I’ve just started my new business. I think it would take less money and less time just to do my own bookkeeping. Why do I need Professional Account Management?
As a business, filing and paying your taxes must be top priority. In order to file an accurate tax return and meet your tax obligations, accurate bookkeeping is of the utmost importance. You need reports that clearly break down your company’s cash flow, revenues, and expenses. Late filings and mistakes at the very least, could cause a government audit resulting in fines and possibly legal issues. Therefore, a Certified Bookkeeping Specialist will be much more cost effective and can help reduce additional stress.
A Certified Professional Bookkeeper’s niche and strengths can vary. We have a passion in assisting and mentoring new business owners in making their dreams come to fruition. We do this by teaching the basics of understanding financial reports, financial ratios, cash flow analysis, business planning and goal setting plus much more. All of this combined creates an all-important glue that binds your company together. You will have forecasting tools which ensures a higher probability of success during economic upswings and downturns.
As a business owner, new or seasoned, it is important to always have your focus on your passion – why you started your company in the first place. Delegating other professionals who have skills in their own areas of expertise frees you up so you can concentrate on your skill specialties. Then, you and your company are becoming more confidant. You and your business will grow to have more confidence.
What is a CPB? And how do they differ from a regular bookkeeper?
The CPB is an accredited Certified Professional Bookkeeping Specialist. A CPB reflects the knowledge, education, and skills necessary to carry out all key functions necessary for responsible bookkeepers. A Certified Professional Bookkeeping Specialist provides the development and excellence through certification, education, networking, advocacy, information, and research.
I work hard in my business making good money so how come I never seem to have a surplus of cash at the end of the month? What am I doing wrong?
In meeting with you, we would begin by asking a few simple questions and performing a cash flow analysis, and some other basic accounting ratios. We look at financial statements including your aging reports. For example, by looking at your A/R aging report, we could determine if there may be issues with timely collection from customers. Alternatively, are you taking advantage of credit terms or are you paying a 30 day net invoice as soon as it comes in? Are your monthly expenses (such as staffing) too high or is an additional staff member required to organize your filing/admin duties so you can have a more efficient, cost saving office? We would also work with you on budget planning and goal setting.
What are some of the biggest mistakes new business owner makes?
In our opinion, one of the biggest mistakes we see is when new owners aren’t surrounding themselves with other professionals. Professionals who are masters in their own fields. Owners burn themselves out by holding on to false beliefs. One common false belief is that they must do key tasks themselves. to do things properly or to save money. This could very likely lead to stress and frustration. Another common oversight is not understanding basic financial reports which may lead you to a potential financial crisis. Overspending on start-up costs is another mistake new entrepreneurs may make.
When I hire a bookkeeper and I phone them, I need immediate assistance. They usually get back to me 2 or 3 days later. By this time, the immediacy of the problem is gone and sometimes forgotten altogether. How is Professional Account Management different?
We offer a value based system specific to our client’s needs and the size of their organization. Someone who needs immediate responses would greatly benefit from a specific value plan tailored to meet their needs. Specialized plans offer services that could include bookkeeping updating and processing, A/R and A/P, priority responses, daily or weekly bank updates and cash flow analysis of reports and statements. Preparation of monthly & yearly financial statements, one on one financial review and analysis, and government compliance updating and recording may also be included.
We each have 25+ years’ experience in accounting and management and cover many different areas of business. Restaurant investments & operations, real estate investment analysis & property management services are a few different areas of our expertise.
Our business focus as Certified Professional Bookkeepers is to assist: