{"id":1341,"date":"2022-08-01T07:25:18","date_gmt":"2022-08-01T14:25:18","guid":{"rendered":"https:\/\/prettybooks.com\/magazine\/?p=1341"},"modified":"2022-09-01T11:12:01","modified_gmt":"2022-09-01T18:12:01","slug":"how-we-helped-hood-famous-bakeshop","status":"publish","type":"post","link":"https:\/\/prettybooks.com\/magazine\/2022\/08\/01\/how-we-helped-hood-famous-bakeshop\/","title":{"rendered":"How we helped Hood Famous Bakeshop"},"content":{"rendered":"<h1>Who we worked with<\/h1>\n<p>Chera had been baking since she was young. It wasn\u2019t until she and her husband Geo organized a Filipino-American pop up dinner in 2013 (which quickly became a monthly series) that she realized her Filipino inspired dishes were in high demand. The pair started selling their ube cheesecake wholesale for grocery stores and markets before opening their first location in 2016. Now their deserts (and more) can be found in their Hood Famous Caf\u00e9 + Bar, and purchased on their <a href=\"https:\/\/www.hoodfamousbakeshop.com\/\">website<\/a>.<\/p>\n<h1>Our initial review<\/h1>\n<p>Chera came to us for help sorting out Hood Famous\u2019 books. The bookkeeping was well managed, but because of the pandemic they had to part ways with their previous bookkeeper.<\/p>\n<p><strong>Here&#8217;s what we noticed when we took a closer look:<\/strong><\/p>\n<ul>\n<li>There was a high volume of transactions<\/li>\n<li>Hood Famous has two locations and is trying to keep their books separate<\/li>\n<li>There were a lot of activities: multiple banks and credit cards to look at<\/li>\n<li>Money was coming in through lots of revenue streams: cash, POS systems<\/li>\n<li>The previous bookkeeper made a few rules in QuickBooks to help automate some of the bookkeeping<\/li>\n<li>Hood famous used class tracking, a feature in QuickBooks that allows you to segment transactions. While this helped the client separate finances for both locations, it meant a lot more work for us- we had to figure out how it was being used and how to manage it moving forward<\/li>\n<\/ul>\n<h1>What we did<\/h1>\n<p><strong>Step one: \ud83e\uddd0 Analyze and understand class tracking.<\/strong> To understand what the transactions were for and what location they came from, we had to figure out what they were being segmented to and why. Luckily, the client used separate bank accounts and credit cards for each location which made it easier to track everything down.<\/p>\n<p><strong>Step two: \u2699\ufe0f <\/strong><strong>Create rules to automate categorization.<\/strong> Once we understood class tracking, we understood how transactions were categorized. We made rules for as many transactions as we could to auto-categorize them, which eliminated the need for us to go through and do all the transactions by hand.<\/p>\n<p><strong>Step three: \ud83d\uddc3 Organize the many revenue streams.<\/strong> Money came into the business\u2019 bank accounts in many ways: through a POS system, in cash, online, etc. For each of these revenue streams, we had to review the transactions and recategorize them according to our chart of accounts. We created new rules to relate each of these streams to the appropriate clearing account on the balance sheet.<\/p>\n<p><strong>Step four: \ud83d\udcca Run reports and identify total revenue that came in through each stream.<\/strong> For each of the streams we ran reports, cleaned the data, ran pivot tables and analyzed the revenue. Then we created a journal entry to capture that record.<\/p>\n<p><strong>Step five: \ud83d\udc40 Reconcile the bank statement<\/strong> against actual transactions, i.e. double check that all the transactions are there and match the bank statement.<\/p>\n<p><strong>Step six: \u23e9 Create a projection<\/strong> that shows what Chera can expect in the next six months to a year. This projection was created specifically for her to ensure that it\u2019s easy to use and understand and can provide valuable insight into how Hood Famous Bakeshop is expected to do in the future.<\/p>\n<p><strong>Step seven:<\/strong> \ud83d\udc6f <strong>Consult with the client.<\/strong> Here\u2019s where we really get our client onto the same page. We shared our findings, provided advisory, shared our projection, and helped Chera get her business refreshed and revitalized for the future.<\/p>\n<p>\ud83d\udd39 Pro-tip: Automation saves you time and money. Set rules for any transactions that are repeating, i.e. rent, utilities, repeat vendors, etc. That way they will automatically categorize these transactions as they come in and you\u2019ll have more time to focus on other parts of your business.<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-1405\" src=\"https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/07\/PL-Hood-232x300.png\" alt=\"\" width=\"583\" height=\"754\" srcset=\"https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/07\/PL-Hood-232x300.png 232w, https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/07\/PL-Hood-768x994.png 768w, https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/07\/PL-Hood-600x776.png 600w, https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/07\/PL-Hood.png 773w\" sizes=\"(max-width: 583px) 100vw, 583px\" \/><img loading=\"lazy\" class=\"alignnone wp-image-1404\" src=\"https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/06\/BS-Hood-232x300.png\" alt=\"\" width=\"609\" height=\"788\" srcset=\"https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/06\/BS-Hood-232x300.png 232w, https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/06\/BS-Hood-768x994.png 768w, https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/06\/BS-Hood-600x776.png 600w, https:\/\/prettybooks.com\/magazine\/wp-content\/uploads\/2022\/06\/BS-Hood.png 773w\" sizes=\"(max-width: 609px) 100vw, 609px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Who we worked with Chera had been baking since she was young. It wasn\u2019t until she and her husband Geo organized a Filipino-American pop up dinner in 2013 (which quickly became a monthly series) that she realized her Filipino inspired dishes were in high demand. The pair started selling their ube cheesecake wholesale for grocery [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":1351,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":[],"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How we helped Hood Famous Bakeshop - Pretty Books Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prettybooks.com\/magazine\/2022\/08\/01\/how-we-helped-hood-famous-bakeshop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How we helped Hood Famous Bakeshop - Pretty Books Magazine\" \/>\n<meta property=\"og:description\" content=\"Who we worked with Chera had been baking since she was young. 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