If you’re a business owner, chances are you have a particular skill set that got you into business. Marketing, operations, design, internal medicine–some specialization enabled you to attract and keep customers.
Like most business owners, you probably discovered that the skills that enable you to do the work are often distinct from the ones needed to run the business. You pick up new skills along the way, and while your team is small, you, the owner, end up doing everything that needs doing.
You take out the trash. You open the mail. You keep the books. You handle sales.
Eventually, if you’re not careful, wearing that many hats can take you away from doing what you love. It’s easy to drift away from your original passion or purpose.
Every minute you spend poring over receipts or reconciling bank statements is time you could have spent growing your business, generating more revenue, or even enjoying the freedom and flexibility that ownership supposedly affords.
As Culpepper CPA’s owner and managing partner, I understand this challenge all to well. I’m at my best when I’m serving as a hired-gun CFO or advising clients on tax strategy. Too often, however, I’m interfacing with a sign company, looking for replacement light bulbs, or trying to figure out who has the spare keys!
Back in 2016, I decided to hire a marketing agency to free up more of my time and focus. I wanted to continue seeking opportunities for growing the business but not to the detriment of taking care of the other things I needed to do. That was one of the best decisions I have ever made for my business.
In similar fashion I’d love for Culpepper CPA to take the time-consuming bookkeeping and payroll burden off your shoulders. Your time is your most valuable asset, and by offloading the tedious bookkeeping to-dos to us, you can step out of what author Robert Greene calls “tactical hell.”
Obviously, Greene makes a purposeful overstatement, but you get the point: As an owner, your time is best spent at the strategic level.
What are the benefits of hiring a bookkeeper (even if you know QuickBooks)?
Accurate bookkeeping is an essential part of any business, no matter the size or revenue. Both large corporations and small businesses reap several benefits from hiring an accounting firm to keep their books:
- Free up your time. Bookkeeping is an administrative burden that’s both complex and time-consuming. By allowing Culpepper CPA to manage these responsibilities, you can spend your time on the things you’re best at and enjoy the most. You’ll be in a better position to grow your business, increase profitability, and lead more effectively.
- Gain the tools to grow your business. Your financials are a tool. Accurate financial records are essential for improving and managing your business effectively. Maintaining precise records is a complex endeavor, and multiple locations and multiple revenue streams only compound that complexity. That’s why bookkeeping should be left to experienced accounting professionals. When tax season rolls around, we often have to charge more to clean up a client’s books than we would have to do the bookkeeping on a monthly basis throughout the year! And most of all, having this level of involvement in our clients’ businesses allows us to be much more valuable as advisors. The more deeply involved we are in your business, the better we understand it and can provide quality guidance and advice.
- Gauge your business’s performance. Good, clean financial statements and forecasts can help you gauge your performance and make informed decisions about how to spend cash and seize opportunities.
What does monthly bookkeeping look like in practice?
Our main goal is to turn your financial data into useful information you can use to help grow your business. We understand the nuances businesses of different sizes–from startups to large corporations–have and that they have different needs and face different challenges. We tailor our services to fit your business “anatomy.”
The bookkeeping services you can expect from Culpepper CPA include the following:
- Entering and classifying transactions
- Preparing bank reconciliations
- Processing payroll
- Preparing all quarterly and annual payroll tax filings
- Maintaining your general ledger
- Tracking and managing cash flow
- Providing up-to-date statements
- Identifying any unusual transactions
- Looking for warning signs and opportunities
Some businesses generate significant gross revenue but aren’t very profitable. Others seem much more modest by comparison but are growing at a sustainable rate.
We can bring an accurate snapshot of your financial health, paired with objectivity and critical insights, and help you to make prudent executive decisions. In addition, having a deeper level of involvement in your business allows us to be a much more valuable resource when it comes to questions, complex transactions, or tax planning.
Culpepper CPA vs. On-Staff Accountants
When you hire a professional accounting firm like Culpepper CPA to handle your bookkeeping, you gain years of expertise from our staff of trained CPAs.
Many on-staff accountants are bookkeepers with no formal accounting education. Although they have learned accounting principles and practices on the job, they may not have the depth of experience required to navigate complex issues.
You will also end up paying more for a staff accountant in the long run. When you add up a full-time salary and benefits, your costs will range from $50,000 to $150,000 per year. We charge a mere fraction of that for monthly bookkeeping, ongoing access to the Culpepper “brain trust,” and expert tax preparation.
And as I already mentioned, you will pay less for remedial accounting work and tax prep in Q1 each year if you already have clean books.
Why not entrust your bookkeeping to the professionals?
Most people start a business because they want financial upside, freedom, and autonomy. The irony of ownership is that time, freedom, and peace of mind are hard to come by when you have a hundred different tasks competing for your attention.
Why not simplify your life and entrust your bookkeeping to the professionals?
Culpepper CPA is Knoxville’s top accounting firm. We can give you the time and tools that you need to grow your business. We’d love to relieve you of the administrative burden of monthly bookkeeping, and we’d also love to see you start enjoying the fruit of your labor!
To set up a free consultation, fill out the contact form or give us a call today at (865) 691-8509.
