Company Background and Summary
The company in question was created by three mainstream professional men who grew tired of going to female-centric salons in search of a worthy haircut. They wanted classic services like shaves shoe shines, and massage at a place where the client was the most important person in the room and the service was provided without an attitude.
Their collective vision bred an entirely novel grooming experience, Truman’s clients can expect to be treated with exceptional service, complimentary beverages, and beyond all, quality care.
The company began with 1 location and quickly scaled to manufacturing their own skin and hair care products and opening a new location.
Their quick success, unfortunately, led to the company out-growing their in-house, full time accounting capabilities and reach out to us for assistance.
We quickly analyzed the challenge at hand which included but was not limited to:
- Inventory Management
- Bookkeeping Services
- Managing payroll for employees at multiple locations
- Calculation of employee tips from customers
- Managing gift card purchase and redemption
- Integrating the company’s CRM with the accounting interface to better track clients and getting reports
We also realized the need for higher level analytics and CFO / CPA interactions and these tasks include:
- Cash Flow Analysis
- Margin Reports
- Operating Budget VS Actuals
- Budget & Forecast Management
- Burn Rate / Recurring monthly expense analysis
- Trend Analysis
In our approach, we provided a team including a Senior Accounting Manager as well as an Accounting Manager. We worked first and foremost on connecting all aspects of the client’s operations (inventory, CRM, Payroll, POS) into their accounting interface. This integration allowed us to streamline their entire operations and provide reporting pertinent to their finances while working with the company CFO and CPA to provide higher level insight and financial clarity.