Let me shed light on an unsung hero whose significance cannot be overstated – your bookkeeper, the keeper of your cash flow and the linchpin of your day-to-day financial operations.

I invite you to watch my video, The Role of Your Bookkeeper, where I delve into the vital importance of a bookkeeper and how they should manage your day-to-day financials.

In a recent encounter with a multi-million-dollar client, we uncovered a series of financial missteps that had led them astray.

Here’s a snapshot of the challenges they faced:

  • Bookkeeping Oversight:
    • The bookkeeper/controller neglected monthly bank reconciliations, resorting instead to monthly journal entries, contrary to our disciplined bookkeeping practices.
  • CPA Oversight:
    • The CPA overlooked fundamental checks and balances, leading to significant tax liabilities. Were they profitable with bad bookkeeping? Shouldn’t the CPA have intervened to create proactive tax strategies?  The CPA did NOT vet the financials; they just took what was provided by the bookkeeper.
  • Lack of Financial Literacy:
    • The business owners lacked the knowledge to interpret financial statements, blindly trusting these financial “experts.”

In the face of perplexity, let your bookkeeper be your guide to clarity and financial empowerment. Together, let’s navigate the intricate landscape of financial management and pave the way for sustainable growth and success.

The SOLUTIONS we will provide:

  • Comprehensive Financial Correction:
    • We will meticulously correct their financials for the last few years by “following the money”, and implementing good bookkeeping processes.
  • Collaborative CPA Review:
    • We will collaborate with a CPA to assess the need for amended tax returns, rectifying errors, and minimizing tax liabilities.
  • Financial Literacy Education:
    • We are committed to educating the owners and their team on financial literacy, empowering them to make informed decisions.
  • Strategic Planning:
    • With a solid foundation in place, we will implement cash flow forecasting and develop proactive strategies to facilitate a turnaround.

To delve deeper into the nuances of good bookkeeping practices, I encourage you to read my blog post on “Keeping Your Bookkeeper Accountable” here.