How Accountancy Cloud Helped Crepe Affaire Manage Their Finances
Crepe Affaire, a renowned chain specialising in a wide variety of crepes, has made a significant impact in the culinary industry. Known for its innovative recipes and commitment to quality, Crepe Affaire has established itself as a go-to destination for crepe enthusiasts. The company's mission revolves around delivering exceptional culinary experiences while emphasising sustainability and customer satisfaction. With franchises all across the UK and the Middle East they are a fast growing brand with an offline and online presence known globally.
Crepe Affaire faced several challenges that hindered its efficiency and effectiveness. Key issues included outdated financial systems having only used a legacy version of Sage200, inefficient cash flow management, and a lack of strategic financial planning. These challenges not only affected the businesses performance but also had a ripple effect on the overall operational efficiency of the company.
To address these challenges, Accountancy Cloud took steps to put into place a comprehensive strategy that involved managing their entire finance department, transferring their current systems over to Xero and managing their bookkeeping, payroll and taxes. This included:
- Introduction of Advanced Financial Software: Accountancy Cloud streamlined operations and improving accuracy in financial reporting using custom Chart of Accounts in Xero accounting software.
- Restructuring of the Finance Team: Aligning the team structure with the company's strategic objectives, Accountancy Cloud ran the entire finance department managing the bookkeeping, VAT returns, management reporting for all their sites and payments and payroll processes.
- Implementing New Financial Policies: Accountancy Cloud worked with the CFO to introduce policies for better budget management and cost control.
The involvement and collaboration of Accountancy Cloud freed up a significant amount of time for the team at Crepe Affaire, and this was crucial in this transformation.
Post-implementation, Crepe Affaire witnessed significant improvements:
- Revenue Growth: There was a notable increase in revenue due to improved financial strategies and financial visibility.
- Cost Reduction: Enhanced budget management led to substantial cost savings.
- Improved Cash Flow: The introduction of new systems and policies resulted in a more efficient cash flow.
The long-term impact of these changes was profound, leading to improved financial health and a stronger foundation for future growth.
- 50% cost reductions achieved
- Successfully switched over to Xero
- 3x growth due to efficiencies
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