Transforming Accounts Payable for Fast-Growing Franchise Owners: The laufer Success Story with OEO

Introduction

In the coIn the competitive world of franchise ownership, managing back-office operations efficiently is crucial. Laufer, an esteemed accounting firm with a strategic focus, has partnered with Over Easy Office (OEO) to revolutionize accounts payable (AP) processing and accounting for McDonald’s franchisees. By integrating OEO’s restaurant-focused back-office support with Laufer's extensive franchise expertise, the collaboration has streamlined AP processes, slashing manual tasks by 80% and enabling Laufer to expand their practice with precise, timely reporting.

The Story of Laufer

Background

Laufer has been a leading accounting firm since 1972, specializing in franchise services with a particular focus on McDonald's franchisees. With decades of experience, Laufer has established a reputation for helping franchise owners achieve their business and personal goals through proactive and strategic financial management. Their expertise spans various services, including tax planning, business consulting, and wealth management, tailored to meet the unique needs of franchise owners.

The Opportunity with Over Easy Office

Laufer recognized an opportunity to enhance their AP processing by leveraging Over Easy Office’s advanced back-office support solutions. OEO’s specialized services are designed for the restaurant industry, providing tailored solutions that integrate seamlessly with existing accounting practices. This partnership aimed to address the inefficiencies in AP tasks, allowing Laufer to deliver more accurate and timely financial reporting.

The Challenge of Manual AP Processing

Before collaborating with OEO, Laufer faced significant challenges with manual AP processing for their franchisee clients. The process involved extensive data entry and rigorous audits, which consumed a substantial amount of time and resources. The manual approach not only led to inefficiencies but also impacted the accuracy and timeliness of financial reporting. Laufer needed a solution that would streamline these processes, reduce errors, and enable them to handle a growing client base more effectively.

Why Laufer Chose Over Easy Office

Discovery and Decision Process

Laufer discovered Over Easy Office through industry referrals and initial consultations. They evaluated several options but ultimately chose OEO for their deep understanding of restaurant-focused accounting and their proven ability to integrate with existing systems. OEO’s reputation for transforming AP processes with innovative solutions and their focus on the restaurant sector aligned perfectly with Laufer’s needs.

Key Factors

The decision to partner with OEO was driven by several factors:

• Restaurant Industry Expertise: OEO’s specialization in restaurant back-office support matched Laufer’s needs for a solution tailored to the unique requirements of franchise owners.

• Efficiency Gained by Overnight Processing Time: OEO promised significant reductions in manual AP tasks, which was a crucial factor for Laufer, given their need for efficiency.

• Scalability: OEO’s solutions offered the flexibility to scale with Laufer’s expanding client base, ensuring that the firm could grow without compromising service quality.

How Over Easy Office Responded

Implementation and Integration

Upon commencing the partnership, OEO focused on integrating their AP management solutions with Laufer’s existing systems. The initial phase involved mapping out the current AP processes and identifying areas for improvement. OEO then implemented a comprehensive solution that automated data entry, streamlined invoice processing, and enhanced audit procedures.

Early Impact

In the early days of collaboration, Laufer noted a marked improvement in operational efficiency. OEO’s support allowed Laufer’s team to focus on strategic tasks rather than being bogged down by manual processes. The transition was smooth, with OEO providing continuous support and adjustments to ensure that the new system met Laufer’s specific needs.

The Results

Significant Efficiency GainsThe partnership with Over Easy Office resulted in:

• 80% Reduction in Manual AP Tasks: Laufer experienced an 80% decrease in the time spent on invoice data entry and audits. This significant reduction allowed their team to allocate more time to strategic financial activities and client support.

• Enhanced Accuracy across different Accounting Platform: Automation and improved processes led to standardized enduring process and workflows across multiple accounting platforms like Restaurat365, Sage and Compeat, resulting in more accurate financial reporting, reducing errors and enhancing the overall quality of service.

• Expanded Practice Capabilities: With streamlined AP processes, Laufer was able to expand their practice, taking on additional clients and providing more detailed and timely reports.

Conclusion

Laufer’s clients, particularly McDonald's franchisees, reported increased satisfaction with the efficiency and accuracy of their financial reports. The improvements in AP processing enabled franchisees to focus more on their core business operations, knowing their financial management was in capable hands.

Are you interested in streamlining AP processing, accounting, or inventory management requirements? Contact us today to add specialized back-office support and transform your operations.