ReCharge: Case Study

How Accounting Wise helped ReCharge scale their business from a 3 member team to a 200+ person rocketship!

Overview

ReCharge empowers store owners to rapidly grow their businesses by building lasting relationships with their customers. This is achieved by finding solutions that help shoppers reorder their favorite products. Founded in 2014, ReCharge has scaled from a 3 person team working out of their apartment to a remote-first team of more than 200. Recharge supports over 10,000 online merchants and over 1,000,000 subscribers.

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Challenges

A scalable accounting system

Visibility of business performance

A multi-faceted expert accounting team

GAAP compliant financials

Accounts payable system

Financial planning & budgeting

Responsive on-demand support

Implementation of internal controls & policies

Achieving Success

Accounting Wise onboarded ReCharge as a client in 2015 with a priority to reorganize the financials, set up bookkeeping and account reconciliation deadlines, as well as have periodic meetings with the team to discuss the state of the company’s finances. This was quickly accomplished and we continued to re-evaluate the accounting needs of the company based on the current and anticipated growth.

More frequent bookkeeping to produce real time data
Implementation of an Accounts Payable system to efficiently process vendor payments
On-demand communication via Slack and Zoom

As ReCharge grew, the team requested additional support in payroll and implementation of internal controls. Accounting Wise utilized its experience and knowledge of ReCharge’s systems to carry out the following requests:

Answering payroll questions from employees,
Adjustments to payroll runs,
Running off-cycle payroll
General management of the payroll function

This freed up time for the other members of the ReCharge team to focus on revenue-generating activities.

Next, Accounting Wise recommended a process that had sufficient internal controls and also ensured proper classification in the accounting system. Controls built in this process allowed the accounting team to:

Monitor expenditures,
Develop the infrastructure for budgets, and
Create more detailed reports while minimizing the bottlenecks which could slow down the departmental growth.

In addition, Budget vs. actual reports and cash flow statements were prepared with the primary purpose of confirming that the financial plan was realistic and could be supported by the company. The secondary purpose was to investigate variances and identify historical patterns which could be used to better understand the ebbs and flows of the business. At this stage, this information can be crucial as it can allow the founders to know where to reallocate resources and to make sure they are maintaining a sufficient cash flow which is the lifeline of the business.

Newly created employee policies meant that a more robust employee expense process was needed as the number of requests grew. The Accounting Wise team,

Researched,
Implemented and
Managed an online platform to automate the submission, approval and payment process for all employee expense claims.

This process greatly reduced the time needed to handle these tasks and significantly reduced cost to the client.

Lastly, as ReCharge’s internal team grew, Accounting Wise was able to train, create video tutorials and provide on-call support on a variety of subjects which sped up the onboarding efficiency for these staff members.

Accounting Wise’s team continues to provide accounting support, training and expertise to ReCharge.

We are incredibly proud to be a part of the success of clients like ReCharge.

From The Client

Accounting Wise services are top-notch. As we have grown our company ReCharge from 3 people to 200+ Dan has been the biggest bedrock along the way. His team has taken accounting, bookkeeping, and financial planning off my shoulders allowing me to focus on growing the business. I can’t think of a better partner for any company!”

Oisin O’Connor, CEO of ReCharge