Do What You Do Best, Outsource the Rest.
JPBAS was retained by the company to provide a thorough review of the company's strategy, organization structure, sales and marketing plan, financial reporting and analysis, and purchasing and vendor management. Specific initiatives included benchmarking company costs and margins against competitors', development of specific management goals and objectives, a revision of the standard costing system, and the development of an upgraded inventory and ordering system. JPBAS' recommendations led to organizational restructuring, improved financial performance and reduced working capital requirements.
JPBAS provides bookkeeping, controllership, and CFO services to this family holding conglomerate which includes restaurants, retail stores, beauty and health fitness centers, and a portfolio of real estate investments. As part of JPBAS' engagement, we negotiated with lenders to restructure debt, managed the hiring and termination process of personnel, optimized cash flow through negotiations of existing lease agreements, and relocated several businesses thus enhancing operational efficiency.
JPBAS created a financial management system for a new restaurant including developing a budget and forecast for construction build-out phase and operation, establishing a chart of accounts to track receipts and disbursement activities, and preparing financial reports. In addition, JPBAS assisted in the preparation of a financing package for bank loan presentations with projected cash flow, liquidity, debt service coverage, and collateral. The restaurant is scheduled to open in the fall of 2009.
JPBAS provides payroll services managing all employee information and payroll data with an ADP system interface. We reconcile all payroll information in the general ledger ensuring confidentiality and accuracy in wages, taxes, and benefits.
JPBAS provides full bookkeeping, accounting and controllership/CFO services to this software development company. Included in these services are invoicing, bill paying,preparation of financial statements, analysis, budgets and forecasts, participation in strategic planning and cash management. JPBAS provides all of this remotely and hosts the company's accounting files on its server. In addition, during the first year, we saved the client over $100,000 in bank fees annually by making changes to the way cash is managed.
JPBAS was retained as the primary point of contact with this company's auditors, to organize cash management, provide operational accounting review, and implement procedures and processes for month and year-end closes. During our engagement, JPBAS personnel discovered accounting irregularities which enabled the recent buyer of the company to successfully submit a claim for over $2 million against the seller, a claim which was subsequently paid.
JPBAS provided interim controllership services to this mid-sized restaurant chain and assisted in the identification of a new controller. The engagement transitioned into a permanent part-time CFO engagement for JPBAS. In addition, we implemented several processes and procedures to improve the accuracy, consistency and timeliness of financial reporting, assisted in the implementation of a new strategic planning and budgeting process, and helped to develop other custom reports used to manage the operations of the individual restaurants.
Working closely with the property manager of four Class-A office buildings, JPBAS provides traditional turnkey accounting services, collects rents, handles collections from past due tenants, performs annual analyses of operating expenses and issues bills to tenants for same, prepares budgets, and provides cash management systems and solutions.