EMPLOYEE EMBEZZLEMENT DISCOVERED
A Twin Cities Sushi Bar. Cue was called in to handle the accounting when the company's long-time bookkeeper decided to resign. As part of our normal process, we set up a robust financial information system that quickly prioritized cash management as an improvement area. For example, this operation would frequently receive over $1000 in daily cash receipts. However, the general manager would often accumulate receipts for an entire week before making a bank deposit.
Our recommendation of more frequent cash deposits was accepted by the owners. We immediately scheduled a meeting with the restaurant staff to explain the new procedures. However, when we arrived the next day, we discovered that the safe was empty! We discovered that the general manager and former bookkeeper had been skimming money for several years (a problem that our new cash control system would prevent from ever happening again).
A St. Paul Bakery. The operation appeared to be thriving. They had great press, solid online reviews and lots of customers. Things were going so well that the owners asked Cue to help them expand into a second location. However, after implementing our financial system, we realized that the company was actually losing money. Their impressive revenue was just not flowing through to the bottom line.
We worked with the owners to develop budgeting tools which included weekly performance-to-budget reports for every department (from staffing and sales to product and labor costs). After training the staff on the use of these tools, profits rapidly improved. In fact, within six months the company had achieved record earnings.
TWO NEW LOCATIONS OPENED
A Minneapolis Bar and Restaurant. When a new management team was hired at this year-old location the owners hired Cue in to help shore up the accounting. Business had slowed, and the company's expansion plans needed funding.
Cue’s financial reporting and budgeting systems helped the current managers make the right spending decisions. They also identified members of the team who weren’t pulling their weight. The following year, profits more than doubled and two new locations were opened. As Cue’s systems were implemented company-wide, the new operations were immediately profitable,
Accounts Payable systems. Cue leads the charge with technology, utilizing tested and effective software that leads to better information. Many of Cue's reports are proprietary, and based on a solid approach to analyzing pertinent indicators, and holding the team accountable. One system that Cue utilizes is MarginEdge - read Cue's case study at MarginEdge's website.