- Customer Stories
A fast-casual dining and retail group based in Florida, operating 85 corporate-owned locations across the Southeastern United States.
Facing visibility gaps due to decentralized accounting, a multi-state retail chain engaged iRapidO to centralize its Record-to-Report (R2R) function. Our standardized approach unified their financial data, slashing their monthly close cycle from 30 days to just 10 days and providing leadership with real-time profitability insights.
Challenge
Growth through acquisition left the client with disjointed financial processes. Each region followed different closing procedures, leading to inconsistent General Ledger (GL) entries and massive reconciliation headaches at the corporate level. The CFO was flying blind for nearly three weeks after every month-end, unable to get a consolidated view of profitability until it was too late to make operational adjustments. The lack of timely financial data hindered their ability to report to investors and plan for new site openings.
Solution
iRapidO stepped in to function as the client’s "Central Finance Command." We took ownership of the GL maintenance, bank reconciliations, and financial reporting, ensuring that every location adhered to a single, rigorous standard of truth.
Our 4-Step Approach to Financial Rigor
1. Chart of Accounts Standardization
We began by harmonizing the Chart of Accounts across 85 locations. This eliminated coding inconsistencies and ensured that an expense in Florida was categorized the same way as an expense in Georgia, enabling true "apples-to-apples" comparison.
2. Continuous Transaction Processing
Instead of waiting until month-end to tackle the pile, iRapidO’s team shifted to a daily processing model. We reconciled cash deposits and credit card settlements every 24 hours, flagging store-level variances immediately rather than weeks later.
3. Fixed Asset & Intercompany Reconciliation
We took over the complex tracking of fixed assets (kitchen equipment, leasehold improvements) and managed the intercompany transfers between entities. This ensured the balance sheet always remained clean and audit-ready.
4. Flash Reporting & Analytics
We developed a "Flash Report" protocol. By the 5th business day of the month, the client received a 95% accurate P&L estimate, with final audited financials delivered by day 10. This gave the C-suite immediate data to drive decisions.
Conclusion
The impact on agility was immediate. With accurate financial data available 20 days faster than before, the executive team could pivot strategies mid-quarters rather than reacting post-mortem. The streamlined R2R process improved compliance, reduced external audit fees due to cleaner books, and gave the CFO the confidence to pursue further expansion knowing the back office could scale effortlessly.