The Pandemic of 2020 taught many business owners the importance of accurate financial statements beyond filing your income tax return. Business owners frantically needed to know their gross revenue and gross margin to complete the EIDL and PPP loans. In normal times, financial statements are often used for loan applications and Request for Proposal to government contracts. The business owner is busy with operations and marketing which are essential to grow the business. Accounting is a back office function that often is ignored or neglected. Before submitting an application, the business owner must take additional time to correct the financial statements. With little or no accounting training, the result is often numerous hours spend on the financial statements that often are still not accurate enough to meet third party underwriting standards
Small business accounting differs from large business accounting is that there are more variations the accounting professional must address. Large business accounting is fairly standard in that the needs and service offering are essentially the same. Small business accounting has more variation as the accounting skill of the owner and available budget are important factors. There are numerous small business owners who handle some aspects of accounting such as accounts receivable entries or recording company checks. Thus the business needs an accountant to handle other areas of accounting such as accounts payables entries or recording credit card transactions. A business owner does not want to pay an accountant for the aspects of accounting they choose to handle themselves. Thus a small business accountant must adapt their service offering to the unaddressed accounting functions.
Many business owners want to hire an accounting professional for needs ranging from bookkeeper to CFO but need a service offering complimentary to their specific needs and budget. It is believed that accounting professionals are rigid and cannot be adjusted for their budget. Until NOW!