News

New financial reporting system standardizes languages, currencies

October 21, 2019

Restaurant analytics company, Revenue Management Solutions, has launched an SaaS application called metiRi that gathers, consolidates, standardizes and verifies financial data from all points in a franchised system. The company said in a news release that all the information is then relayed via interactive reports and dashboards designed to give operators critical insights and promote collaboration across the entire organization.

RMS said that metiRi, which is actually Latin for measure, is the first cloud-based financial solution designed to serve multi-unit and international brands in multiple languages and currencies. It is currently being rolled out in more than 15,000 locations in 80-plus countries.

"After analyzing data for hundreds of thousands of franchised locations, we uncovered a common challenge: Even the most sophisticated franchise brands need more financial transparency," RMS CEO John Oakes said in the release. "MetiRi is the automated answer, with an easy-to-use solution for aggregating, benchmarking and evaluating financial information across the organization."

RMS said the system was designed by veteran franchise professionals for franchised operations. Franchisees upload financial statements every month from nearly any accounting source and metiRi aggregates and standardizes the data into dashboards.

The system is designed to give brands instant access to the system's financial condition, along with peer benchmarking, trends, potential risks, opportunities and KPIs at a glance to enable faster, easier financial decisions, better profitability and less risk.

"It's simple," said Oakes. "Businesses that know their numbers are more successful than those who don't. metiRi offers the financial transparency needed to identify short-term action and establish the foundation for long-term planning for the brand and franchisees to be successful together."