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
Should I Use The Same Company for CFO and Bookkeeping Services or Keep Them Separate?
by Lucrum Staff Is your company considering outsourcing fractional CFO and bookkeeping services to two different companies? Using a single provider for …
Do I Need a Fractional CFO, Interim CFO or Part-Time CFO? What’s the Difference?
by: Lucrum Staff As a business scales, it reaches a point where more financial expertise is needed than existing resources can provide. …
When To Politely Turn Down A New Business Opportunity
By: Jeff Heybruck New business opportunities are, for good reason, exciting. But wise business leaders are able to take off the rose-colored …