In addition, they eliminated paper-based workflows by leveraging Sage Intacct’s best-in-class integrations and capabilities. Seamless connections with Bill.com and ADP – along with Sage Intacct’s easy-to-use expense report software and powerful bank reconciliation capabilities – enable quick mobile bill payments, faster manager reimbursements, better cash flow visibility, more efficient financials, and enhanced reporting for individual restaurants. In just a few short months, WVC RubixCloud is already realizing day-to-day accounting efficiency improvements of over 25%. As a result of these productivity improvements and the increased data accuracy they bring, NWO Penn Acquisition slashed its monthly close from eight to just two or three days.
Accelerating Growth through Timely Financial Insights
“Sage Intacct has opened up a world of new possibilities for our business. A year ago, if you’d asked me whether we would grow up to six stores, with plans to build many more, and look at new franchise concepts and cities to add, I’d have said we could never scale at that pace using our old system and processes,” shared Hammack. “With Sage Intacct, I have full confidence the solution will be able to handle our accelerated growth because
we have more bandwidth to evaluate new franchise opportunities, and more informative data with which to do so. We can easily compare new concepts to real data, rather than relying on just the projected information
that’s included in franchise disclosure documents.”
Using custom reports built with the report writer in Sage Intacct, the team now accurately calculates royalties, advertising fund contributions, sales taxes,
and store manager bonuses without cumbersome data manipulations in Excel. These reports, along with monthly trend information and store-specific operating income, P&L statements, and balance sheets, are automatically emailed to Hammack each month, making it simple to report applicable data back to the rest of the investment group and to Penn Station’s
The entire organization also has better visibility into cash flow and potential cost control issues, which holds store managers more accountable for their daily operating decisions. Next up, the team is preparing dashboards to track various vendors and expense types, so managers can compare spending across locations and find opportunities for cost savings during contract negotiations. Hammack concluded, “We’re probably avoiding tens of thousands of dollars in finance personnel costs each year because we have a strong foundation like Sage Intacct and great outsourced accounting services – that’s a significant savings for a company of our size.”