Case Study: Healthcare & Wellness

Franchise of Liquivida (MedSPA, Fillers, Botox & Medical Aesthetics)

Motto: Optimal health and wellness is what keeps you living life to the fullest.

Franchise is operated by a respected network of medical professionals who believe that sustainable health and wellness can be achieved by knowing the body and caring for it through targeted nutrition and a combination of preventative and functional medicine solutions.

It caters to every lifestyle and makes proactive health and wellness affordable - especially as one ages.

One-stop-shop for all health, wellness, and anti-aging needs.

Process Flow

1.Client Onboarding:

Information via Onboarding form, Business Portfolio, Timelines alignment, Mode of Communication, Reporting requirements.

2. Daily Processes:

Transactions in QuickBooks/Wave/Xero/Zoho, Reconciliations/MIS, Tracking of Invoices from Email/Vendor Portal, Categorization of transactions, Oversight financials for smooth functioning, Monitoring Cash Flow, Keeping check on Account receivables and payables and their due dates.

3. Due Diligence:

Business Overview, Observation/Analysis of Books/Financial Information, Basic document collection, Validate various accesses.

4. Reporting:

Preparation of PL Account, Adjustment of Receivables/Payables/Inventories, Checking on Accrued transactions, Reconciliation of amount received through apps, credit card, Bank reconciliation of accounts linked with software used, Analysis of Cash flow, Reporting on business metrics and KRA.

Challenges Faced

Diverse Revenue Streams: Wellness organizations often have multiple sources of revenue, such as product sales, service sales, package sales, memberships, etc. Tracking and managing these diverse revenue streams can be complex and time-consuming.

Regulatory Compliance: Wellness organizations must comply with various local, state, and federal regulations, including tax laws, health regulations, and financial reporting standards. Keeping up-to-date with these regulations and ensuring compliance can be challenging.

Managing Payroll and Benefits: Many wellness organizations employ a mix of full-time, part-time, and contract staff. Accurately managing payroll, benefits, and taxes for these different types of employees requires robust systems and careful attention to detail.

Inventory Management: For those that sell products such as supplements, health foods, or wellness gadgets, managing inventory accurately is critical. This includes tracking stock levels, costs, and sales, which can be complicated without proper systems in place.

Cash Flow Management: Maintaining healthy cash flow is vital for any business. Wellness organizations may face challenges in timing their revenue and expenses, particularly if they have seasonal variations in business activity.

Client Receivable & Vendor Management: Managing accounts receivable for membership fees or services rendered on credit can be difficult. Wellness organizations need effective systems to track payments, follow up on overdue accounts, and manage cancellations or changes in membership.

Expense Tracking: Wellness organizations often have a variety of expenses, from rent and utilities to equipment purchases and marketing costs. Keeping accurate records and categorizing these expenses correctly is essential for financial reporting and tax purposes.

Financial Reporting and Analysis: Generating accurate financial reports and performing financial analysis can be challenging without the right tools and expertise. These reports are crucial for decision-making, securing financing, and meeting regulatory requirements.

Our Solutions

Setting Performance Goals: Business Metrics like Customer Acquisition cost, Repeat Rate, LTV.

Streamlining Team Communication: Monthly Income Statement (MIS) & Income analysis.

Key Factors Analysis for Decision Making: Improved Sales strategy wrt Sales Mix.

Long Term Growth Strategy Development: Cost-Benefit Analysis.

Advise on Pricing Strategies and Cost Structures: QuickBooks Maintenance.

Results Achieved

By implementing structured accounting processes and systems, the client achieved greater organization and clarity in their financial affairs.

Thorough financial analysis to understand performance metrics and business trends.

With comprehensive MIS reports and PL analysis, the client gained deeper insights into their financial performance, enabling informed decision-making.

Our oversight of operational processes ensured alignment with accounting standards, fostering efficiency and accuracy across the board.

Focus on core business and stress reduction with better-managed finances.

Enhanced Organizational Efficiency.

Improved Strategy Planning.

Enhanced Financial Oversight.

Streamlined Operational Processes.

Time Savings for Business Owners.

Ongoing Involvement

Care About Output, Process, and Input.

Clear Measurement Of Work Results.

Attention To Two-way Communication.

Care About Transparency.

Continuous Improvements.

Continuous Development.

Partners in Growth Journey.

Conclusion

Our consultancy firm played a pivotal role in empowering our client to overcome their accounting challenges and achieve greater financial control and transparency. By providing tailored solutions and strategic guidance, we enabled our client to unlock new opportunities for growth and success in the competitive Wellness industry. We remain committed to supporting our clients in achieving their business objectives and look forward to continued collaboration and success.