Success Story: HoneyBaked Ham, Inc.
Hams4Him, a Honey Baked Ham Inc. franchisee with locations in Gainesville, GA and Athens, GA, is run by Matt and Kylie Bengochea. In addition to their traditional store
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front sales, Matt and Kylie have built successful business catering to the Athens community, including University of Georgia to Gainesville, GA community of 30,000 located in North Georgia. Prior to outsourcing their accounting to eProcessPros, Hams4Him was profitable and well run; however, their goal was to grow the business. To accomplish this they needed more time to execute their growth plans and better information from which to make critical business decisions. They looked to eProcess Pros to both reduce the amount of time they spend on clerical accounting duties and improve the accuracy and timeliness of the financial reporting.
Cash management was the critical issue. eProcessPros helped identify ways to improve their cash position. Some actions taken were:
- Monitor cash balances and transfers to avoid NSF charges.
- Accurate and timely sales tax return filing to minimize impact on cash.
- Input of daily sales has allowed credit card and cash deposit reconciliation to be more accurate.
- Improve management gift card accounts receivables from other stores.
- Vendors’ statements are reconciled every month thereby reducing cash needs for accounts payable checks. Over payment and dual payments reduce available cash.
- Monitoring credit card deposits to ensure all sales are received from third-party processor.
The end result was that Matt and Kylie can focus more on running their business. They have initiated the steps required to add additional locations.