The Challenge

When Matt joined Quince, he encountered several accounting challenges:

• High volumes of manual and nuanced journal entries spread across multiple entities
• Significant internal effort required to maintain accounting records
• Balance sheets that needed validation and reconciliation
• No dependable monthly close process
• Limited confidence in the accuracy and integrity of financial information

Without reliable financial reporting, leadership lacked the visibility needed for strategic planning and decision-making.

Matt decided to bring in RRFMG, an accounting advisory firm specializing in the restaurant industry.  Matt first worked with RRFMG while at Lev Group in Las Vegas. Later, when he joined Zinc Café & Market in Los Angeles, he brought RRFMG in to support accounting operations and watched Zinc grow from three locations to five.

In thinking about why he brought in the team from RRFMG, Matt states “With RRFMG there’s more attention to the balance sheets, and more assurance in our compliance efforts. There’s a thoroughness that comes along with them managing things that we didn’t really have in the past.”

RRFMG implemented a structured accounting process designed to improve accuracy, consistency, and visibility.

Today, RRFMG provides:

Monthly Financial Statement Management

Preparation and maintenance of monthly financial statements to provide ownership with timely and reliable financial reporting.

Daily Sales Summary Posting

Consistent recording of daily sales activity to ensure complete and accurate revenue reporting

Balance Sheet Maintenance

Ongoing reconciliation and validation of balance sheet accounts to improve financial integrity and compliance.

Amortizations and Rent Postings

Management of recurring accounting entries and schedules to ensure consistency and accuracy.

Hybrid Accounts Payable Support

RRFMG manages invoice processing within Restaurant365 while Quince maintains a collaborative approach internally. Vendor statements are reconciled regularly to ensure completeness and accuracy.

The Results

Greater Confidence in Financial Reporting

Ownership can now review balance sheets with confidence – something that was previously difficult due to inconsistencies and unresolved accounts.

More Consistent Financial Close Processes

Although the close process is somewhat longer than before, it is significantly more reliable and delivers higher-quality information.

Better Strategic Planning

Improved financial visibility enables leadership to forecast cash needs, evaluate debt obligations, and make more informed business decisions.

Increased Capacity for Leadership

By removing the burden of day-to-day accounting entries and reconciliations, Matt and his team can devote more time to higher-value operational initiatives.

Matt states, “RRFMG has helped give us transparency into our results and the health of the business. Now we’re much better able to plan for the business, strategize on cash needs, and have thoughtful discussions about debt and what to do with it.”

Building A Foundation For Long-Term Consistency

For Quince, RRFMG delivered more than short-term accounting support. The partnership established the structure and discipline necessary to sustain growth while providing leadership with trustworthy financial information.

According to Matt, “The services RRFMG provides have been a good quick fix by adding some structure to our accounting department, but they’ve also been a good long-term fix to help us maintain consistency as our business has grown.”