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CASE STUDY

Transforming Franchise Finance and Accounting Operations Through Streamlined Automation

Client Overview

  • Our Client had recently undertaken a restaurant franchise. They were at that point, in the process of setting up the outlet and crossing the first few months with their customers.
  • Business in hospitality comes with a lot of challenges along
    with its own operating problems and our client was also not
    the odd one out.

Client Challenges

  • Given the high volume of records and bills, maintaining and managing bookkeeping records and transactions quickly became overwhelming.
  • This was further complicated with errors seeping in, in particular a supplier bill for $272.886.00, an abnormal and hard to process figure.
  • Accounts Payable involved incomplete utilisation of existing processes and manual effort in bill processing. As well as manual report downloads, data entry, and review processes for creditor listings.
  • Accounts Receivable processes caused delays due to manual downloading of reports and manual invoice processing at the delivery portal.
  • Bank Processing was time consuming due to manual bank transaction processing and reconciliation.
  • End-of-Month reports were time-consuming due to manual creation of journal entries and processing as well as manual review of financial reports.

befree's Solution

  • Integration of befree’s bookkeeping processes enabled the detection of this error. Upon further clarification with the supplier, it was discovered to be a clerical error and payment was withheld until its resolution.
  • We streamlined Accounts Payable processes to ensure all functions are fully optimised. This includes developing and implementing Standard Operating Procedures (SOPs), providing comprehensive staff training, and automating supplier transactions. This results in faster, more accurate bill processing, freeing up your team to focus on more strategic tasks.
  • We deployed a ready-to-use bot that automates report downloads and data entry, ensuring greater accuracy and consistency. This reduces the risk of errors and discrepancies, providing a seamless and efficient creditor management process.
  • Our bot automates the downloading of reports and the processing of invoices into your accounting software. This drastically cuts down processing time and improves efficiency, allowing your team to focus on customer relationships and revenue generation.
  • Leveraged our cash coding bot to automate transaction processing, reducing manual intervention to ensure timely and accurate bank reconciliations, enhancing cash flow management and financial planning.
  • Our team combined advanced Excel functionalities and RPA to generate CSV files for journal imports into your accounting software. This ensures all components are considered, providing a complete and accurate financial picture with minimal manual effort.
  • Our bot downloads reports and an automated process summarises key areas for review. This provides quick insights and highlights areas needing attention, facilitating faster decision-making.

Results/ Benefits

Detailed Analysis

The detailed analysis arising on account of this highly invoiced
order was presented to the client.

Cost Savings

Saved the client $61K from being debited from the bank due to clerical error.

Error-Free Automation

Optimised their bookkeeping processes, ensuring error-free
inventory management and instant notification of any abnormal activity.

Time Saved Due to Automation

40%

Bill Processing

70%

Creditor Listing

85%

Delivery Portal

83%

Bank Reconciliation

84%

End-of-month Report

56%

End-of-month Review

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