Multilocation franchise owner outsources back-office accounting to Baker Tilly to support growth
Outsourced accounting, technology integration and scalable reporting help a multilocation family office franchise grow and gain real-time financial insight.
Client background
In 2018, the family office franchise owners oversaw 15 franchise locations and were evaluating a transition of operations from generation one to generation two. They were seeking a plan to evaluate the transition of their tax, finance, and accounting responsibilities to a more centralized and capable team. Their goal was to consolidate systems, modernize processes, and establish a scalable financial infrastructure that would support continued growth across all store locations while transitioning accounting responsibilities.
Client need and business challenge
At the time of engagement, the client urgently needed an accounting overhaul. Their financial processes were highly manual, the existing technology stack was outdated, and key financial data was fragmented across multiple systems. This environment created significant operational inefficiencies and limited visibility into real-time performance, prompting the need for a unified and modernized accounting structure.
The client faced several challenges rooted in manual workflows, disconnected systems and inconsistencies in data management across locations. These factors significantly hindered the accuracy and timeliness of financial reporting and often times resulted in duplicative work. With reporting dispersed in multiple systems, leadership lacked essential visibility into consolidated financial performance, making it difficult to support informed decision-making and long-term planning.
Baker Tilly solution
Baker Tilly began the engagement with a comprehensive needs assessment that identified key areas for improvement across accounting, systems, and workflows. From there, the team implemented integrated technology solutions, centralized accounting functions, and streamlined processes related to accounts payable, expense management, payroll, and reporting. Baker Tilly also trained internal personnel to manage daily accounting activities while continuing to oversee the month-end close and reporting functions. The firm remains a strategic advisor, supporting the family office through continued financial analysis and guidance for key business decisions.
Results achieved
Over the nine years, the family office client successfully expanded their franchise by adding new locations and seamlessly integrating them into standardized accounting workflows. The financial processes designed by Baker Tilly enabled immediate access to operational insights and timely reporting for each new store. Baker Tilly became a trusted business advisor, coordinating with external partners, and internal teams to provide ongoing guidance and value-added services. The engagement also delivered significant financial outcomes, including securing a $4.1 million PPP payment, obtaining $1.8 million in Employee Retention credits that were approved through audit support and achieving the abatement of more than $3 million in penalties and fines related to Affordable Care Act reporting.
Talk to our outsourced accounting team
To learn how Baker Tilly can support modernized financial operations and scalable back-office solutions, contact us.