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
- Dubai Entrepreneurship Academy: Strategy Map
- Revision of the Strategic Support Grant Scheme
- Entrepreneur Needs Assessment Diagnostic Tool Development for Dubai SME
- Revenue Generation Strategy for Export Bahrain
- Gap Assessment for a Fintech Startup in Bahrain
- Gap Assessment for a Construction Firm in KSA
- Digital Gap Assessment
- Development of Policies and Procedures for a Specialized Primary Care Center
- Review & Development of Policies and Procedures
- Viability Analysis of a Shipping and Marine Services Company
- PMO & Restructuring of a Health & Wellness Group Company
- CFO Services for a Health & Wellness Group Company
- Strategy Management Office
- Financing Scheme Impact Assessment IV
- Revision of the Strategic Support Grant Scheme
- Entrepreneur Needs Assessment Diagnostic Tool Development for Dubai SME
- Credit Review for Cases Applied Under Govt. Subsidy Program
- Organizational Development Support for a Firm in Bahrain
- Gap Assessment for a Construction Firm in KSA
- Digital Gap Assessment
- Review & Development of Policies and Procedures
- Acute Crisis was Averted in Oil and Gas Company in Bahrain
- Market Study for Hospital
- Valuation Support for a Firm in KSA
- Due Diligence & Valuation for a Landscaping Business
- Valuation Report & Business Plan for a Physiotherapy Center
- Valuation for a Technology Company in the Oil & Gas Sector
- Valuation for an Ecommerce Business
- Valuation & Due Diligence for a Polyclinic
- Viability Analysis of a Shipping and Marine Services Company
- Medical Laundry Tender Bid
- Debt Mandate for a Real Estate Development Project in Bahrain
- PMO & Restructuring of a Health & Wellness Group Company
- CFO Services for a Health & Wellness Group Company
- Identifying Financial Mismanagement of a Trading Company