LM CFO Partners was engaged a $12MM revenue company in the sports apparel industry. The client successfully manufactures branded underwear and sells large volume to national retailers across the country. The business owner approached LM CFO Partners with a common complaint, “Accounting is taking up too much of my time. I have a back office but feel like I’m doing double the work!” LM CFO Partners began by alleviating some pressure from the business owner by streamlining the accounting process. To the CFO’s surprise, the business owner was spending 8-10 hours per week manually reconciling every check, wire, and charge on the bank statement onto his own personal spreadsheet. This arduous manual process almost guaranteed data entry mistakes and wasted precious time on a task that could be done by an entry-level accountant. LM CFO Partners worked with the back office team to re-process the accounting system to provide the business owner, on a daily basis, with the true cash balance as measured by a newly installed internal dashboarding system. The changes saved the business owner approximately 35-40 hours per month that allowed him to focus on the design, production and sales of the product.
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