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| Case Study One - Kitchen Cabinet Distributor |
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INDUSTRY |
Kitchen Cabinet Distributor |
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LOCATION |
New Jersey |
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SALES |
$3,000,000 |
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| SUMMARY OF CLIENT PROBLEMS |
| This firm had a part-time bookkeeping service that came to the office Monday and Tuesday of each week. This service cost over $25,000 per year and, since it was part-time, was always 60% behind because there were no entries on Wednesday, Thursday or Friday. The bookkeeping clerk spent most of the time "catching up" on the 60% of entries that were not entered the week before.
The firm also experienced added time and expenses since payroll was not properly integrated within the system. This resulted in manually entering payroll data and unnecessary time and processing expense.
Finally, since the books were never current, the owner could never receive timely financial statements that are needed to properly manage and monitor the firm's progress. |
| THE SOLUTION |
Bookkeeping Administration Management is available on a full-time basis at less than the cost of a part-time bookkeeping clerk. Their service brought the firm’s books up-to-date and maintains them on a full-time basis. All financial statements are sent to Bookkeeping Administration Management which eliminates paperwork “handling” by the firm.
The Bookkeeping Administration Management’s Payroll Service properly allocates payroll expenses between direct labor (as a cost of goods) and overhead wages, and the service prepares all payroll forms, payroll tax returns, and processes all tax payments. |
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| Case Study Two - Architectural Firm |
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INDUSTRY |
Architectural Firm |
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LOCATION |
New York |
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SALES |
$450,000 |
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| SUMMARY OF CLIENT PROBLEMS |
| The firm’s books were maintained by a part-time bookkeeping clerk for $27,000 per year. There were substantial concerns regarding the accuracy of its accounting and bookkeeping, and the firm did not trust the results being generated. A review of the firm’s QuickBooks revealed substantial errors in the posting of its accounts receivables and accounts payables. The invoices prepared in-house were inaccurate and inconsistent with each client’s services. Because of these errors, the firm had no idea of its profits or losses, constantly had a cash flow problem, and had no accurate information regarding the balance owed by its clients. |
| THE SOLUTION |
Bookkeeping Administration Management reviewed and restructured the firm’s bookkeeping and accounts, set up a time tracking system to properly record time spent on each client by each architect, and set up a proper billing system and procedure.
Bookkeeping Administration Management receives all the firm’s bills on a daily basis, accurately posts all bills to accounts payable, schedules all bills for payment, prepares and mails invoices to clients on a timely basis, prepares monthly statements for all open accounts on a timely basis, and receives, posts, and deposits funds received by the firm’s clients.
The firm now has accurate and timely accounts receivable reports that have increased overall cash flow. It also now has accurate and current profit and loss statements, has accurate and current balance sheets, and accurate and current information on time actually spent on each client’s contract. |
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| Case Study Three - Electrical Contractor |
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INDUSTRY |
Electrical Contractor |
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LOCATION |
New Jersey |
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SALES |
$2,300,000 |
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| SUMMARY OF CLIENT PROBLEMS |
| The firm’s office manager doubled as the firm’s bookkeeping clerk, and the firm, in expansion mode, required a full-time project estimator.
Since the bookkeeping was done as an “afterthought,” there were substantial accounting bookkeeping data entry errors and payroll was not being properly posted to the proper projects. As a result, the firm suffered from numerous inaccuracies in its accounting, including profit and loss statements and balance sheets. |
| THE SOLUTION |
| Bookkeeping Administration Management took over the bookkeeping service for the firm “releasing” the office manager from this duty.
Payroll Service Management was implemented, including a time tracking system, and it properly allocated direct labor costs to each contract, eliminating the need for the basic bookkeeping.
Since Bookkeeping Administration Management was able to provide all the bookkeeping service required by the firm and enable them to increase overall productivity, the firm’s expenses were reduced resulting in increased profits. |
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| Case Study Five - Painting Contractor |
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INDUSTRY |
Painting Contractor |
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LOCATION |
New York |
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SALES |
$1,000,000 |
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| SUMMARY OF CLIENT PROBLEMS |
| The firm’s office assistant was using QuickBooks for the payroll service, but the accounting bookkeeping payroll requirements were not integrated with Quickbooks and labor expenses were not properly posted. The books were always behind, and the company’s principal became very concerned that he could not get immediate and accurate information on the status of his business. To make matters worse, the principal recently discovered that the office assistant had given herself an unauthorized raise. |
| THE SOLUTION |
| Bookkeeping Administration Management reviewed and properly structured the firm’s bookkeeping and accounts and established effective and proper accounting bookkeeping data entry systems and procedures. It implemented its Payroll Service Management that properly allocated direct labor and office wages to the proper categories. It prepared balance sheets and profit-and-loss reports that the principal will have available as needed. Since the firm’s book keeping is now accurate and maintained on a continuing basis, the firm no longer needs to pay for the accountant to prepare quarterly reports. Most importantly, Bookkeeping Administration Management does not sign checks and always verifies the firm’s payroll and bills, ensuring the security and safety of the firm’s funds. |
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| Case Study Six - Closet Design & Installation |
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| SUMMARY OF CLIENT PROBLEMS |
| This firm was in growth mode and needed to improve its overall efficiencies. The firm used Quickbooks for its bookkeeping and the books were being maintained by a highly qualified individual. However, this individual was not experienced in bookkeeping basics, and the firm’s accountant was making numerous corrections in the bookkeeping and accounts. The review also discovered that the payments to the principal were not entered properly and the books were not properly set up to monitor sales. |
| THE SOLUTION |
| Bookkeeping Administration Management reviewed the firm’s bookkeeping and accounts and properly structured its data entry systems and procedures. A time tracking system was introduced to the QuickBooks system, and the firm can now effectively monitor the productivity of its manufacturing personnel. |
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Bookkeeping Administration Management is a complete full-time bookkeeping service for less than the cost of a part-time bookkeeping clerk. Our services will save you time, money and more importantly, yield a true and precise representation of your firm's financial position. |
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