Case Study - Retail Financial Solutions: From On-Premise to Cloud Champion

Retail Financial Solutions (RFS), a Cork-based accounting firm, specialises in supporting local convenience supermarkets. They were looking to modernise their systems to improve efficiency, scale for future growth, and launch a new service: Technology Consultancy. Their existing on-site system no longer matched their ambitions or the needs of their clients.

RFS faced significant challenges with their historic on-premise system. It was becoming increasingly difficult to manage and scale, impacting several key areas of their business.  They knew their dated system was holding them back and that they needed to upgrade to offer cutting-edge technology and improve client collaboration. Their ambitions extended beyond basic automation to sophisticated real-time reporting and seamless integrations.  Here's a breakdown of the key issues:

• Limited Client Collaboration – the on-premise nature of their previous system restricted effective collaboration with clients.  Real-time communication and shared access to information were difficult, creating bottlenecks in client interactions.
• Restricted Remote Working - the system posed a challenge for staff working remotely. Easy access was crucial in an increasingly flexible work environment.
• Basic Reporting Capabilities – the reporting features were limited and didn't provide the level of insight RFS needed for informed business decisions, nor could they offer sophisticated reporting to their clients.
• Lack of Integration - the system couldn't integrate with the retail operational systems their clients commonly used, such as EPOS systems, procurement tools, and rota management software. This lack of integration had a cascading negative effect. It created extra manual work for both RFS and their clients, significantly increasing the risk of errors.  It also prevented RFS from having real-time views of their clients' performance, which in turn hindered their ability to provide proactive advice and support.
• Data Security and User Access - with a growing team and client base, managing user access and ensuring data security was also a crucial factor. Protecting sensitive financial information was paramount.

RFS realised they needed a reliable technology partner with knowledge of all available tools and systems to guide them toward the best solution.

RFS had already expressed an interest in Twinfield and Basecone, two solutions we are very familiar with. However, before making any recommendations, we conducted a thorough analysis of RFS’s business operations, their existing technology setup, and their specific requirements. This assessment allowed us to confirm that Twinfield and Basecone were the right fit for their needs.

We then focused on designing a configuration that would maximise the benefits of their new technology ecosystem. RFS appreciated the suitability of both systems for handling their high transaction volumes, their cost-effectiveness compared to other options, and their ability to scale as their business grew, without requiring them to hire additional staff. Furthermore, these systems enabled efficient and accurate data capture, which was essential for producing the detailed reports they needed using their in-house resources.

The implementation process began with configuring the system settings and creating the necessary master data. This included setting up charts of accounts, cost centres/projects, general ledger accounts, VAT codes, and accounting periods, all in accordance with RFS’s specific reporting requirements and local financial and tax regulations. Once this foundation was in place, we migrated their historical trial balances from their old system.

A key part of the implementation involved setting up Twinfield's Pay and Collect functionality. This enabled RFS to easily pay their suppliers by generating bank payment files for upload to their online banking portal. It also automated the sending of remittance advices in the correct format. We also configured Basecone user access to ensure smooth and efficient invoice approval processes. Throughout the implementation, our team provided comprehensive training to RFS staff, ensuring they could fully utilise and optimise the new system’s features.

Our support didn't end there. We continue to provide ongoing system support to RFS, covering various aspects such as admin tasks, user management, system maintenance, and even itemised client billing.

To ensure a smooth transition and maximise the benefits of the new systems, we delivered a series of on-site training workshops for the entire RFS team. These sessions focused on the technical aspects of using Twinfield and Basecone and also how existing accounting processes could be adapted and improved to make the most of the capabilities of the new systems. We also provided more advanced training to enable RFS staff to train their own clients on the new technology as part of their expanded Digital Consultancy service offering.

Since implementing the new systems, RFS has experienced a positive shift in its operations and the services it provides to its clients. Staff now have the flexibility of remote access, which has improved both efficiency and productivity. The enhanced collaboration features have strengthened relationships with clients, leading to increased satisfaction and loyalty. The successful launch of their Digital Consultancy service has also been a major win for RFS, positioning them as a forward-thinking technology partner for their clients.

“Working with 4PointZero to migrate our accounts into a cloud-based system felt like being in safe hands, and the ongoing support provided to us has been invaluable in promoting the success of our Digital Consultancy offering to clients”. - Johnathan Mullane, CEO

RFS experienced genuine transformative results, including streamlined operations and enhanced client service. From 31/12/2021 to 31/12/2024 they have also experienced growth in the number of clients: from 80 clients to 129, with a total growth of 61%.

On a monthly basis they are now processing over 24,000 invoices per month at a system cost of under €4,000 for this module.

RFS's success story clearly demonstrates how the right technology, combined with expert implementation and ongoing support, drives measurable improvements and growth. By embracing a cloud-based approach and cutting-edge tools like Twinfield and Basecone, RFS has overcome its operational challenges and also built a strong foundation for future expansion.

We are showcasing their experience as an example of how accounting firms can commit to change, embrace technology and improve their service offerings in doing so.

We are proud to have played a role in their journey and looks forward to supporting them as they continue to grow.