Skoah is a spa and skincare brand that’s been growing rapidly over the past fifteen years. The Canadian company’s product line grew from five items in 2002 to over 60 in ten years, while the business also opened over a dozen retail spa locations throughout Canada. As Skoah prepared to expand to the United States, it faced major financial management complexities that its QuickBooks accounting software simply could not accommodate.
For example, the company could not integrate its legacy point of sales (POS) system with QuickBooks. As a workaround, the team hired an offshore resource to manually re-enter transactions and journal entries from one system to the next, which cost around $12,000 each year and introduced the potential for human error. Each retail store managed an avalanche of daily journal entries for credit and debit cards, cash, and gift card payments across various membership types. These complicated receivables were only becoming more cumbersome as Skoah’s transaction volumes grew. But most importantly, Skoah needed a less Excel-intensive way to manage its multi-entity consolidations, as well as track its real-time business performance at the individual store level, in order to comply with the reporting expectations of its financing agent, the Business Development Bank of Canada. support. “The truth is, we were drowning in Quickbooks
