Situation

Synergy Foods opened a new Freddy’s Frozen Custard and Steakburgers franchise with the intention of administering restaurant accounting and payroll processes in-house. After the initial first months revealed strong sales, they realized they lacked the necessary systems to achieve daily back-office accounting and payroll needs. They reassessed and sought out an outside partner to handle their restaurant accounting and payroll processes in order to redirect their focus to daily operations.

Solution

Synergy Foods partnered with Profit Builders in 2020 after many referrals from other Freddy’s franchisees. Initially, Profit Builders worked to clean up accounting processes, but now provides end-to-end restaurant accounting services, including managing accounts payable, completing bank reconciliations, overseeing period end dates, and financial reporting delivery services. Not only does Profit Builders provide full payroll services through a cloud-based Human Capital Management (HCM) solution, ProWork, but they also supply higher Chief Financial Officer (CFO) style services by working closely with Synergy Food’s banking and tax partners. Additionally, Profit Builders has provided profit support throughout the past year by assisting with Paycheck Protection Program (PPP) loan applications for COVID-19 relief.

Results

Synergy Foods accredits their successful business operations to partnering with Profit Builders for payroll and accounting processes. Not only has Synergy Foods been able to focus on operating a prosperous business, but they also have a team to ensure prime costs align with other franchises’.

“I have found it very comforting to have accurate numbers and account info,” said Marc Clapper, president of Synergy Foods. “The ability to know the financials are in order allows me to worry about the day-to-day.”