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Benefits |
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Customer
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| Video Store |
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Client operated multiple video stores and was having difficulty understanding the profitability
of each video store and the different product lines sold within each store. Client also could not provide monthly financials
on time to bank which had a credit line with the company. Client was consistently late in payment even though cash flow from
the business was positive resulting in a poor debt history for the business and significant late penalty fees. |
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The Analytix Solution |
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In conjunction with client, Analytix devised an accounting system and a process to capture
and process accounting transactions on a timely basis for the company. The client now faxes his bills, check register,
and bank statements etc on a weekly basis with the data being in his financial statements within 24 hours of receipt by
Analytix. Our professionals also track documents like missing bank statements, utility bills etc required to ensure that
regular monthly financial statements can be produced in a timely manner, informing the client when such documents have
not been received. Further, each week a summary report is prepared by our staff for the client informing him of pending
payment deadlines so that client can pay the appropriate bills without incurring late penalties.
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Benefits |
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As a result of the profitability analysis, client has established an accurate view of inventory requirements by
store and product line. Our analysis has helped the client take measures to reduce slow moving inventory in each store. Regular reminders
have resulted in an improvement in his credit rating as well as a substantial reduction in late fees and penalties. Client has told us that
he now has significantly more time on this hands to focus on critical issues related to the business – all this while reducing his accounting
costs by 30%.
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| Vending Machine Supply Company |
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Client acquired a new franchise for a defined territory from a national company and wanted to track key financial metrics
such as product mix on a regular basis as the business was to be run as an absentee owner. The client also wanted to ensure
that employees were compensated appropriately via a complex bonus plan related to product inventory, expense control and revenue.
Client further required accurate financial statements on a monthly basis to satisfy the requirements associated with a loan from
a financial institution. |
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The Analytix Solution |
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In conjunction with client, Analytix professionals devised a set of financial reports and statements that allowed the client to
track revenues and cost of goods by product category. Expenses were also categorized according to category and a system was devised
to help calculate bonuses for each employee based on financial performance. The client scans his bills, bank statements, credit card
statements etc and sends the information to Analytix by email. After our professionals have input the transactions and reconciled his
statements, the client uses our hosted software system to print checks for vendors.
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Benefits |
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Client, though an absentee owner, has an accurate financial picture of his operations via our accounting software system.
The electronic conversion of all documents couple to their immediate access via the Internet allows client to look at any
related document before payment to an employee or vendor. Client also uses our customized financial report to monitor key
expense parameters on a monthly basis. |
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| Convenience Store |
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Client was a first time purchaser of a convenience store. Client had no previous experience of operating a business.
Client wanted education and assistance in setting up the corporation and also understanding financial fundamentals related
to his business. |
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The Analytix Solution |
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Analytix professionals helped client form the corporation advising client on most beneficial corporate structure given his
personal profile. With client, Analytix helped client register with both federal and state authorities and obtained the appropriate
permits such cigarette tax permits, state sales tax registration, lottery permit etc required to operate the business. Client also
underwent a training session on the basics of financial statements and, the information they should capture on a daily and monthly
basis to better manage their business. Client further was trained on the use of Quickbooks and our online software system so that
they could track the financial health of their new venture on a monthly or quarterly basis. |
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Benefits |
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Being a first time owner, client found our advice on corporate structure and the regulatory
filing process invaluable in their understanding of federal and state compliance.
Our tax planning advice helped the client better understand the tax benefits of owning a
business and the audit requirements for any tax deductions that needed to be taken. Our regular
financial reports help the client understand the performance of their new venture allowing them to
make more informed decisions on vendors and type of inventory to maximize their revenue and profits. |
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