Owning a business in the food industry can be both complex and diverse. Food diversity all around the world has cultural sentiments attached to them. One of the foremost cities that is rich in its food ethnicity is Hyderabad.
MyCFO worked on a project with one of the oldest sit-down restaurant chains in India with an annual turnover of approximately 100 crores. The Restaurant owns and manages 6 outlets, all in Hyderabad and Sikandrabad.
MyCFO was brought in by the management when the company decided to open 4-5 new restaurants in Hyderabad along with couple in Bangalore. A Private Equity fund has recently acquired significant minority stake in this company
MyCFO aimed to manage the company’s finance function at a time when the company was transitioning from a family run business to a professionally run organisation and had quick expansion plans. We also aimed to define the key operating metrics to continuously track business performance and build MIS, cash flow, budgeting, internal Control Processes, Capex Management, Compliances & Analysis of business profitability while also playing a key role in ERP implementation.
MyCFO was successful in streamlining the Finance procedures and Automating the regular accounting process. This reduced the sales data entry time from 10 days to 1 day in a month. MyCFO brought in better internal controls and improved the business processes by designing and implementing policies / SOPs.
The management at the company could see clear improvements in Cash Management, employee payments and payroll processing MyCFO’s intervention at the company led to regular & periodic reports being provided to the management. The intent was to bring visibility into the business performance and assist the management in making sound business decisions. MyCFO’s team members provided training to the company’s inhouse F&A team, thus enabling themto gear up for expansion / growth plans of the company.
These were just a few among many other benefits that the company gained through their engagement with MyCFO. To know more such value-adds that we bring on the table, get in touch with us here. To read more blogs like this, click here.