Case Study
Peek Case Study
leverage the knowledge they had gained through their fractional CFO support to build a fast,
effective bridge from cash to accrual reporting and build a month-end close process that allows
me to see and understand my business in a new way. I would recommend Aria if you are looking
to bolster your financial operations and analytics with a cost-effective outside resource while in
parallel valuing a team willing to adapt to your culture and systems.
— Austin Lo
Founder of Peek Technologies
Peek
housing property managers virtual, self-guided tours
of their apartment units.
Services
- Bookkeeping and Accounting
- Fractional CFO Services
The Problem
Peek originally contracted Aria to support the month-end close process with its outsourced bookkeeping team and maintain a financial model to support budgeting and performance reviews. At the time, Peek maintained its books on a cash basis, which made the modeling process cumbersome as the Company had over 600 subscriptions with a complex matrix of different product IDs and renewal periods (monthly, quarterly and annually). Outsourced vendors had provided quotes to the company to manage the cash-to-accrual process that were expensive and often on new technology platforms that Peek was not interested in adding to its tech stack.
The Solution
Aria used its knowledge of Peek’s systems and business as a fractional CFO to build a fast, cost-effective cash-to-accrual onboarding process that leveraged Peek’s existing process flows and cost a fraction of what other vendors had quoted.
Aria built an effective month-end close process that serves not only to build Peek’s books in GAAP, but also to perform health checks on Company data to ensure everything reconciles. The P&L was also restructured from a single revenue line to multiple product IDs to improve tracking and analytics.
The
Results
Within a period of weeks, and with minimal uplift from the Peek team, Aria was able to transform the Company’s finance function from basic cash reporting to dynamic accrual-based accounting that provides a more complete picture of the Company’s performance. With this new system, Peek’s founder had more tools for analysis and decision-making and was able to discuss and explain his business to outside parties in a more effective manner.