Case Study: The Maids - Creating Financial Oversight, Tracking, and Analysis
Client name: The Maids
Industry: Home Cleaning Franchise
Executive Summary
The owners and managers of The Maids, a newly purchased home cleaning franchise, required the ability to assess and analyze the business profitability and return on capital. Remote Financial Services was engaged to create financial models that track historical and project expected financial performance and metrics.This information allowed Company management to understand their financial operations, make informed decisions regarding revenues and expenses, and project returns on investment and capital.
The Challenge
The Company faced the following challenges:
- Lack of Financial Knowhow: The Company’s management, while skilled business operators, lacked the requisite financial knowledge and experience to analyze their business metrics and projected returns.
- Lack of Financial Planning and Systems: The Company’s management lacked processes, protocols, and staff to analyze financial information.
- Lack of Financial Analysis: As a newly purchased business, the Company lacked modeling and analytics that would provide management with the financial information required for decision making.
The Solution
Remote Financial Services was engaged to create financial systems, protocols, analyses, and models:
- Implementation of Financial Planning and Analysis Tools: Remote Financial Services created and implemented financial models and analyses to track necessary information and provide insights to management.
- Thorough Financial Analysis: Remote Financial Services conducted a meticulous review of financial records to create and analyze metrics and performance indicators.
- Data Linking and Mining: Remote Financial Services created linked systems to ensure that The Company’s Accounting and Bookkeeping information flowed into financial models so that raw data transformed to metrics for actionable insights.
The Results
By partnering with Remote Financial Services, The Compnay achieved the following:
- Budget Evaluation: Remote Financial Services created assessments that aligned management’s goals with business performance, including budgets and projections.
- Variance Analysis and Budget Adjustments: Remote Financial Services implemented monthly variance analysis by comparing actual financial results to the budget. This process enabled continuous and real time tracking of financial goals.
- Benchmarking and Monitoring: Remote Financial Services set clear financial benchmarks to regularly monitor performance against expectations. This continuous evaluation created progress tracking, maintained accountability, and facilitated data-driven decisions.
Conclusion
By creating financial systems and models, Remote Financial Services enabled the ownership and management of The Maids to receive real time financial information to enable tracking, decision making, and analysis of the performance of their investment in the business..