FINANCIAL MANAGEMENT

Leveraged Resources Management, Inc. (LRM) maintains financial records on a fully automated fund accounting general ledger system that includes Accounts Receivable, Accounts Payable, Purchase Order/Encumbrance, Budget, Payroll and General Ledger.

General Ledger
LRM offers a completely integrated system that allows for reporting by both fiscal year and grant period. Reports can be customized, in most cases, to meet the reporting requirements of funding sources. Income Statements and Statements of Activities can be established by funding source, grant and/or program. Balance Sheet and Statement of Cash Flows are at a company level.

Accounts Receivable
This is an integrated sub-ledger system that will track invoicing of funding sources. It provides for an aged receivable report and recognizes deferred income at the time of billing. LRM will provide invoicing as necessary to all grantors.

Accounts Payable
This is a true accounts payable sub-system that utilizes a balance sheet A/P account allowing clients to know what invoices have been received, the impact on the statement of revenue and expenses and the amount not yet paid. LRM will assist in developing procedures and forms for requesting check processing and purchase authorization. LRM will maintain all accounts payable records at its offices.

LRM will process A/P checks on an agreed upon cycle. LRM will use your remaining check stock if possible or order new check stocks, obtain the necessary signature cards and code the expenditures to the appropriate general ledger account and program after you approve the invoice for payment. LRM will print the checks and either sign and mail all checks or return to you for signature and mailing. LRM will maintain vendor files for processing of 1099’s at year-end.

Payroll Processing
This fully integrated system eliminates the need to transcribe your payroll expense from an outside vendor into your general ledger. It has full reporting capabilities and maintains detail records on all employees. LRM will process each clients ‘payroll and file all necessary tax reports and payments related to all taxing agencies. The client is responsible for insuring that funds are available for all payroll and tax expenses.

Budget Preparation
The system allows for the input of budget by funding source and program. It will track variances and can use historic actual information to generate the next year’s budget worksheets. LRM will assist the client in developing both operating and grant proposal budgets.

Audit Preparation
LRM will assist in the preparation of bids for outside audits and assist the auditor in the preparation of all necessary documents.