Lucrum Consulting, Inc.

Introduce your business and what you do there.

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

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

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

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.

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.

Introduce your business and what you do there.

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

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

We needed help with accounting services for our organization.

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.

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.

Introduce your business and what you do there.

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

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

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

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.

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.

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. 

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. 

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.

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. 

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.

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

We hired them to provide bookkeeping and fractional CFO services.

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.

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.

Introduce your business and what you do there.

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

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

We engaged Lucrum Consulting to provide CFO and bookkeeping services.

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.

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.

Introduce your business and what you do there.

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

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

We’re using Lucrum’s CFO services. 

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.  

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.

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.

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.

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.

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. 

Introduce your business and what you do there.

Our organization is a franchise owner and we own 14 different locations in the Charlotte area. I’m responsible for all the financials including payroll, insurance, unemployment, and more. I’m the office manager and bookkeeper. 

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

They are providing upper-level financial assistance.

What was the scope of their involvement?

They are escalating our knowledge of tax laws and reporting. They also have a way of looking over our books and offering financial advice to allow us to make more cost-effective financial decisions. 

I do all the bookkeeping and then we have a year-end tax accountant that files our taxes. As a result, Lucrum has provided an intermediary between those two, to bridge the gap and have a better understanding of our business and the value of what our accountant is doing for us. 

What is the team composition?

For the most part, I work with Jeff (Principal) probably twice a month. I also interact with 1–2 of his employees, depending on our needs. 

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

The owner of our company heard about Lucrum through another local businessman in the area that was using his services. That third-party stakeholder was very happy with their work and how they’ve added a lot of value to his business, especially on financial reporting and other issues with his company. Our owner interviewed Jeff, and that led to their hiring. 

What is the status of this engagement?

We started working with them in June 2016, and it’s ongoing. 

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

They bring attention to detail to a whole new level. When Lucrum came in and dissected things — they've brought things to another level. Other franchise owners have been coming for him for information because we couldn’t even get it from the actual franchisee itself.

They really dig deep to get information. In addition, the quality of their work and analytical skills have been amazing.

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

Jeff comes into our office twice a month and he’ll usually go over things with the owner and me. He also asks what he still needs to do. Typically, we give him stuff to research or investigate, and he will see it through.

Then, they update their status frequently and make sure that they work on our top priorities. They also complete deliverables in a timely fashion. 

We’re grateful that whenever Jeff hits a brick wall, he goes after that wall and we figure out how to get around it. He’s also very hands-on and extremely accessible via email, text, or calls. Whenever we have a question and he’s not in the office, he often gets back within an hour unless he’s with another third-party client or doing other important things. 

What did you find most impressive about them?

I’ve worked with other companies before, but Lucrum just gets things done. There’s not a sales pitch there, but they just have a tremendous work ethic which is very important in the financial industry. The team’s outputs just speak for themselves. 

They also recognize the importance of growing a company or business based on word of mouth and recommendation. They’ve really come in and have shown a good job to make sure we’re comfortable. Overall, they’ve got the knowledge and analytical skills to back things up. 

Are there any areas they could improve?

There’s nothing that I can think of. I believe in constructive criticism, but I don’t think they have room for improvement. If they do, I would absolutely tell you. 

Introduce your business and what you do there.

I’m the controller of RAM Pavement. We’re a construction, paving, concrete, steel-coat, and pavement marketing company. We provide our services to convenience stores, churches, homeowners’ associations, and other commercial businesses.

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

We hired them for accounting services. We deal directly with Jeff (Founder), who’s acting as our interim CFO. Jeff comes in and works on the high-level accounting with me and our owner.

What was the scope of their involvement?

Twice a month, Jeff comes in for four hours a day. I do all of the reporting, and on our second monthly meeting, Jeff closes the books. My team and I have done all the the preparatory work before he comes in, and then Jeff reviews it. He also provides a lot of statistical data, including for specialized projects like our pricing model, commissions, profitability reports, forecasts, and budgets. Finally, he offers feedback and recommendations on business processes like purchasing and financing.

What is the team composition?

We work directly with Jeff.

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

Lucrum has been working for us since before I arrived. We were one of Jeff’s first clients, I believe. There was a mutual associate between Jeff and our owner.

How much have you invested with them?

Working with Lucrum is a lot more affordable than hiring a full-time CFO. We invested $23,100 dollars with them last year.

What is the status of this engagement?

We’ve been working together since January 2013.

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

This is what I tell everybody who doesn’t know Jeff: His accounting and professional services are superior. He’s not shady; he’s as honest as the day is long. I’d trust Lucrum to do any kind of financial reporting for me. Our owner would say the same thing, too. Everything they do is above-board; and Jeff will tell you his opinions. If he thinks you could be spending your money in a more effective way, he’ll let you know. He

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

Jeff is extremely efficient. We’ll have some chit-chat when he first comes in since he’s worked with us for so long but then he gets right to work. Throughout those four hours he’s there, he may come in and ask me some questions or pull some data. We meet with our owner at the end of every day Jeff is with us. Projects get completed faster than we expect, and faster than the timeline he sets himself as well.

What did you find most impressive about them?

When I first started here, I found Jeff intimidating because he doesn’t miss anything. I make sure I don’t miss anything when I’m preparing the work for him. He always catches errors. You want someone who’s detail-oriented to do your accounting. I’ve worked with other CPAs before — people who will keep themselves at arms’ length, but Jeff doesn’t do that. He’s very familiar with and invested in us.

Are there any areas they could improve?

No, not at all. I don’t have anything negative to say about Jeff at all.

Do you have any advice for potential customers?

If you’re not looking for someone to dig in and provide a full analysis, then he’s not your guy. He’s going to give you as much detail as you want. Some people may be intimidated by that; they may not want all the detail and would rather have someone else deal with it. I would recommend knowing what you want and expecting to get more than your money’s worth. He’ll provide money-saving recommendations.