Challenge:
Lexem Strategy, LLC is a management consulting firm that teaches sound Earned Value Management principles that provide companies with the tools needed to meet the EVM requirements. With both managing partners playing an active role in client service and business development, there was little time left to handle back office operations including bookkeeping and resource management. They also recognized the importance of having a team with the necessary financial skills.
Solution:
Y-OPA facilitated a series of transitional meetings with their current administrative staff to review the current processes for processing payroll, paying bills, invoicing clients and other bookkeeping tasks. Once we learned about the way that they were doing things, we were able to identify gaps in their bookkeeping process and introduce solutions to fill those gaps.
Next, we looked for ways to streamline their current process and introduced additional tasks such as reconciling and monthly financial reporting, which are crucial to keeping a finger on the financial pulse of the company. Essentially, we created a new and improved bookkeeping and accounting process designed specifically for a professional service firm.
Finally, our team of accounting professionals implemented the new bookkeeping process, and also documented this process in a Standard Accounting Procedures manual. We held a series of internal meetings with our team to familiarize all of the key players with the procedures.
Results:
For more than 3 years now, Y-OPA has been providing Lexem Strategy, LLC with full-charge bookkeeping services. We handle all of their bookkeeping and accounting needs, including:
- Managing their accounting system
- Paying vendor bills
- Managing accounts payable
- Managing accounts receivable
- Making bank deposits
- Processing payroll
- Managing their daily cas flow
- Communication with clients/vendors
With our accounting team running their back office, both of the managing partners are able to focus on their business – while Y-OPA focuses on their books. With us maintaining their financial records, they are able to have accurate and up-to-date financials at their fingertips, which they use to help them make important business decisions for their growing business.
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