Case Study

Challenge: The corporate office for an expanding chain of restaurants in the San Francisco Bay Area required a system to track profitability by individual restaurants on a monthly basis. Other needs included quarterly preparation of sales tax returns and property taxes, as well as the numerous government forms required as they opened new restaurants. Each location had its own bank account used for paying expenses, including payroll, but a corporate bank account was used to pay sales and payroll taxes. As a result, the corporation was unable to efficiently manage their finances.

Process: InConcert Financial Group’s accounting team listened to the needs of the principals of the corporation in order to develop a chart of accounts and a system of reporting that would fit their needs.

Solution: The accounting team at InConcert used QuickBooks™ accounting software to enter the transactions for each restaurant. Class tracking was used to customize the financial statement reporting so as to ensure that reliable information could be retrieved with the click of a mouse for the corporation as a whole or each restaurant individually. Spreadsheets were customized to facilitate the processing of sales tax returns, taking into consideration the taxable versus non-taxable rates for each restaurant. Monthly financial statements for each restaurant were then delivered for review to the principals.