The Client
Square 1 Design & Manufacture Inc. provides a diverse range of products and services, including new product design, custom machining, structural steel assembly and fully automated machinery for a global customer base.
The Challenge
Square 1 had employed a bookkeeper to maintain the books, and when that person left, a family member stepped in to fill the gap. However, soon customers were receiving multiple invoices, payments were not being recorded, and those customers were receiving collections calls in error. The company also owed several vendors but did not know how much they owed, because the account payables had not been entered correctly. Profitability and cash flow was an issue.
The Solution
Foster Results rebuilt Square 1’s financial foundation to work cleanly and reliably. We focused on correcting their account balances, and today their financial records are accurate. We continue to arrange vendor payments and ensure customers receive accurate statements and invoices.
Additionally, Foster outlined an inventory management system that includes checks and balances to ensure the vendors ship exactly what was ordered at the agreed-upon rate. Within one month of utilizing the new system, Foster Results identified more than $5000 in excess charges.
Highlights
- Completed successful overhaul of company bookkeeping
- Repaired customer and vendor payment processes
- Developed and activated long-term plan for financial health