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Case Study - Case Study – Jiffy Lube

Case Study – Jiffy Lube

Automating Accounting Systems for Franchise Business

About the Client

Jiffy Lube of Indiana is a successful, well-established franchise company in operation since 1985. They own and operate over 41 Jiffy Lube centers. In addition, their corporate headquarters, located in Fort Wayne, IN, performs back-office services for other complimentary auto service businesses.

The Challenge

Jiffy Lube was growing steadily and needed to effectively outsource specific accounting infrastructure functions as a means of maintaining business continuity and contingency planning.

  • Multiple locations made it difficult to forecast budgets and cash flow
  • Rapid growth created inefficiencies in accounting infrastructure
  • Manual data entry of high volume transactions caused inconsistencies and inaccuracies in financial reporting
  • Bookkeeping and accounting resources were unable to keep pace with increased sales
  • Heavy workload decreased staff productivity
  • No plan existed for business continuity
  • High cost of accounting software upgrades prohibited timely updates

The Analytix Solution

Our first priority was to streamline operations by transitioning Jiffy Lube’s accounting duties to our team of Accountants. We started by performing the following functions:

  • Reconciled bank statements
  • Recorded daily receipts
  • Assisted with closing entries
  • Implemented a daily cash management system

In order to increase efficiencies, we migrated their current accounting system, Microsoft Dynamics SL to a new Intacct Cloud based platform. To ensure successful implementation, we developed a transition plan for entity-level accounting/bookkeeping and for automating data entry for bill processing.

  • Streamlined and automated operations
  • Consolidated financial reporting across all locations
  • Created a continuity plan to ensure business success
  • Outsourced non-core functions
  • Filled Controller position
  • Decreased manual data entry
  • Reviewed accounting software

We were referred to Analytix by our Accountant. Analytix showed us exactly how to improve our Accounting functions. Their team has followed through on every detail of service initially discussed. They are exceptional to work with

Results

  • Jiffy Lube increased its resources without the expense of hiring additional bookkeeping staff
  • Automating accounting functions provided more accurate, detailed and timely financial reporting
  • Implementing offsite data entry eliminated additional overhead and provided systematic entries and cross checks to ensure accuracy
  • Migrating to a new accounting platform allowed access to all upgrades at a much lower cost than acquiring new accounting software
  • A business continuity plan provided assurance that product and services would continue to be available to its customers
  • Providing better cash flow management allowed for more accurate planning, forecasting and analysis and the ability of each location to initiate individual budgets
  • Reduced data entry for bill processing of Jiffy Lube’s largest vendors by 90%
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