Today’s blog goes to my hustlin’ entrepreneurs out there who are ready to get their books organized, have a better grip on their business cash flow, and make tax time a loooooot smoother for themselves.
I get questions all the time from women and mama entrepreneurs about how they can clean up their books and systems, leaving them with confidence and structure. My answer? A bookkeeper. My role as a financial advisor differs from what a bookkeeper does and the services we provide tackle different obstacles.
As a financial advisor, I assist with investing, tax minimization, saving for retirement, insurance planning, and financial planning for your life - think inheritance, divorce, dream vacay, kids’ education, and the list goes on. Intentionally understanding how you (and your spouse!) think and feel when it comes to making financial decisions, allows me to tailor my advice to you. In addition to the specific services I provide, I bring tangible steps and direction to the table to accomplish your goals.
A bookkeeper is to keep your books in order so that you can focus on stewarding your business well. That includes the recording, organizing, and summarizing of all financial transactions within your business – money in, money out, and where it goes! From recording sales, purchases, and expenses to tracking invoices and receipts, maximizing deductions, and confirming business compliance, bookkeeping helps to ensure that your finances are detailed, accurate, and ready for analysis. Both myself as a financial advisor, specializing in women entrepreneurs, and a bookkeeper help you feel confident and at peace with your finances.
Now that you have a better understanding of the difference between my role and a bookkeeper, let’s see if hiring a bookkeeper makes sense for you. I had the privilege to sit down with Brittany DeMoss from Good Steward Bookkeeping to get the inside scoop on bookkeeping. Let’s dive into the conversation!
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L: Brittany, SO good to connect. Can you share a little bit more about who would benefit from hiring a bookkeeper and when it would be beneficial?
B: Anyone who owns a business and doesn’t want to do their own bookkeeping! Bookkeeping has to be done, but it doesn’t have to be done by you. What might take up around 20 overwhelming hours of your valuable time each month could become an additional 20 hours taking on more clients, building your website, sourcing your materials, or spending time with friends and family. What might cost you $2,000 a month of your time could cost just $300 a month of a bookkeeper’s time. Hire it out!
In regards to when, outsourcing a bookkeeper isn’t necessarily dependent on how much income your business is bringing in. Instead of hiring a bookkeeper once you “finally reach $100k,” consider hiring a bookkeeper when you haven’t touched your books in a while. Or if you don’t know where to start, or you panic during tax season, or you don’t know if you’re compliant, or you aren’t paying yourself a dime. The best time to hire a bookkeeper is when you’re ready to be confident, at peace, and make informed business decisions that will increase your profit. Outsourcing this task will help you focus on stewarding your business as a CEO!
L: This is great. It seems like bookkeeping can be beneficial for any stage of business. One question I get often is what’s the difference between a bookkeeper and an accountant? Can you shed some light on that?
B: Absolutely! Accountants and bookkeepers perform different roles, so having both is best! Bookkeepers dive into the nitty gritty details of your books to give you a clear view of your finances, catch error and fraud, help you save and generate more money, and let you focus on stewarding the growth of your business. Once your books are ready, the bookkeeper hands them off to your accountant for tax returns and tax planning.
L: Super helpful. What about the DIYers of the audience? Software like Quickbooks is very common and many of my clients utilize this. Would there be a benefit for an existing Quickbooks/software user to outsource their bookkeeping?
B: My recommendation is yes, there would be a benefit! My favorite software to use for bookkeeping is QuickBooks Online (but Xero is a close second). Even if you use QuickBooks, you might not want to actually use QuickBooks. Let me manage your QuickBooks account for you with my monthly bookkeeping package!
L: You mentioned your monthly bookkeeping package. Tell me more! What levels of service do you offer clients?
B: My most popular (and my personal favorite) service offering is my monthly bookkeeping package. This package is intended for small and growing businesses who are seeking peace and confidence in their numbers! Monthly bookkeeping includes income and expense categorization, bank reconciliations, financial statements, and unlimited support. This package starts at $300/month.
I also offer clean-up and catch-up services for those of you who haven’t touched your books in a while, or maybe ever. It’s overwhelming! This service is a one-time fee to provide categorization and reconciliations for each missed month.
My DIY Bookkeeping Tracker is a bookkeeping tool for all of you DIY-ers! This spreadsheet is for entrepreneurs & side-gig CEOs who aren’t quite ready to hand over their books to a bookkeeper. With this tracker you’ll have: monthly income and expense tracking, a Profit & Loss Statement, goal setting, tax tracking, and pretty visual reporting! For a one-time cost of $89.00 and a few hours of your time each month, this is an economical way to do your own bookkeeping accurately and efficiently. Make sure to use Leanne’s code LEANNE15 for 15% off!
You can also find some free tidbits of bookkeeping tips and tricks on my blog!
L: I love the different scopes of engagement. Something for everyone! Can you share a little more about what communication looks like when an entrepreneur reaches out and you sign on a new client?
B: Full bookkeeping services require minimal monthly virtual communication (although we’re always open for 1:1 support!). We start with a discovery call to get to know each other and, once we commit to a contract, we will set up a meeting to officially transition your bookkeeping off of your plate.
After that, not much is needed from you! Once we work our bookkeeping magic, you will receive an email with any questions (usually just a few) we may have for you regarding your banking transactions for that month. Once answered, you can expect your simple and detailed (and dare I say FUN?!) financial reports in your inbox by the 15th of each month. If you have any questions regarding your monthly bookkeeping reports, we’re happy to hop on a call or explain via email!
L: You have me sold on your “bookkeeping magic”! Any other magical words to share with our readers today?
B: Accurate bookkeeping paints a picture of your financial health and is the foundation for success. It empowers you to make informed decisions about your business - knowing where to invest, how much to charge clients, understanding profits, and being tax-ready without the stress.
You’re making money, but you’re not sure where it’s all going? Bookkeeping. You need to purchase a new camera but you aren’t sure if you have enough in your account to do so? Bookkeeping. Are you unsure if you’re able to pay yourself during a slow month? Bookkeeping. Is your client demand high and you’re wondering if it’s time to raise your prices? Bookkeeping.
Bookkeepers are dedicated to making sense of your business finances for you! Whether it’s setting up systems, offering guidance, or handling the monthly bookkeeping process, my goal is to provide the support and organization you need to help you grow your business successfully and strategically.
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AMAZING feedback from Brittany. Are you ready for your book’s spring cleaning or what? I know I am. You already know I’m going to share all the deets on how you can reach out to Good Steward Bookkeeping. Check out Brittany’s contact information below and here’s to organized books, paying yourself confidently, and clear cash flow!
Fiduciary Financial Advisors, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
For business owners, the importance of buy/sell agreements cannot be overstated. These contracts are designed to protect both the business and its owners by setting clear guidelines for ownership transitions in case of unforeseen events such as death, disability, or retirement. Without such an agreement, businesses can face severe disruptions, leading to internal disputes or financial strain.
A buy/sell agreement helps ensure that ownership changes are handled smoothly by defining how shares will be sold and at what price. More importantly, it prevents the business from falling into the hands of unintended parties, like an owner’s ex-spouse or an outsider who could negatively impact the company’s operations.
By incorporating key provisions such as purchase price determination and funding mechanisms, buy/sell agreements give businesses a solid foundation for navigating ownership transitions, ultimately protecting their long-term success.