Lucrum Consulting, Inc.

BACKGROUND

Introduce your business and what you do there.

I’m the CEO of an appraisal management company. 

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

Our financial statements were in a mess in 2022. When I stepped in as the turnaround CEO, I hired Lucrum to bring our financial statements to working order. 

SOLUTION

What was the scope of their involvement?

We use QuickBooks for our accounting system, and Saxby (CFO & Business Advisor) uses other software packages to expedite his work. He and Lucrum have had to come up to speed with our work since they haven’t done any work in the appraisal management area before. We’ve had to ensure Saxby can gather all information as thoroughly and quickly as possible to keep us on track. 

What is the team composition?

Saxby is our main point of contact.

How did you come to work with  Lucrum Consulting, Inc.?

Lucrum was a referral from the new accounting firm we hired. 

How much have you invested with them?

We’ve spent around $10,000. 

What is the status of this engagement?

We started the engagement in October 2022, and it’s ongoing. 

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

We aim to have reliable financial statements as a foundation in 2023. With that in mind, Lucrum has helped classify our expenses and recreated an entire balance sheet and an income and expense statement we haven’t had before. 

How did Lucrum Consulting, Inc. perform from a project management standpoint?

The team has delivered tasks below our budget and ahead of schedule. To communicate, we use Teams and Zoom during the weekly talks between Saxby, our accounting manager, and me. 

What did you find most impressive about them?

Lucrum has a clear understanding of bookkeeping principles, policies, and procedures. They’ve shared these with us as we’re preparing our financial statements in a manner that’s outside of generally accepted accounting principles. 

Are there any areas they could improve?

No, there aren’t. Whenever we deal with a fractional CFO, I imagine they have to juggle their schedules among multiple clients. If Saxby doesn’t give us the attention we need, that would be a shortcoming. However, we’ve got the project out ahead of schedule, so I have no complaints. 

Do you have any advice for potential customers?

Ensure good chemistry between the CFO assigned to your company and your team. If there’s ever a miscommunication issue, deal with it quickly. That way, the consultant can move on and stay on the same page with you. 

BACKGROUND

Introduce your business and what you do there.

I’m the finance director at Hylaine, a technology consulting firm.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We hired them for their accounting services.

SOLUTION

What was the scope of their involvement?

Lucrum Consulting, Inc. provided us with accounting services. They helped us with our bookkeeping and tax preparation. They used QuickBooks to execute accounting tasks.

Our monthly bookkeeping services agreement has already ended last December, but we’re planning to work with their team again for tax preparatory purposes.

What is the team composition?

We had one main point of contact named Adrienne (Accounting Specialist), and she was supported by the owner of their company.

How did you come to work with Lucrum Consulting, Inc.?

I’m fairly new in the company, but I believe our CEO reached out to Lucurm Consulting, Inc. and negotiated a monthly contract that worked for both sides. We decided to work with their team based on their expertise, value, and the good relationship we have with them.

How much have you invested with them?

We spent about $32,000.

What is the status of this engagement?

We worked together on this project from October 2019–December 2022.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

I don’t have any metrics to share at the moment. However, from a qualitative standpoint, Lucrum Consulting, Inc. exceeded expectations in terms of responsiveness and the accuracy of their work. 

How did Lucrum Consulting, Inc. perform from a project management standpoint?

They did a great job from a project management perspective. Adrienne was a joy to work with — she was dependable, responsive, knowledgeable, and timely. Moreover, she was extremely helpful in getting us up to speed when it came to their processes and setting up our QuickBooks account. She also worked with us on a set schedule and was always willing to be flexible. For communication, we mainly used email.

What did you find most impressive about them?

Their flexibility, responsiveness, and willingness to go above and beyond to meet our needs stood out.

Are there any areas they could improve?

No, we were very satisfied with Lucrum Consulting, Inc.’s services.

Do you have any advice for future clients of theirs?

Make sure to utilize their expertise and lean on them when you need to handle any accounting-related matters.

BACKGROUND

Introduce your business and what you do there.

I’m the owner of Saratoga Asset Management, a real estate development company.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

I needed a company that could help me organize my bookkeeping records.

SOLUTION

What was the scope of their involvement?

I hired Lucrum Consulting, Inc. to assist me in organizing my rudimentary bookkeeping of ongoing business activities for my company on a quarterly basis. They’ve created a QuickBooks-based accounting system for me. 

Lucrum Consulting, Inc. interprets my day-to-day activities, including my invoices, income, and bank statements, and helps me understand how these activities impact me and my business from an accounting and tax perspective. After compiling them in a Quickbook format and providing me with a PDF file, I hand the document off to my accountant or share it with my lender, partners, or investors.

What is the team composition?

I work with one person from Lucrum Consulting, Inc.

How did you come to work with Lucrum Consulting, Inc.?

I had attended a function at a bank that I used to work at, and one of their officers introduced me to Lucrum Consulting, Inc.’s owner. We had a great conversation, and I decided to give them this project.

How much have you invested with them?

Lucrum Consulting, Inc. charges me based on the number of outstanding transactions that I'm doing at any given time. We started out with $2,550 per quarter, but we've since increased that to $3,550 per quarter based on my increased workload. I’d say I’ve spent somewhere over $22,000 in total so far.

What is the status of this engagement?

We started working together in February 2020, and the engagement is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

Lucrum Consulting, Inc. has helped me organize and interpret my bookkeeping, effectively ensuring that everything’s accounted for properly and sometimes even reducing my tax obligations. I also started spending a lot less time keeping my bookkeeping records organized and instructing my accountant on how to do my tax returns.

How did Lucrum Consulting, Inc. perform from a project management standpoint?

Lucrum Consulting, Inc. has performed very well in terms of project management. In fact, they’re usually the ones pushing me to provide them with everything that they need. They also turn the Quickbooks document around very quickly, usually on the same day that I provide the paperwork they need. I really appreciate their direct, streamlined approach.

What did you find most impressive about them?

I’m most impressed with Lucrum Consulting, Inc.’s very strong understanding of my business and how they leverage their accounting expertise to properly account for and interpret all of my business transactions and activities.

Are there any areas they could improve?

Lucrum Consulting, Inc. does exactly what I’m paying them to do, and I couldn’t be happier with their support.

Do you have any advice for potential customers?

Get started sooner rather than later. You'll appreciate the amount of time and money that you save yourself, and you'll end up with an end product that is useful for your business.

BACKGROUND

Introduce your business and what you do there.

I’m the executive director of a nonprofit furniture organization.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We needed help with accounting services for our organization.

SOLUTION

What was the scope of their involvement?

Lucrum Consulting, Inc. handles our QuickBooks accounting and helps us settle our invoices and any other accounting issues. They had to come up to speed with our industry, and after that, we started working together.

What is the team composition?

We’ve been only working with Lauren (Accounting Specialist); she’s our main point of contact.

How did you come to work with Lucrum Consulting, Inc.?

They’ve been handling our bookkeeping for my family.

How much have you invested with them?

We’ve spent around $5,000 with them so far.

What is the status of this engagement?

We started working together in February 2021, and the engagement is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

They’re a detail-oriented team, so our QuickBooks and budgets are up to date.

How did Lucrum Consulting, Inc. perform from a project management standpoint?

They’re active listeners, are very open to suggestions, and are timely at getting back to us. In terms of communication tools, we use in-person meetings, Zoom, and email.

What did you find most impressive about them? 

Their attention to detail and turnaround time on response are outstanding features of their service.

Are there any areas they could improve?

I don’t think there’s anything they can improve on. 

Any advice for potential customers?

The sooner you hire them to set up your QuickBooks, the better.

BACKGROUND

Introduce your business and what you do there.

I’m the owner of a land development consultancy company in Charlotte, North Carolina.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We were trying to establish a better understanding of our finances.

SOLUTION

What was the scope of their involvement?

Lucrum Consulting, Inc. has been helping us with accounting services. We started with just bookkeeping services, and we later added fractional CFO duties as well. They also coordinate with our accountant on tax preparation, provide advice on our record-keeping, and improve our overall financial systems. In terms of tools, we use a combination of QuickBooks and a project management software called Core.

What is the team composition?

We’ve been working with their bookkeeper, CFO, and Jeff (President).

How did you come to work with Lucrum Consulting, Inc.?

I met Jeff through a friend.

How much have you invested with them?

We’ve spent around $50,000 with them so far.

What is the status of this engagement?

We’ve been working together since June 2018, and the engagement is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

We’ve noticed an improvement in terms of better tracking and forecasting budgets.

How did Lucrum Consulting, Inc. perform from a project management standpoint?

They’ve been great in terms of communication and sticking to budgets and schedules. In terms of tools, we use email, Microsoft Teams, phone calls, and Zoom.

What did you find most impressive about them? 

I’ve been impressed with their constant personal service and touch throughout the years we’ve been working together. Additionally, they’re always reachable and accessible to get a hold of to ask questions.

Are there any areas they could improve?

I don’t think there’s anything they can improve on.

Any advice for potential customers?

Listen to their recommendations and be open to applying the changes they suggest.

BACKGROUND

Introduce your business and what you do there.

I’m one of the owners and the VP of a tree care company in Charlotte, North Carolina. We’re a full-service tree and landscaping company with four divisions. We also maintain the landscapes we install while taking care of the plants and trees’ health. 

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We were trying to grow our business in a smart way and wanted to understand our financial situation. Our team was also figuring out how to manage our growth. To help us do these things, we hired Lucrum. 

SOLUTION

What was the scope of their involvement?

Lucrum works with us twice a month to go through our financial statements. They work with our bookkeeper to ensure that everything is being entered correctly. After they gather information, we have a monthly financial meeting with my business partner and Lucrum’s CFO. We use the collected information to make sound business decisions. For instance, we might want to buy a truck or another piece of equipment, so the team helps us determine whether that’s the right decision to make or not. 

Moreover, their resources do help us with tax preparation, but that’s not their main purpose. Rather, they help us develop our relationship with our accountant. The team also helps us develop our relationship with our banking partner. 

What is the team composition?

We primarily work with one person from their team. 

How did you come to work with Lucrum Consulting, Inc.?

I’m not exactly sure how we met them — it was either through a referral or a cold call — but once we talked to Lucrum, we realized they were a good fit for us to grow our business. As a result, we started our partnership. 

How much have you invested with them?

We’ve invested around $210,000. 

What is the status of this engagement?

We started working with Lucrum in July 2015, and the engagement is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

We measure our success based on the amount of our revenue and the size into which our business has grown. So far, we’ve grown by approximately 70%–75% — we started out with 40 employees, and now we have around 70 team members.  We’ve also gained more time savings across the board, such as in the employee management and bookkeeping areas.

Overall, since our initial meeting, Lucrum has helped us be more organized and become a better business. Through their accounting skills and relationships with other business partners, we’ve grown exponentially. We truly feel that they’re a good match for our needs — they keep us organized and help us make better financial decisions to guide our future. 

How did Lucrum Consulting, Inc. perform from a project management standpoint?

Lucrum’s project management is a perfect 10. The goal of the project is to make our business better, and they’ve succeeded in doing that through their management. To communicate, we meet in person twice a month. When they come to our office, they stay there all day. Every other week, we hold business meetings. 

What did you find most impressive about them?

Their experience in the business world and their accounting skills are their main highlights. These things have truly helped us make sound decisions. 

Are there any areas they could improve?

No, there aren’t any. Everything they’ve done for us has been excellent. 

Do you have any advice for potential customers?

If you want to grow your business, I highly recommend reaching out to Lucrum for advice and help. 

BACKGROUND

Introduce your business and what you do there.

I’m the president of a commercial construction company, and we specialize in metal framing, drywall, and acoustical ceiling.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc?

We hired them to provide bookkeeping and fractional CFO services.

SOLUTION

What was the scope of their involvement?

Lucrum Consulting updates our weekly financials. They also pay our accounts payables, they help with checking accounts receivables, and they update our bank account. On top of that, the team creates financial reports such as profit and loss statements, balance sheets, and forecasting.

They utilize QuickBooks a lot, but I’m not sure if they’re using an internal software, too. We collaborate with them on financial-related decision-making issues such as how to better manage our cash flow.

What is the team composition?

We’re working with two people, including Kurt (Fractional CFO) and an interim bookkeeper.

How did you come to work with Lucrum Consulting, Inc?

Our CPA in charge of performing annual audit and tax preparation recommended Lucrum Consulting, which was the reason why we hired them. Additionally, Lucrum Consulting’s owner came from a construction real estate development background so they were knowledgeable about the work in our industry.

How much have you invested with them?

We’ve spent over $100,000.

What is the status of this engagement?

We began working with them in January 2020, and it’s ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

They’ve been a great resource since we’ve brought them onboard, and their insights and feedback have helped us make great decisions.

How did Lucrum Consulting, Inc perform from a project management standpoint?

From a project management standpoint, they definitely tick all the right boxes. Kurt comes into our office on a weekly or biweekly basis so that we can have conversations about our internal controls. In addition to face-to-face communication, we keep in touch with them through phone calls, emails, Slack, and Zoom. Overall, they ensure that all stakeholders are on the same page and that we’re looking at the numbers the right way.

What did you find most impressive about them?

Their knowledge about our industry impresses us the most, which allows them to support us well. Construction is a very fast-paced industry, but it can be very straining on cash flow from a business standpoint, so having Lucrum Consulting manage our bookkeeping and fractional CFO needs brings a lot of value to our company.

Are there any areas they could improve?

When we first onboarded them, our main point of contact was different and she ended up leaving the company. However, we know that it’s outside of their control. Other than that, everything has been perfect.

Do you have any advice for potential customers?

Be willing to make the investment because you’ll get what you pay for. Their team can really help you grow your company so I’ll definitely recommend them.

BACKGROUND

Introduce your business and what you do there.

I’m the owner of Greybridge Partners, and we’re a commercial real estate developer.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We engaged Lucrum Consulting to provide CFO and bookkeeping services.

SOLUTION

What was the scope of their involvement?

We interact on QuickBooks, and their team also uses their own internal software.

What is the team composition?

We’re working with 1–2 people from Lucrum Consulting.

How did you come to work with Lucrum Consulting, Inc.?

I worked with Lucrum Consulting at another firm, and they provided CFO and bookkeeping services. When I formed my company four years ago, I didn't have the infrastructure or company size in place to take on a full-time bookkeeper and CFO. Since Lucrum Consulting fit perfectly into what we needed, we hired them to help us.

How much have you invested with them?

We’ve spent $25,000–$50,000.

What is the status of this engagement?

We began working together in March 2017, and we continue to collaborate.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

They always keep our books up to date, and they have good financial reporting skills.

How did Lucrum Consulting, Inc. perform from a project management standpoint?

They have an excellent project management process. They also submit our monthly and quarterly financial statements in a timely manner, they’re much better compared to other companies we worked with before. We usually communicate through email, and we also interact with them on phone calls.

What did you find most impressive about them?

Their attention to detail is impressive. On top of that, they’re very personable and hardworking; they get the job done according to their promise. Above all, they’re reliable, and they offer cost-effective services.

Are there any areas they could improve?

No, they’re doing a great job.

Do you have any advice for potential customers?

Be transparent and let them know what you’re looking for.

BACKGROUND

Introduce your business and what you do there.

I’m a controller for a company that manufactures and distributes lithium-ion batteries.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We’re using Lucrum’s CFO services. 

SOLUTION

What was the scope of their involvement?

I present all of our monthly accounting information to Lucrum, and they assist us with money and financial statements. Apart from financial planning, they also help us with our business strategy and come up with our final financial statement package every month. They use QuickBooks, Excel, and other software pieces based on what we need or what information we have to acquire. 

What is the team composition?

Our main point of contact is Kurt (CFO & Business Advisor). Other staff members assist him if needed.

How did you come to work with Lucrum Consulting, Inc.?

Our company was connected with Lucrum through a networking function. When I joined the business, they were already working with Kurt, and it was a perfect match right off the bat. We continued working with them because of their integrity, honesty, and trustworthiness. Those qualities were difficult to find in other teams. 

How much have you invested with them?

We’ve invested upwards of $200,000 so far in the relationship.  

What is the status of this engagement?

We started working with them in January 2015, and the engagement is ongoing.  

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement? 

The financial statement packages and dashboard that Lucrum provides are easy to use and read. Their reports are easy to understand even for someone who isn’t familiar with accounting. Moreover, working with them has been a pleasure because they’re always timely, and they’ve never made any mistakes in all the years I’ve been with them. 

On top of that, they have a lot of contacts. When I need a credit card processor or a health insurance agency, I end up with a team that has worked with them before. Overall, their knowledge, contacts, and detail-oriented approach are incomparable to anybody else in the marketplace. 

How did Lucrum Consulting, Inc. perform from a project management standpoint?

In terms of project management, actions speak louder than words. They put their 200% in their work; there’s never been an issue, a mistake, or a problem with their management skills. To communicate with them, I can pick up the phone anytime or send an email. I usually also meet with them in their office once a month. 

Moreover, I work well with Kurt. He’s knowledgeable, and I’ve learned a lot from him and his company. I wouldn’t entrust my accounting or CFO needs to anybody else. To illustrate that, I can leave $50,000 in cash on my dining room table with Kurt while I let my dogs out, and I know that the money will still be there when I come back. That’s the type of company they are.

What did you find most impressive about them?

Lucrum treats everybody like there’s more than a business relationship between them. They treat anybody they hire — from administrative people to CPAs — with respect and dignity. The team doesn’t talk down to anyone. In fact, I’ve been in their office with Kurt, and I know that they treat other people like human beings and not just a number. 

Are there any areas they could improve?

No, there aren’t any. They’re a class-act operation, and they’re perfect in my eyes — I wouldn’t want to go anywhere else. 

Do you have any advice for potential customers?

Let Lucrum do what they do best, and they’ll provide results and guide your company in the right direction. They’ll offer cost-saving advice and get the job done while never missing any deadline at all.

BACKGROUND

Introduce your business and what you do there.

SEC General Contractors is a small commercial contracting firm based in Charlotte, North Carolina. I am the president of the company.

OPPORTUNITY / CHALLENGE

What challenge were you trying to address with Lucrum Consulting, Inc.?

We’ve used Lucrum’s services multiple times over the past 10 years, but the first challenge we needed to address with them was getting a CFO on a temporary basis.

SOLUTION

What was the scope of their involvement?

Jeff (President) came in and consulted with us during our first few years of operation. Lucrum guided us on how to monitor our accounting and how we could set financial benchmarks to effectively manage the business. We used QuickBooks, and Lucrum adapted to that tool.

Further down the road, we had a bookkeeper that stole money from us, so we hired Lucrum once more to come in and do some forensic accounting for us. They identified where the funds were stolen and helped us put together a report for the police. 

What is the team composition?

We only worked with one individual. 

How did you come to work with Lucrum Consulting, Inc.?

I met Jeff through a real estate affinity group ten or so years ago. This group meets once a month to talk about market conditions, the real estate industry, and other related topics. Our relationship started and grew from that network. 

What is the status of this engagement?

We started working with them around 2011–2012. Our partnership is ongoing.

RESULTS & FEEDBACK

What evidence can you share that demonstrates the impact of the engagement?

The temporary CFO service that Lucrum provided years back has helped our business succeed and do well. Their help with forensic accounting also enabled us to get the bookkeeper arrested and prosecuted. We were even able to recover our funds through an insurance company thanks to the report that they put together. 

How did Lucrum Consulting, Inc. perform from a project management standpoint?

They’re a very professional group. My expectations are high, but they meet that at every assignment. We communicate in person and follow up on each other through email. 

What did you find most impressive about them?

Their communication practices are very strong. When they go into an assignment, they always convey a clear plan of action. They detail what they’re going to do and what they’re going to accomplish by the end of it. It helps us set our expectations and see for ourselves if they have, indeed, delivered. 

Are there any areas they could improve?

No, there’s nothing I can suggest. 

Do you have any advice for potential customers?

Be well prepared. Have the assignment and documentation at the ready and be very clear in your presentation. In exchange, Lucrum will perform accordingly.