Bookkeeping Best Practices
- 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.
- 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.
- 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.
Using Tomorrow’s Job to Pay Yesterday’s Subs
All too often, businesses find themselves using tomorrow’s job to pay yesterday’s subs. This can result in a never ending feedback loop …
How to plan for the impacts of inflation on small business
There is a lot of talk these days in the media about inflation, and since it is a part of normal economic …
When do you capitalize an asset?
Photo credit: Pickawood Sometimes the best topics to discuss here are the ones we, as accountants, overlook. Recently, our marketing consultant asked …