Financial Control Outsourcing

Our outsourced accounting service for retail clients takes care of all internal accounting needs, covering functions such as Book-Keeping, Accounts Payable, Management Accounts, Weekly KPI Reports, Cashflow Management and Payroll. The following are the main functions that are included in our outsourcing service:

  • Document Scanning
  • Local Invoice Processing
  • Weekly Bank / Safe / ATM Rec’s
  • CB Matching
  • Creditor Reconciliation & Listing
  • Musgrave Reconciliation Weekly
  • Management Accounts
  • Departmental Analysis
  • Benchmarking
  • Quarterly Accounts Meeting
  • Financial Projections
  • Weekly Cashflows
  • VAT & E Levy Returns
  • Weekly Financial KPI
  • Weekly Stocktakes
  • Store Controls (Lotto / Billpay / etc.)
  • Liase with External Auditors
  • Musgrave Meetings
  • Bank Proposal & Meetings
Johnathan Mullane

Johnathan Mullane

Managing Director

VCard
Christine Kelleher

Christine Kelleher

Outsourcing Manager

VCard

Consultancy & Mentoring

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.
Michael Webb

Michael Webb

Senior Consultant

VCard
Johnathan Mullane

Johnathan Mullane

Managing Director

VCard

EzFlo

RFS prides itself on innovation and value-added activities for our clients and this has been the driving force in developing the EzFlo technology for retailers in the Musgrave network.

EzFlo is a one complete solution for automated accounting and automated reporting of financial and operational information in a way that gives the retailer and their staff the information they require to manage their business every day.

Automation of the book-keeping and reporting function free’s up valuable time from processing information and generating reports on spreadsheets to allow for value added activities to be executed that will add to the overall profit maximisation in the retail store.

Michael Webb

Michael Webb

Senior Consultant

VCard
Johnathan Mullane

Johnathan Mullane

Managing Director

VCard

Management Accounts & Benchmarking

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.
Alice Kelly

Alice Kelly

Senior Management Accountant

VCard
Johnathan Mullane

Johnathan Mullane

Managing Director

VCard

Other Services

RFS prides itself on being a complete solution for all retailer clients accounting and finance needs and other services we provide are as follows:

  • New company formations.
  • Payroll processing outsourcing.
  • Final accounting compliance.
  • Corporation and personal tax returns.
  • Company secretarial.
  • Corporate finance activities (Debt restructuring, new business finance applications).
  • Business process improvements.
  • Succession planning.
Johnathan Mullane

Johnathan Mullane

Managing Director

VCard