Practices

  • Debt Finance Transactional
  • Asset Finance & Securitization
  • Capital Markets Corporate Governance Mergers & Acquisitions Private Equity Restructuring

Admissions & Qualifications

  • 2008, Maryland Bar
  • 2009, District of Columbia Bar

Languages

  • English
  • Chinese (Mandarin)

Education

  • University of Maryland School of Law, JD, 2008
  • Georgetown University School of Foreign Service, BS, 2004

Eric Maurice Fung, Esq.

Partner | Attorney

efung@bandicoot.us

Minneapolis, MN | Taipei, Taiwan

Eric Fung is a founding partner of Bandicoot, and serves as the managing partner for our Taipei office. Eric started his career in law, practicing corporate finance, mergers/acquisitions, and energy law at Constellation Energy Group, DLA Piper US LLP, and Dickstein Shapiro LLP. In 2011, he became an entrepreneur completing a leveraged buyout of a 37,000 square foot supermarket and in-store restaurant in Minneapolis called United Noodles Marketplace.

During his tenure, he successfully accelerated his businesses to sustained growth. His financial acumen and skill in developing high-performing teams resulted in a 350% growth in sales from 2011 to 2020. He also opened other successful business units and locations, including a Woodbury location and a wholesale division. In 2015, he was named one of Minnesota’s “40 Under 40” for his leadership at United Noodles.

In order to solidify the financial health of his companies, Mr. Fung also developed sophisticated bookkeeping, accounts payable, and other workflow systems that eventually led to his becoming a partner of the Minnesota accounting firm AccountPro LLC. In 2019, it merged with and was rebranded as bandicoot LLC, and has over 80 clients.

Eric has a passion for talent development, and driving diversity in both teams and thought. He is an innovative, entrepreneurially-minded leader, who leads with a long-term view on vision and strategy.

In his spare time, Eric loves cooking, working out, and playing Smash Bros. with his nine year-old son. His most firmly held belief is that every dog is The Best Dog.



STREAMLINING THE AP PROCESS

LEGAL M&A
CORPORATE FINANCE

ACCOUNTS PAYABLE




the challenge

Our client United Noodles, the largest Asian grocery store in Minnesota and its bordering states, faced the monthly burden of a long-standing tedious Accounts Payable (AP) process. The market bought the majority of its products from its vendor, Spartan Nash, which had around 30 invoices per electronic (ACH) transaction. Each invoice had numerous categories for each account (e.g., Dairy, General Grocery, Administrative, etc.). This required our client’s controller to spend numerous hours each week renaming all invoices and sorting them into their appropriate category.



At first look, the Bandicoot team knew that we could streamline our client’s AP process and give crucial time back to their business. With simple automations and an organized method, we set out with a goal of reducing the workload for this weekly project by more than 70%.


At first look, the Bandicoot team knew that we could streamline our client’s AP process and give crucial time back to their business. With simple automations and an organized method, we set out with a goal of reducing the workload for this weekly project by more than 70%.


the workflow

Taking a look at our client’s statements, we realized we needed to convert the statements provided by Spartan Nash into a format that could be uploaded and read by Quickbooks Online (“QBO”). Once we accomplished this, we eliminated the requirement for a human to transfer the data into the appropriate portions of QBO. We next recognized that each bill number needed to be unique so it could be distinguished within QBO.

The Bandicoot team created a simple solution to accomplish this: add an “A,” “B,” “C,” etc. to the end of any invoice with a similar invoice number, creating unique bill numbers that did not repeat. Bandicoot also converted the accounts in Spartan Nash’s bills to accounts used by our client. Finally, we added the sum of the invoices, which equaled the amount of the electronic transaction, to the memo for easier processing.



in conclusion

As a result of our simple but creative solutions, United Noodles’s controller spent approximately 15 minutes per week on their AP process. This freed up countless hours in our client’s bookkeeping process, allowing them to just focus on their business. Bandicoot’s expert team of accountants and bookkeepers can do the same for you. It is a creative process that we enjoy, tailored to your unique needs.