Why an In-House Bookkeeper May No Longer Make Sense

Every profitable, organized, well run business has a tried and true, trustworthy, detail oriented bookkeeper quietly tracking the bills and receipts, and dutifully entering them into your financial software, right?  In our years of experience in the tax and accounting world, we’ve discovered that this usually is not the case.  There are many advantages of hiring Elevate KPIs, a full service firm, over a long-standing experienced in-house or contract bookkeeper.

  • We keep all financial transactions and details on a separate secure cloud location, allowing access only to authorized persons.  We are an independent firm who will offer complete objectivity and privacy.
  • Is your bookkeeper required to complete education annually to maintain any sort of license?  No, but we are!  Our team of CPAs must complete at least 80 hours of continuing education every two years to maintain our licenses.  The courses routinely include financial reporting and other valuable consulting courses.
  • Do you have backup coverage when your bookkeeper is unavailable, sick, on vacation or something urgent arises outside of their ‘normal’ hours?  We are a full service accounting firm operating year round, with over 20 accountants and team members.  Our clients are all serviced by a team of professionals, not just one person.  Any member of the team can assist when others are not available.
  • Product/software. Does your bookkeeper have the most current and cutting edge software tools and the most recent QuickBooks version?  Do they have the ability to integrate data into other software platforms that allow you to take your business to the next level?  Or are those too much trouble to buy, learn, pay for and implement?  Not for us! These services are included in our Total Law Firm Solution package of services.
  • Great bookkeepers are wonderful and hard to find.  But how many clients do they serve? Over the years we have served over 5,000 clients and had to work with bookkeepers to clean up books, make adjusting journal entries, assist with reconciliations, etc.  This provides us with a wealth of historical knowledge to draw upon.  We have seen your situation before.
  • Who is your bookkeeping team?  Is the bookkeeper actually doing the data entry and reconciling or are they utilizing untrained assistants?  All bookkeeping tasks performed by us are done by team members with significant tax, accounting and/or financial experience and training.
  • Does your bookkeeper maintain the books in an effort to minimize taxes or streamline processes?  Do they consider succession planning, if owners are being treated equitably and per the operating agreement, and any profit sharing plans?  We do these tasks consistently, with every transaction.
  • Succession planning. What happens when your bookkeeper quits or retires?  Is there a plan for someone else to seamlessly step in and take over? We have been in business for almost 40 years.  If one team member retires, other team members are ALREADY in place so there will be no gap in coverage or service.
  • Looking forward or looking backwards. Does your bookkeeper assist you with improving the bottom line or do they just record historical information?  Bookkeepers traditionally record what has happened, and reconcile after the fact.  We take the data, updated weekly, and provide you with meaningful ways to measure your performance, set and achieve goals, and increase your bottom line.  Every month.
  • Does your bookkeeper have another trained professional reviewing their work monthly?  We have a formal process to cross check work to ensure accuracy and compliance with compilation standards.
  • If your bookkeeper is late with your financials, is there any accountability or consequence?  We hold ourselves and our clients to high standards to ensure we can prepare timely financial reports every month.  This allows us to provide invaluable planning opportunities REAL TIME instead of months after the fact.  Or even after year end when it is too late.
  • What is the actual cost of your in-house bookkeeping/accounting team?  See our related article “The True Cost of Accounting” (insert link or connect on web) to help pinpoint this cost.

After considering all of the above factors, you may realize what ‘works for you’ currently isn’t actually the best solution.  Elevate KPIs may be just the firm you need to really push you to the next level.

Elevate KPIs is looking for select firms who:

  • Are bold enough to challenge the traditional law firm as a practice model!
  • Understand the value of proactively managing and planning a business!
  • Are ready to ELEVATE their profits!

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