Premium Loaves Finds Financial Confidence With Sage Intacct

Understanding the situation

Premium Loaves, a Jimmy John’s franchisee, experienced rapid growth seemingly overnight. Yet as it scaled, the small-company processes remained. Its leaders faced significant challenges with outdated accounting systems and had concerns navigating complex tax obligations and financial planning to maintain cash flow for acquisitions.

In particular, the existing financial software, QuickBooks, could no longer handle the volume and complexity of its operations. Premium Loaves needed accurate, real-time data to help manage and scale the restaurant group’s operations effectively.

Exploring the challenge

The Premium Loaves team, recognizing their need for more robust capabilities, found deep technical experience and support with CLA. A comprehensive business opportunity assessment identified several challenges, including ineffective accounting methods for the organization’s financial reporting needs and a lease management process impractical for its size.

But chief among them was the need for a new accounting technology solution. After evaluating several software options, Premium Loaves chose Sage Intacct to replace QuickBooks. With Sage Intacct’s flexibility, scalability, and cost-effectiveness, Premium Loaves could add services and components as the company grew. CLA’s digital team worked closely with Premium Loaves to break down implementation into manageable tasks with realistic timelines.

Achieving results

Premium Loaves continues to thrive, recently adding four companies plus 40 new stores — and growing. The organization successfully transitioned to Sage Intacct, developed new tax planning strategies, and streamlined financial management processes.

CLA played a crucial role in their success, providing seamless support across the business:

• Changed its accounting method to generally accepted accounting principles to bring enhanced financial reporting
• Implemented ASC 842 standard for lease accounting and introduced lease tracking software, replacing cumbersome spreadsheets and preventing last-minute lease renewals and operational disruptions
• Generated real-time reports across various entities using Sage Intacct, reducing time needed to produce balance sheets and other critical documents
• Enhanced the financial infrastructure and streamlined monthly reporting to provide greater transparency and confidence in their financial health to external stakeholders, such as banks and landlords
• Leveraged CLA’s strong industry relationships to facilitate the switch to a new bank with more favorable terms and lending capabilities

Premium Loaves continues to work with CLA for ongoing support and additional store integrations, helping to keep its financial systems robust and scalable as they grow.