Do you know why the “P’s & Q’s” statement originated? Would you believe, it’s inventory?
According to one theory, P’s & Q’s refer to the Pints & Quarts in a tavern back in the 17th century. The bartenders were watching the alcohol consumption of their patrons, in-order to keep track of inventory and to ensure all alcohol consumed, had been paid for. Percentages are hard to calculate in this inventory situation, just breaking even, would be a savings.
In a client’s office, we discussed their inventory. They have employees who place orders for products, specific to the customer’s request. We discussed accuracy, quantity, pricing, returns due to damaged or incorrect product sent or ordered. Some of the products had expired, and should have been returned for a refund. Ordering was handled by multiple employees, with no central hub to communicate. Potentially, bulk ordering could have taken place resulting in a significant savings as well as other avenues to obtain product at lower prices. The ‘system’ just developed over time. There were no procedures in place. This discovery in the established ‘system’ had also allowed for money down the drain. It was a slow, annoying, dripping faucet, siphoning the revenue, for really no reason other than not having the proper procedures in place. While it may have been slow the point is, it was occurring, consistently and to the best of knowledge, for quite some time.
So, are you watching your P’s & Q’s? How are you doing that? When you assign a task to an individual within your company, you make the decision to delegate. Great! What is your developed procedure verifying the actions required to manage the information, complete the process and necessary details are to be handled? Certainly, it isn’t that physically you are reviewing and touching every aspect. That would seem pointless in delegating as well as very costly, to have two people doing the job of one. How many tasks do you have in your company with no procedure to follow and no verification steps in place? How about payroll? Does someone, other than an employee, review the data before paychecks are issued? How about purchases for your company? Who verifies purchases were needed, utilized and/or sold in your company? It’s like a recipe. If you don’t have the recipe card to follow, most likely the ingredients will not be accurate and the end result may not be good for the eating.
When reviewing your procedures, hiring a resource from outside of your internal circle can be extremely cost effective. Most often, the cost of the Expert is paid for in savings and increased profits.
Creating procedures can be complicated, timely and cumbersome. External Experts come with a clear perspective and the experience needed to develop procedures to keep your company profitable and a manageable Team. Reach out to the Experts. Contact OrganizerForU today to verify your P’s & Q’s are all accounted for.
A little more about us:
We guide, assist and manage your bookkeeping operations, customizing our service to fit within your needs, budget and timeframe.
- Providing daily, weekly, monthly or occasional BOOKKEEPING SERVICES. We assist to the degree that meets your needs and your budget. We provide you with a clear picture of your finances.
- Handling A/P and A/R entries, monthly financial reports, yearly audit assistance, state banking regulation audits, payroll processing, sales tax filing, and developing and implementing work-flow systems to ensure documentation requirements are accurate and complete.
- Creating the foundation for a cost-effective accounting system for NEW BUSINESSES, and those working to get more established, then providing customized, agreed-upon bookkeeping services contracting with clients for a clear understanding of the services to be provided.
- SCRUTINIZING existing financials to determine more timely, accurate and EFFICIENT bookkeeping options.
- Training of bookkeeping personnel in QUICKBOOKS as a Certified ProAdvisor.
- Examining financials to provide DECISION-MAKING INFORMATION regarding financial department personnel needs, resources and timing for product and service expansion, financial strategies for real estate or asset purchases, etc.
- MANAGING your books in a way that allows YOU to do what YOU DO BEST, sell your product or provide your services, while staying as involved in the bookkeeping as needed for proper management of your financials.
- CONSULTING on-call for client financial questions.
OrganizerForU offers a 20- to 30-minute complementary phone consultation. We value your time and we know that time efficiency is cost effective. During our call, we listen as you describe the current financial situation of your business, asking the right questions to determine how our services can meet your needs. We take time to briefly explain how our services are provided, to ensure we are a good fit for your needs and situation.