CASE STUDY – Banasch’s Inc.

 

Banasch’s Inc.

Banasch’s Inc. Overview

Founded in 1910 in the Cincinnati, Ohio area, Banash’s Inc. is a privately-held distributor of sewing supplies and equipment for sewing, pressing and ironing. Banasch’s President and CEO, Bob Chiricosta, enlisted the help of Tom Paquette, a TP4 Advisors Partner, to assess, improve and maintain financial efficiency and performance for the organization.

The Banasch’s Challenge

After years of scrappy internal management of the company’s finances, Banasch’s was seeing serious delays in reporting, missed deadlines, and long waits for finalization of the books. This led to a short-term view, reduced visibility of potential issues and opportunities, and uncertainty about how to proceed with the strategic management of the business. Chiricosta realized that the organization needed to clear a path to the future by seeking expertise in financial management.

The TP4 Advisors Solution

Banasch’s enlisted the help of TP4 Partner Tom Paquette. Paquette started with the essentials of basic bookkeeping and accounting practices for day-to-day financial management, including on-time, accurate recording and reporting of financials. The early gains in efficiency served as a basis for extending best practices in accounting and controllership. Eventually, the personal investment of the team delivered comprehensive CFO Guidance for the long-term vision and the future of Banasch’s.

The Results

The results were immediate and lasting. With the day-to-day finances covered, Banasch’s can focus on the core business, and counts on Tom Paquette and the TP4 team as a trusted advisor for the long-term health and direction of the business. Key results include:

  • Bookkeeping efficiency: 3 daysà1 day
  • Consistent, on-time reporting
  • Reliable accuracy
  • More time for customers
  • Long-term vision and strategy
  • New ideas and opportunities

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