Torchy’s Tacos Implements Adra® by Trintech to Provide Stronger Controls Over Their Rapidly Growing Organization
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Torchy’s Tacos Implements Adra® by Trintech to Provide Stronger Controls Over Their Rapidly Growing Organization.
About Torchy’s Tacos
Founded in a food trailer in Austin, Texas in 2006, Torchy’s Tacos is a “craft casual” brand that offers a wide selection of handcrafted tacos, queso, margaritas and more in a unique, welcoming experience. The brand currently has over 90 locations in seven states, with an Average Unit Volume (AUV) of $3.8 million. Despite the challenges of the COVID-19 pandemic, Torchy’s continued its growth in 2020 by opening 12 new locations and expanding the brand to three additional states.
From March to April, it saved us almost 10 hours. That may not sound like a lot, but during the close process, when we are trying very hard to meet a specific deadline, every minute counts.”
Business Drivers to Automate
With over 90 stores across the United States, Torchy’s Tacos is a rapidly growing taco joint focused on an aggressive 5-year growth plan. “In the past 2 years, we have doubled our business and are targeting to open 20 new stores a year for the next 5 years,” said Shelly Traylor, Sr. Treasury Analyst at Torchy’s Tacos.
As they continued to scale the business, it was getting more difficult for the team to keep up with their highly manual reconciliation process. The overall process was very time-consuming with a lot of room for human error. “Prior to implementing Adra, we would manually pull our bank statements daily, upload them into an Excel spreadsheet and then we would manually check our daily sales and compare that to what was in the bank,” said Traylor. “We were 100% manual using spreadsheets, every day, every month, for every store.”
Why Adra® by Trintech
Torchy’s Tacos was looking for a financial close solution that would be able to save them time each month by automatically pulling their bank records and matching transactions that were 1:1.
In addition, they needed a solution that could provide them with better controls for their audit and have the capability to integrate with multiple systems to pull and transfer data, including their new ERP, NetSuite.
“Between the different solutions we reviewed, Adra was by far the strongest solution for matching our bank level transactions,” said Traylor. “Ultimately, we felt like Adra could provide us with the controls we needed for our audits and it could support our high-growth strategy.”
We are no longer spending time manually matching accounts because we now let Adra do the matching automatically so we can spend our valuable time focused on the exceptions.”
Solution in Action
In November 2020, Torchy’s Tacos implemented both Matcher and Balancer in parallel with the implementation of their new ERP, NetSuite. Today, Torchy’s Tacos is currently running 20,000 transactions through Adra on a monthly basis and are already seeing notable benefits. “We have seen a reduction in time for certain,” continued Traylor. “From March to April, it saved us almost 10 hours. That may not sound like a lot, but during the close process, when we are trying very hard to meet a specific deadline, every minute counts.”
Outside of the time savings, Torchy’s Tacos has also seen a huge return in the overall accuracy of their numbers. “Adra helps ensure that our work is accurate and in turn reduces the risk that we previously had with a highly manual process,” said Traylor.
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