The Client:
Our client is a renowned Restaurant Accounting and Hospitality Consulting Solution Company based in Washington, US. Their primary goal is to improve accounting and operations for restaurants with proven strategies and advanced tools.
Scope of Work
Streamline Accounts Payable, General Ledger, and Sales Tax Preparation.
Process Bottlenecks
The client approached us with two significant challenges: a heavy workload and financial constraints. Their workload primarily revolved around entry-level tasks such as accounts payable, general ledger, and sales tax management. These essential accounting burdens proved to be overwhelming for their internal team. As a result, the client's team experience a shift in focus from strategic growth initiatives crucial for business expansion.
Furthermore, the client recognized the financial implications of employing a full-time staff member, including recruitment expenses, training costs, and additional benefits. These increased costs had a negative impact on their business's profitability and limited their ability to allocate resources to other critical operational areas.
Cogneesol’s Optimization Solution
Cogneesol implemented a tailored accounting solution that significantly streamlined their workflow and alleviated the heavy workload, enhancing the client's in-house teams' productivity. Leveraging the client's existing software, Plate IQ and Radar, our team quickly adapted these tools to improve their financial operations.
We implemented our solutions in phases:
- Phase 1: We assigned two highly skilled full-time employees (FTEs) exclusively dedicated to handling accounts payable (AP) tasks for 50 restaurants. Our team managed daily invoices, conducted audits, reconciled statements, and monitored bank activities closely.
- Phase 2: Our exemplary performance delighted the client, expanding our responsibilities. We provided 5 FTEs more to streamline general ledger (GL) tasks such as cash flow management, payroll, inventory, expense tracking, and more.
- Phase 3: We assigned two more FTEs to assist the client with sales tax preparation, including calculations and reporting.
Our team extended from 2 FTEs to 13 FTEs for 150+ restaurants, which resulted in efficient workload distribution. Finally, the client could focus on strategic growth initiatives while simultaneously ensuring the seamless management of their financial operations.
Cogneesol has been an invaluable partner, consistently delivering exceptional results. They truly understand our workflow, helping us meet deadlines effortlessly. Their open communication and attention to detail make financial management a breeze. Thank you for your expertise and outstanding work! We look forward to continuing our successful partnership!
Benefits:
- Improved turnaround time by 30% and delivered an accuracy of up to 99.9%.
- Increased cost savings by up to 50% by eliminating the need to hire, train, and manage a larger internal team.
- Timely financial reporting provided comprehensive insights into revenue, expenses, profitability, and compliance.
- Extended support empowered the client to make informed decisions and deliver high-quality services.
Impact Delivered
- Processing 15,000+ invoices/month
- Managing 2,378+ GL tasks in the reporting period
- Preparing 160+ Sales Tax Returns/per month
Client Testimonials
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
Through the last three years of our association with Cogneesol, we have come to depend on their drafting support completely. They are experts of various laws and regulations; their drafts are accurate and complete; do not require undue review efforts. They make it easier and faster for us to build our cases.
We are a law firm based out of Washington DC. With increasing case load, we wanted to work with a dedicated team of paralegals to handle our backend legal work. Came to know of Cogneesol from an attorneys’ network. Their level of professionalism for their very first assignment won us over completely. They are now on our retainer rolls. We reach out to them for all our big cases.
Today, we rely on Cogneesol for handling most aspects of our law firm’s back-office operations. It had started with the basic yet crucial document review tasks. Their excellent service delivery simply led to widening the scope of work and now, we also depend on them for contract abstraction, drafting, and management. Not only do they deliver quality service, they are also reasonably priced helping us stay cost efficient.
Cogneesol provided us with proficient legal experts to provide paralegal services for all our open cases. We realized they are also trained on legal amendments on a regular basis so that their knowledge stays up-to-date. We have been getting timely services from them with in depth analysis and closures. Extremely satisfied with their services! Wish them well!
Cogneesol has been handling our document review and management, contract drafting and management services for the last two years, and we have been extremely satisfied with their comprehensive and immaculate service delivery. They are meticulous and leave nothing to chance. Further, the flexibility of their rate cards allows us the freedom to approach them with all requests of backend support.
