Landscapes Golf Management is proud to have the finest accounting team in the golf industry. We have seen many operators struggle with bookkeeping, finance, and accounting. Finance is a complex area of the business, and the nuance of the golf industry makes some local accountants’ heads spin.
We have a fully centralized accounting team backed by solid technology. Our approach to accounting puts an expert behind every facility’s financial statements.
Below is an interview with various members of the LGM Accounting team, illustrating how they support each facility on a day-to-day basis.
What is an average day like as a member of the LGM Accounting Team?
It depends a bit on the time of the month. We focus on finalizing month-end statements for every month’s first week or two. Barring any unforeseen circumstances, we will deliver the first draft of the financials by the 5th and the finals by the 15th. We are very focused on the timeliness of financial statements!
Later in the month, we are working on projects like cash flow reporting, AP, AR, and of course, preparing for the next round of monthly financial statements!
How do you approach new facility onboarding?
I like onboarding new facilities, but not everyone feels the same way. We start with a lengthy onboarding checklist that covers everything from implementing the new GL Code structure to transitioning the facility to our systems and technology. Honestly, that is the easy part.
The hard part – and the part I enjoy – is figuring out what happened in the past. Some facilities have tight books when they come on board, and those transitions are generally straightforward. But, the books are often a tangled mess when we get our first look at them. Then we begin cleaning everything up – mapping GL Accounts, completing journal entries, and identifying any lingering issues – including writing off bad debt and receivables. Conducting this forensic investigation is difficult and time-consuming but also very rewarding when it is complete. Most importantly, it sets the facility up for success moving forward.
How does the team use technology to support accounting functions?
Our technology stack is an essential part of our process. We’ve spent the last ten years getting it dialed in, and it is an ongoing process.
It starts with the point of sale system. We centralize the set-up of sales items and categories to ensure the data flows seamlessly. Our team also has access to the systems at the facility, so we don’t have to bother the on-course team with simple requests.
From the point of sale, revenues automatically flow to our accounting system, so recording revenues is a simple spot-check. This integration saves tons of time and allows us to deliver month-end statements quickly.
Another critical piece of our technology is our Accounts Payable Automation platform. Invoices are automatically sent into the system, matched with a GL Account, and put in a queue for approval. Our managers never have to scan invoices, manually code them, and send them to the central office. They log in, approve or reject, and the checks are cut automatically.
What is the most significant difference between the LGM Accounting team and other management companies or local accounting firms?
Our tech is incredible, and definitely a differentiator, but the real difference is in our team. We have a whole office of people who are experts in their domain but are also focused on being helpful and doing things the right way. We have an extensive training program for our team members; they start as junior accountants working under a seasoned pro, and as they learn the ropes, they begin taking on their own properties. We have a ton of “bench strength” to assist with challenging transitions and onboarding. We also have experts in different functional areas – from CPAs to AP and AR specialists.
