CASE STUDY
Cosmetic Avenue
Sector: Medical
Size: Large
Location: Melbourne
Service: Outsourced Accounts
Cosmetic Avenue is an award-winning cosmetic surgery clinic based near the Melbourne CBD. It has historically operated from a single site but has plans to open new locations around Australia – both full-service company-owned sites and franchise sites that will solely carry out non-surgical treatments. Its second clinic has already opened, with its first franchise clinic due to open soon.
What they needed help with
Cosmetic Avenue operates in a relatively complex financial environment in the first place, especially in relation to aspects of its business like inventory tracking. Calculating and reconciling payments is a good example of this: clients pay a deposit far in advance of the procedure and are required to pay in full before a procedure takes place. These payments need to be reconciled; then, post-procedure, costs such as hospital fees, product usage and doctor disbursements also need to be made and reconciled.
When the company’s franchising plans were added to this – particularly potential franchisor liability issues around wage and superannuation payments in a highly visible industry that’s regularly under the media spotlight – it became clear that it would be too complex and time-consuming for an inhouse staff member to manage. Cosmetic Avenue needed an
had an accounting and bookkeeping partner they could trust.
iKeep’s solution
iKeep set Cosmetic Avenue up with our Outsourced Accounts package, partnering with Wheelhouse Advisory as the accountant.
We made significant improvements, including automation to bookkeeping processes to ensure accurate reconciliation.
We ensured the front-of-house booking software, Cliniko, was synchronised with Xero; this is not a straightforward integration and we were able to find a solution that we have subsequently been able to use with other clients.
Finally, we established clear processes and a fixed-price bookkeeping support package for potential franchisees, for franchise growth – giving franchisees and franchisors certainty and reassurance over any potential financial liability issues.
Key benefits
- Automated complex disbursement and reconciliation process
- Synchronising information between Cliniko and Xero
- Established franchisee processes and bookkeeping support packages
