As your business grows, it is important to make sure your accounting function can keep up. The expert team of Fruxient is geared to provide timely, hassle-free, and accurate accounting services to your business at an affordable cost. We can take care of your company’s daily transaction recording in the cloud accounting system. We will also maintain the books and records as per Generally Accepted Accounting Principles (GAAP) and local rules and regulations. Our bookkeeping services are broadly divided into four segments:
1. Initial Setup, Review and One-time tasks
- Take note of accounting/reporting policies by scanning the FDD or accounting manual shared by the Franchisor
- Confirm Accounting period (Calendar Month or any other specific period like 4-4-5)
- Consolidate all Login Credentials (Read Only Permissions) : QBO, Banks, CC, POS, All Major Vendors like Food and Beverage Suppliers, , Utilities, Pest Control, Merchant processor, Payroll Service Provider, 3rd party delivery providers like Grubhub, UberEats etc.
- Chart of Accounts Conversion/Preparation as per Franchisor's/NRA Guidance
- Consolidate all vendor contracts for comparison and enforcement
- Check POS data integrity
2. Regular Transaction Work
- Recording Opening Balances (For first time setup only)
- Record and Matching Bank Transactions
- Record AP - COGS, Utilities, Vendors (Weekly/Daily)
- Record Sales Data (Weekly/Daily)
- Import Payroll Data Per Pay Period
- Recording Institutional/School Sale transactions (If any)
- Recording Gift Card Transactions
- Recording inventory transfers
- Record Business Credit Card Transactions – Weekly
- Courtesy reminders
- Recording Depreciation/Amortization (If schedule is provided by client)
- Pay bills using a Third Party/Fintech Platform like Bill.com
- Setup Autopay for Vendors (Wherever possible)
- Recording Inventory Shrinkage / Variance
3. Reconciliations
- Bank reconciliation - Monthly
- Credit card reconciliation - Monthly
- Sales reconciliation - Monthly
- Sales tax reconciliation - Monthly
- COGS reconciliation - Monthly
- Payroll reconciliation - Per payroll Period
- Paid out reconciliation - Monthly/Weekly
- Cash Flow Reconciliation - Monthly
- Credit card Receivables Reconciliation - monthly
- Cash deposited in Bank Reconciliation - Daily
- Third Party Delivery Service Reconciliation - Doordash, Uber, Grubhub
- Gift Card Sold/Redeemed Reconciliation
- Royalty Reconciliation - Urban,Sub-urban,Rural royalties can be different
- Inter-Company/Store Reconciliation
4. Month End Review
- Review Utilities ledger & Compare M-O-M for Variances
- Review Rent ledger & Compare M-O-M for Variances
- Review Uncategorized income & Expenses
- Review Unpaid AP and Trace reason
- Vendor Contract comparison and enforcement
- General Ledger Review
- Accrue Expenses as Needed
- Review Food Cost, Prime Cost as a percentage of Sales and report variances