Virtual Bookkeeping Solutions, Inc.
Virtual Bookkeeping Solutions, Inc.
Get to Know Our Owner
Get to Know Our Owner
Cheryl Petrencsik is the founder of Virtual Bookkeeping Solutions, Inc. (VBS). Based in in Brunswick, Ohio, she provides online and on-site accounting, controller, and bookkeeping services to businesses, nonprofit organizations, entrepreneurs, and self-employed individuals.
Cheryl's dream of work life balance inspired her to take the leap and start this firm 17 years ago. She believes that the passion of the business owner is what drives success. "Choose a job you love and you will never have to work a day in your life." Her passion is helping those businesses, nonprofit organizations, entrepreneurs, and self-employed individuals achieve their dreams, by removing the obstacle of financial reporting.
Some of the endeavors she has achieved for her clients include the following:
- Cheryl negotiated a credit facility worth more than $1.5 million that’s priced substantially below prime, reducing borrowing costs by more than $25,000 per year. She negotiated very favorable loan covenants to allow future growth.
- Cheryl created and implemented numerous cost-saving initiatives for clients, such as the introduction of standard job cost and more efficient computer systems.
- She discussed ways to save income and estate taxes to maximize family net worth with clients and prospective clients.
- Cheryl formulated, planned, and executed the relocation of her clients’ 75,000-square-foot manufacturing facility, which reduced their rent cost by $192,000 annually.
- Cheryl provided leadership and technical expertise to operations and finance personnel to streamline the analysis and forecasting of inventories and unit cost data.
- She also successfully managed the client credit ratings with S&P through both the downgrade and subsequent upgrade cycles.
- Cheryl reviews all invoices for appropriate documentation and approval prior to payment.
- She communicates with federal and state authorities to resolve client tax notices.
- Cheryl prepares quarterly presentations to and participation on the Finance Committee of the Board of Directors.
- She maintained all records pertaining to debt, state grants, investments, and financial derivatives activities. In addition, she prepared related reports and analyses.
- Cheryl implemented new accounting GL department-based expense structure for better management of departmental budgets.
- She identified and corrected client billing errors, saving the company $125,000 of revenue.