Business is a Strategic Process of making the right moves at the right time!

A LARGE part of the process is having the right people on your team.

INTRODUCTION

“While good business ideas are plentiful, many entrepreneurs struggle to understand payroll taxes, health care and other thorny issues… In other words, they don’t have the financial literacy to scale their businesses and attract investors.”   This quote spoken directly from Shark Tank Entrepreneur, Daymond John and Founder of FUBU, titled the Number 1 thing Entrepreneurs need.  I couldn’t agree more.   I explain it this way as I advertise my business and to potential clients during consultations:  “You went into business to put your gifts and talents to work for you, to make money.  Elite Expert (which is my company) can provide the financial systems and services required to keep your business in business successfully.”  My advertisement continues by teaching in another section that having a CPA is good but receiving numbers on an annual basis isn’t sufficient enough to maintain a thriving business.  Revenue and expenses must be monitored in consistent increments for review, to make adjustments and to remain profitable.

Many are the entrepreneurs in business earning a living but never growing.  They have become self-employed employees and not really business owners.  What begins as the start of a new legacy for their family becomes a burden that isn’t growing, keeping one above the ground financially only.  Insufficient business structure guarantees that the business will end with the operator or at best make it two generations removed before it is sold or closed.   The vision of an entrepreneur is always big, bold and never able to be accomplished alone, however, experience, life, the subtle remarks of disbelief, financial demands and other distractions often leave entrepreneurs feeling limited and forfeiting their original vision for one that he or she feels can be accomplished solo.  Solo is never good.  Not one successful corporation grows alone.  Thinking you can have a successful business solo is the mindset that turns the entrepreneurial pursuit turns into a job, barely satisfying the financial needs and completing ignoring the other needs (social and emotional) ones that a regular job would work to fill.

Accounting/Bookkeeping is more than data entry, although for some entrepreneurs that skill alone is worth thousands, as it does provide an accurate recount of funds spent and received; however professional accounting/bookkeeping is analytical, informative and an excellent foundation for making business decisions.  Having a CPA is great and for those entrepreneurs who make regular visits to their CPA that include monthly, quarterly as well as annual reporting, are ahead of the competition.  Truth is most of entrepreneurs cannot afford a CPA but once a year and even then the money isn’t readily available.  The entrepreneur will pay for a tax return and have annual statements that he or she doesn’t understand or know how to use.

After working in a CPA’s office (as an Accountant/Bookkeeper) for over two years and attending a conference full of CPA’s that had the same problems, I knew that this business was crucial.  I watched several entrepreneurs walk in and out of the CPA’s office carrying a folder of information and not understanding a word that was printed on the financials or that was said to them.  Many of the clients stopped by my office asking questions because the terminology didn’t make sense to them and they wanted more information about how to use the numbers they had received from the CPA.  They didn’t understand the results and often felt as if the financial picture received didn’t tell the complete story of their business.  Further developmental delay involved the issue of time.  For most entrepreneurs the information was gathered late (annually) and by the time they pay for the results and tax preparation, he or she has already begun a year of bad record keeping, doing it solo and leaving out details, co-mingling of funds (paying for personal expenses out of the business), still not structured properly and not understanding why the structure matters.   Most never grow to employ anyone else and instead of feeling independent become a slave to their business.

Professional bookkeeping begins with data entry and ends with someone either speaking to you over the phone or in person discussing details about your spending, revenues received, areas of improvement, areas of concern and so forth.  It involves checks and balances, financial structure, a system of distributing funds versus wasteful spending, taking the level of business to the next level while maintaining financial stability on the current level.

This book isn’t a full picture or even an “how to” or “DIY” on starting a business, it is not a complete manual for “what to do” or “what not to do”; this brief  book or manual intent is to 1) provide information, 2) develop a level of expectancy for having an accountant and 3) to hopefully answer some questions about why you would want and need an accountant/bookkeeper and how beneficial it can be for you and your business.

Better begins with better books, which begins with bookkeeping services. Elite Expert is that beginning.

To get the rest of this amazing book go to the website:  www.expertbookkeepingservices.com; complete the contact page and I will send it to you for free.