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This client is a law school located in Southern California. They pride themselves on offering affordable tuition, flexible schedules, and small class sizes.
The Administrative staff of this law school approached us initially because their internal accounting team did not have a complete understanding of accounting best practices and procedures, and the Board of Directors needed to have confidence in the numbers and finances.
The University’s balances and reconciliations were inaccurate, and the school wanted to determine the feasibility of offering more financial assistance to prospective students in need. They needed assistance with managing their accounts receivable and with general efficiencies and processes. They also needed help in training their internal team on best practices and in providing the Board of Directors with accurate, timely, and useful information.
The expert accounting team at Plumb quickly got to work and:
- Introduced all-important schedules and processes so the internal team understood what was expected of them as far as deliverables and deadlines.
- Implemented best practices for accounts receivable and a cash to accrual conversion.
- Implemented reconciliation efficiencies.
We are now an integral part of their accounting and business team. They rely on the information we provide to them and know they can use our financial data and reports to make sound financial decisions for the school. We have a deep understanding of the school, their finances, and the data points needed for analysis.
We also manage their internal accounting team and are poised and ready to help them scale up when the time is right.