Bookkeeping Best Practices
Landscaper
The Situation
- Originally hired to help train and supervise client bookkeeper. Discovered bookkeeper was not following basic accounting practices and leaving client open to theft.
- Found that while sales were being recorded, cash and checks were not being deposited; over $4,000 of cash and endorsed checks sitting in petty cash box.
The Solution
- Immediately recommended client replace under-performing employee, created job ad and screened candidates prior to interviews.
- Streamlined accounting processes, improved both sales and collections, and created standard reporting package that new office manager was able to independently produce monthly.
The Results
- Within 6 months of hire date Lucrum & new office manager had identified $10,000 in annual expense reductions.
- Converted a position from a burden and potential theft risk into a value-adding role who actively participated in day-to-day operations and management.
Recent Articles
Is Providing A Company Car A Good Idea? Comparing Company Owned Vehicles vs. Mileage Reimbursements (Plus 2 Real Company Fleet Models That Worked)
Photo above: RAM Pavement, a Charlotte-based paving company renews at least one truck in its fleet with a brand-new vehicle approximately every …
Expenses That Can Be Included In COGS (That Might Surprise You)
Some Cost of Goods Sold (“COGS”) expenditures are obvious (eg. raw materials or subcontractors working on a customer’s job), while others that …
How To Be Prepared For A Business Personal Property Tax Audit: Tips From Bookkeepers & CFOs
By: Jeff Heybruck As a fractional CFO and bookkeeping firm, we’ve gone through our fair share of business personal property audits with …