Case Study - Jiffy Lube - Analytix Accounting

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%

Services

Business Management Portal

Efficiency Apps & Tools

Industry Solutions

Start-Up Solutions

Case Study - Case Study – Jiffy Lube