An independent, wholesale optical laboratory, Cherry Optical, Inc., is family owned and located in Green Bay, Wisconsin. Founded in 1999, the manufacturer provides eyeglass lenses to optometrists throughout the Midwest. The technology-driven company prides itself on quality, speed, and accuracy backed by the latest industry advancements including digital lens processing.
Situation
Like many small, family-owned manufacturers, the principals at Cherry Optical, Inc., juggle a variety of responsibilities. Co-founder Lynn Cherry became responsible for the day-to-day accounting tasks by default, even though her passion was working on the manufacturing floor. Every quarter, Wipfli provided accounting guidance and cleanup assistance. Ultimately, the Cherry family recognized the value of securing comprehensive services by outsourcing the company’s accounting functions to Wipfli.
Strategy
Wipfli stepped in to manage Cherry Optical Inc.’s accounting functions with expertise and commitment. The firm introduced the manufacturer to some sophisticated analysis tools and a customized Web portal that gave its owners a window into their company’s dashboard financials. Among the comprehensive accounting functions Wipfli provides are:
- Payroll processing and reporting
- CPA-quality bookkeeping
- Vendor bill processing and payment
- Sales tax reporting
- Monthly financial reporting
- Tax services including projections, 1099 forms, and year-end filings
- Business advice and access to Wipfli’s many other industry experts and complete back-office team
Benefits
Wipfli took the business administration tasks off the Cherry family’s plate. By transferring its accounting functions to Wipfli, the family reclaimed valuable time formerly spent on keeping the books and other back-office functions. That has translated into greater efficiencies, allowing family members to resume their leadership roles throughout operations.
The Cherry family is also secure in the knowledge that their accounting functions are carried out accurately and in a timely manner, and that CPAs review the company’s financials monthly. In addition, information is always at their fingertips 24/7/365, thanks to their dedicated FAO portal. Their customized digital dashboard gives them up-to-date financial information on which to make sound business decisions.
