How Finanshels helped SMEs overcome financial challenges and achieve success.

Bakelicious
Omar Al Yaqout
Bakelicious

"Finanshels.com saved me countless hours of bookkeeping work so I could concentrate 100% on growing my business. They provide intuitive actionable insights like branch-wise profitability, expenditure analysis, COGS analysis, and various reconciliations on receivables, payables, banks, cards, and cash. I never imagined accounting could be this simple and convenient. Thanks to team Finanshels."

Bakelicious

Omar Al Yaqout

Owner, Bakelicious Restaurant, Kuwait

Before Finanshels

  • No proper accounting  and recording of financial records.
  • One of the branches was experiencing a financial deficit.
  • No track on payables and receivables.
  • No tracking of owner fundings.
  • No financial insights.
  • Owner spent lots of time on recording transactions

After Finanshels

  • Complete automation of accounting procedure through accounting software.
  • The company minimised expenses and became profitable.
  • Proper tracking and reporting of AP & AR.
  • Proper tracking of owner funding and burn-rate.
  • Detailed monthly performance analysis and review with Finanshels Experts.
  • Streamlining accounting processes and implementing templates minimized owner dependency.

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The Problems

Maintaining transparency of data and venturing into cloud kitchens
  • Set up accounting software but lacked proficiency in its use and defining accounting process.
  • No branch-wise accounting or P&L
  • Never reconciled supplier SOAs and delivery partner statements.
  • Petty cash given for company expenses, personal credit card used for spending.
  • Inaccurate books and improper recording of transaction.
  • Owner tracked and recorded transactions frequently.
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The Solutions

Maintaining transparency of data and venturing into cloud kitchens
  • Automated financial record-keeping with defined chart of accounts and streamlined processes.
  • Branch-wise accounting helped the company to evaluate the Financial performance of every branch.
  • Reconciliation with suppliers, operations staff, POS systems, and delivery partner statements.
  • Separate tracker for owner's cash injection and mapping, and recording personal credit card subscriptions.
  • Designed chart of accounts in a way that meets all management's reporting needs and provides detailed analysis.
  • Very minimum dependency on the owner by implementing processes and templates

The Outcomes

Maintaining transparency of data and venturing into cloud kitchens
  • Better Time Management and Accurate recording of transactions
  • Data-driven decision in optimising costs
  • Avoided cash leakage
  • Able to track owner investment and proper burn rate
  • Increasing profits
  • Better focus on business by owner
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