January 14, 2025
Condesa was engaged by a Boston area restaurant chain seeking executive-level financial leadership and an overhaul of its existing accounting systems and processes. Despite having multiple legal entities for its businesses, the Client had consolidated its financial operations into one combined Quickbooks online account, complicating tax reporting and precluding the ability to leverage many third-party software integrations with Quickbooks Online. Additionally, the Client managed budgets using a Chart of Accounts that did not match the logic used within Quickbooks, disallowing any sophisticated, line-item level budget-to-actual analysis.
Condesa’s initial services with the Client focused on determining the optimal Chart of Accounts to be implemented uniformly across all locations for budgeting and accounting purposes. Once this universal Chart of Accounts was determined, Condesa created separate Quickbooks Online accounts pertaining to each legal entity included within the Client’s comprehensive operations. This universal Chart of Accounts was then implemented and all existing balances and corresponding activity were carried over into the new individual Quickbooks accounts. Our firm then enabled, tested and properly reconciled all applicable third-party integrations to save the Client considerable time previously spent performing manual reconciliations.
In addition to accounting systems migration and optimization, Condesa advises this Client on matters related to debt financing and related financial modeling. This Client seeks to refinance debt currently existing within credit card and merchant loan accounts into a line of credit with a regional bank. Condesa performs the appropriate financial modeling procedures to ensure the Client can operate within all existing debt covenants and related agreements.
Services Provided:
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