Y-OPA Consulting Group

Challenge:

CRR Construction Company, Inc. is a construction company whose services revolve around both commercial and residential construction, as well as home remodeling.  Although in business for more than 10 years, the owner recognized a need for a change in the infrastructure of his back office operations. His office manager “wore many hats”, one of which was as the bookkeeper. Due to little or no training, she did not feel comfortable in her role as bookkeeper. Because of this, he was not able to have the confidence in his financial reports that he wanted to have. As a seasoned business owner, he realized that accurate and reliable financials were imperative if his company was to continue to grow and be profitable in a struggling economy.

Solution:

Y-OPA started with a review of the current set-up of their QuickBooks company file, proposing and implementing structural changes that would increase the comprehensiveness of the financials. We introduced new policies and procedures, such as establishing realistic payment terms with the subcontractors and job costing, in an effort to improve their company’s overall cash flow. We also documented those procedures in a customized Standard Accounting Procedures manual.

Next, we implemented the new bookkeeping process. We held a series of meetings with the client in order to familiarize all of the key players with the new procedures. We also provided additional training to both the bookkeeper and the owner, to ensure that the financial records would be kept clean and accurate.

Once the new procedures were implemented, we began providing Controller Services, which includes:

• On-going QuickBooks support
• Cash flow management
• Daily review of bank account activity
• A daily report of available funds
• Managing of loans/credit card accounts
• Monthly accounts reconciliation
• Verifying bookkeeper's entries for accuracy
• Liaison with the tax preparer
• Preparation of monthly financial reports
• Monthly meetings to review the financials