Services

Our consultancy and mentoring department work in tandem with the internal retail finance function in stores to extract management accounts and departmental results and conduct detailed analysis to assess the areas that the retail store can improve on to maximise performance of the business.

Monthly management meetings are then chaired by RFS looking at all aspects of the retail business. Targets are set based on the initial review of the financial information and based on insights from the RFS team and are monitored and measured monthly with the store management team.  Some of the key elements of the services are as follows:

• Sales and margin analysis at category level versus the market.
• Margin maximisation from purchasing.
• Payroll heat map analysis to develop the perfect roster set up for the store.
• Overhead ongoing analysis.
• Weekly KPI report for the store covering all areas of sales, margin and overheads.
• Weekly P&L for the store to ensure that profit is being generated ongoing based on maximising the performance of all the key metrics of the store and achieving all the targets set out.

RFS provide a management accounts service for clients who wish to retain their own book-keeping department internally. RFS onboard the existing client’s staff on to our EzFlo technology to enable the client to achieve all the benefits of the automation that RFS has achieved for Musgrave retail stores through its EzFlo technology package and free up time to allow the internal book-keeping team execute profit maximisation tasks highlighted from RFS review of the client financials.

RFS will then prepare and implement the following in all clients under this service.

• Prepare quarterly management accounts in conjunction with the client’s internal team with full P&L and Balance Sheet reconciliation.
• Present a full quarterly client performance appraisal with full benchmarking to similar stores.
• Implement internal control procedures with the client’s book-keeping team to close any potential areas of theft or loss for the client.
• Liaise with the external accountant to provide a full TB and accounts file pack for year end accounts and submission to the CRO.