Fast Food Franchise Undergoes Audit
Requirement: Project Accounting Services
The client is a large fast food franchise with units located in New York, New Jersey, and Pennsylvania. In order to take advantage of new depreciation rules, it was decided that the company would undergo an independent audit of the company’s financial statements for 2016. In order to meet key financial deadlines for the audit and due to permanent staff turnover of key positions, the company investigated options to strengthen their finance team.
ProNexus was engaged by the client to provide interim management services to support the VP of Finance and Controller with all of the additional work required by the late decision to have an audit performed. ProNexus assigned a consultant with over 28 years of industry experience to help streamline the client’s efforts. The consultant provided much needed manpower to help deal with the large volume of data accumulated in a multiple restaurant franchise environment. Some tasks included closing financial statements on time, filing K1s on time, and getting timely and accurate financial information to all lenders for compliance with covenants. This “On Time” closing helped to avoid the covenant, bank/franchise reporting and last minute estimated tax filings that the client experienced the previous year.