Accounting & Finance function of a health & wellness company

Client / Industry Brief

  • The client owns and operates a group of gyms in Qatar with nearly 10,000 members.
  • In 2019, the company expanded operations by setting up two new centres. However, delay in construction and execution has seen these centres plagued with low footfall
  • The chairman wanted a finance team that would submit prompt reports as well as take proactive measures to protect and manage cashflow

Project Objectives

  • Submission of regular reports to the management which illustrated daily/monthly sales, footfall and cash collections
  • Recommended accounting controls that streamline policies and processes
  • Review HR policies related to salaries and employee compensation to ensure compensation is in line with regulatory requirements
  • Identify breakeven cash collections and sales required such that the company covers its operating expenses as well as meet its liability to creditors and banks
  • Restructure the finance department in order to optimize employee cost as well as make employees more efficient
  • Recommend a new financial software that suits the needs of all stakeholders

Project Methodology

Project Benefits

  • Based on analysis conducted, EmPact defined the key success factors for the proposed venture as follows:
  • Regular reporting of key metrics which were presented bi-monthly to the chairman and upper management
  • Standardization of accounting processes and procedures to optimize efficiency and cost. Recommendation of essential protocols and organizational structure

Case Studies

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