Restoring Financial Clarity and Compliance at Healthy Specialists

Executive Summary

Client: Healthy Specialists, a boutique health and wellness store specialising in premium health products and personalised wellness services.

Challenge: Healthy Specialists had a limited understanding of their financial performance, including revenue and profitability for their diverse range of products and services. Additionally, there was a lack of visibility on compliance requirements, leading to potential risks and inefficiencies.

Solution: Finalytics revamped two years' worth of financial records, completed outstanding VAT submissions, ensured compliance across the business, and provided FP&A capabilities with live dashboards for enhanced financial clarity and decision-making.

Background

Healthy Specialists, nestled in a community focused on holistic well-being, offers various products and services, from nutritional supplements to wellness classes. Despite their popularity, the management lacked a clear understanding of their financial performance and compliance obligations, hindering strategic planning and growth.

Objectives

1. Establish Clear Financial Tracking: Deploy a system to accurately track and report revenue and expenses for each business segment.
2. Assess Profitability of Services: Analyse the profitability of various offerings to inform pricing and promotional strategies.
3. Ensure Compliance: Implement compliance tracking to adhere to health and safety regulations and financial reporting standards.
4. Regain Financial Control: Provide Healthy Specialists' management with the tools and knowledge to effectively understand and control their financial operations.
5. Achieve Tax Efficiency: Focus on tax efficiency and complete VAT submissions to ensure regulatory compliance.

Implementation

• Phase 1: Financial System Overhaul: Centralised existing sales and inventory systems, ensuring comprehensive tracking of all financial transactions.
• Phase 2: Profitability Analysis: Launched detailed analytics features to evaluate the profitability of individual products and services, highlighting areas for potential growth or reduction.
• Phase 3: Compliance Setup: Established a compliance module to monitor and manage health-related regulations and financial reporting requirements.
• Phase 4: Tax Efficiency and VAT Submissions: Reviewed and corrected two years' worth of financial records, completed VAT submissions, and implemented strategies for tax efficiency.
• Phase 5: Live Dashboards for FP&A: Delivered live dashboards that provide real-time financial data, offering comprehensive visibility into financial health and enabling proactive decision-making.

Results

• Enhanced Financial Visibility: Achieved a complete overview of financial status, with revenue and expenses clearly delineated for each business segment.
• Increased Profitability Awareness: Identified key profit-generating products and services, leading to optimised offerings and improved margins.
• Regulatory Compliance: Met all health and financial compliance requirements, reducing the risk of penalties and enhancing operational integrity.
• Tax Efficiency and Accurate VAT Submissions: Ensured accurate VAT submissions and implemented tax efficiency strategies, resulting in significant cost savings.
• Empowered Decision-Making: Enabled management to make informed decisions based on accurate, real-time financial data and live dashboards.

Testimonial

Conclusion

Implementing Finalytics empowered Healthy Specialists to regain control over their financial health, uncover the true profitability of their offerings, ensure compliance with industry regulations, and achieve tax efficiency. By revamping two years' worth of financial records and providing FP&A capabilities with live dashboards, Finalytics provided the clarity and expertise needed to transform their operations and set them on a path to sustainable growth.

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