RHO CUSTOMER STORY
Consumer Products

Dr. Squatch

Products
Business Banking
Corporate Cards
Expense Management
NetSuite integration
Rho Mobile App

20+ Hours

Saved monthly, automating expense and accounting reconciliation.

$100K+

Annual savings by eliminating Concur expense software fees and optimizing finance team efficiency and capital.

3x Higher Credit Limit

Increasing Dr. Squatch’s capital efficiency.

How the Senior Accountant of a CPG company saves 20 hours every month with Rho.

"Rho's platform and unique credit underwriting model have transformed our finance operations. It's not just about having an integrated financial system; it's about doing more with less. With Rho, each of our finance team members can achieve the output of 10."

What is Dr. Squatch? 

Dr. Squatch, LLC is a trailblazer in natural products, bringing a unique and refreshing approach to the men’s grooming category. Since launching in 2013, Dr. Squatch has become a global sensation propelled by its desire to inspire men to be happier and healthier and embrace new-age media channels to entertain its fan base.

Their unique and refreshing take on brand building has helped them build a loyal, multi-generational following. Known for its quirky humor, memorable Sasquatch mascot, and virality-focused social media strategy, Dr. Squatch is experiencing strong growth as it works to shift more people to natural personal care products. 

A key factor to Dr. Squatch’s business is the lean finance team keeping the brand’s operations humming smoothly. As businesses like Dr. Squatch experience growth, this challenges finance teams to scale operational efficiency in tandem.

Fortunately, Dr. Squatch has a world-class finance organization with 10x finance professionals like Sarah Green, a Senior Accounting Manager. With each new product rollout and retail channel, Green and the extended Dr. Squatch finance team have implemented processes to keep pace with the brand’s growth. 

Challenge

One example: Building and executing a plan to consolidate the disparate, legacy finance systems the company had implemented through the years into a single instance. The impetus for such a change grew as the company’s brick-and-mortar retail business doubled, increasing the complexity of operations like expense tracking, accounting, and budgeting. 

The finance team would spend hours every week pulling spend data reports, coding transactions, and entering them into NetSuite. Even newer solutions like Brex lacked sophisticated controls and the ability to edit credit card transactions in Brex post-NetSuite sync (more on this later). 

Compounding the operational inefficiencies caused by the previous set-up is the rapidly increasing cost of capital that many D2C-native brands like Dr. Squatch face, thanks to rising interest rates. Utilizing a debt line at a potentially high-interest rate was not a sustainable strategy — a 10% interest rate on borrowed capital could pile on unneccessary costs. 

Equally important as a unified finance platform was finding a credit partner that could help Dr. Squatch enhance its capital efficiency. Fortunately, they found a solution in Rho. 

Solution

Since joining Rho, Dr. Squatch’s finance team has experienced a wealth of benefits, most notably: 

  1. It centralized financial operations: Dr. Squatch uses Rho to consolidate its corporate card purchasing and expense management – supporting efficient, real-time spend data tracking and near-instant reconciliation at month-end that cuts 20 hours monthly.

  2. Enhanced capital efficiency: Rho's unique credit underwriting model helped Dr. Squatch triple its credit limit.
  3. Support when it matters most: From 24-7 customer support to the white-glove service Dr. Squatch received in the stressful moments of SVB’s collapse, the finance team has the assurance of a responsive strategic partner in Rho. 

Results

Beyond streamlining the company’s finances, Rho supports Dr. Squatch’s future as they uncover operational efficiencies with each new product release. 

As a successful middle-market business mindful of margin growth and efficiency gains, Green and the team continue working with Rho’s team to take full advantage of the platform’s capabilities. 

Green quickly points to Rho’s NetSuite integration when asked for her favorite Rho feature. “It saves us so much time every month,” Green said. “We are a lean finance team - so having hours back that we were otherwise spending on credit card data reconciliation is a huge value add.” 

With Rho’s NetSuite integration, all Rho transaction data across dozens of Rho Cards feed smoothly into NetSuite with the right budgets and labels assigned – without any need for manual coding that was required with Capital One. 

The sparkler feature Green loves is the ability to make changes in Rho post-NetSuite sync – something not offered by Brex. “That depth of detail and dedication to customer experience is a significant reason why we’re loyal Rho customers,” Green said. 

And this isn’t limited to accounting, one thing Green appreciates about Rho is how the spend management company establishes a product development partnership with its clients, gathering input from finance pros like Green to inform development for tools like Rho’s expense management. 

Efficiency gains aren’t just limited to the finance team. For example, Dr. Squatch’s industry award-winning marketing department uses Rho Cards to help organize their ad spending by channel. 

With Rho, Dr. Squatch has virtual Rho credit cards that help them keep a granular track of spending. 

For example, Dr. Squatch has multiple Facebook ad accounts, and Rho allows them to assign a specific backup virtual card for each. If anything happens to one card, it won’t affect the other ad accounts. 

The ease of use makes Rho – and the finance team – popular with many of the non-finance teams at Dr. Squatch. 

For a middle-market business like Dr. Squatch, capital efficiency is critical. “We operate in a space where margins are everything,” Green said. “From their technology to their innovative underwriting, Rho’s consistently demonstrated they are a world-class partner to our business.” 

From hours saved reconciling transactions to significant cost savings generated by moving more transactions from expensive debt facilities to Rho credit cards, Dr. Squatch's experience provides middle-market companies a glimpse into how Rho's all-in-one platform can automate financial functions, gain efficiencies, sustain growth, and remain resilient amid crises.

Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management, LLC and its partner banks. Conditions apply.