really delivered on this promise. Our monthly net profit is up over 300 percent compared to last year.” – Gary Simon, CEO, British Beer Company
Gary Simon, CEO of British Beer Company (BBC), had a real challenge on his hands. BBC, which manages 14 pubs across New England, as well as a host of real estate ventures, was literally drowning in paper as they managed all of these different businesses.
“When I asked for a report to help me isolate a business issue, I literally got a stack of paper 18 inches deep from our QuickBooks system. To perform some analysis, I would have separate stacks of paper for each location and go back and forth between them. These reports required significant amounts of my valuable time to wade through and in the end, had little or no value.”
More importantly, the process of closing the books each month, across all of these separate QuickBooks companies, was a labor intensive, manual process that was a burden to the accounting staff.
“If my staff were able to focus only on the month-end close, we could get financial results for the previous month in 15 – 20 days. However, too often, there were other more pressing issues that took priority and the books wouldn’t be closed for six to eight weeks.”
The inability to close the books quickly and isolate and resolve critical issues was impacting profitability.
British Beer Company engaged BlumShapiro Consulting to implement Intacct, a true cloud-based financial management system that allows for managing multi-entity environments in a platform that creates process standardization across entities resulting in “one source of the truth.”
“When we first heard of the challenges that British Beer Company faced with QuickBooks, we knew we had an ideal solution that would make a real difference. Utilizing Intacct, BBC now has access to its data anytime and anywhere and rather than spending weeks analyzing their books, their team has more timely access to results and better insights into their business. This allows them to focus on more forward thinking strategic business decisions.”
- Jim Clarkson, Partner, BlumShapiro Consulting
Replacing QuickBooks with Intacct, a cloud solution, allowed BBC to make their accounting function more efficient, and enabled them to spend more time focusing on growing their business. Some of the specific results achieved include:
- Streamlined decision making process, eliminating paper, emails and phone calls, by seeing key information and metrics in real time, accessible anytime and anywhere
- Improved accounting staff efficiency by eliminating manual processes across entities, and requests for follow up and analysis
- Reduced time to close from six to eight weeks to 10-15 days
- Implemented comprehensive budgeting and cash flow across all locations and entities
- Improved manager accountability by providing them access to information for the five locations they manage, immediately identifying challenges and quickly taking action
From the CEO:
“With cloud-based software from Intacct and the process improvement and advisory services from BlumShapiro Consulting, we are able to focus on the strategic issues facing our business in a very competitive environment. Now, when we have our quarterly review meeting, instead of our team wading through stacks of paper, I open up my laptop and immediately see the trends in real time. With just the click of a mouse I can now answer all of my questions in seconds.”