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Making the Most of Bookkeeping Services

Find out more about how to start your own business

Do you do your own books? The tax season is upon us, a time when some business owners struggle doing their returns.

On today’s show, we have Kay Leland from The Bean Counters Bookkeeping LLC, located in Wilmington, North Carolina. She began her accounting career while still at school and has a master’s in accounting from the University of North Carolina Wilmington. She worked for the US Army Audit Agency for some years before setting up her own business which provides bookkeeping and accounting services to small businesses as well as teaching them how to be more efficient.

Key Points

  • There are three different levels of accounting.
  • CPAs will typically not get involved in regular bookkeeping.
  • The number one tip is to outsource early and often.
  • There are a lot of accounting certifications and many people who do bookkeeping, but you want to find someone with an accounting degree.
  • Accounting and bookkeeping touch every part of your business. Despite its importance, it is probably one of the most ignored things because it’s not fun to do.
  • Every small business is different, so you want a bookkeeper to know your business and understand how it runs.
  • How Kay helped an established restaurant business save money and become more efficient.
  • An online business store resolved cash flow problems by learning about invoice terms.
  • Don’t let things snowball: many entrepreneurs discover issues during tax time.
  • Be sure to establish an effective communication process with your bookkeeper.
  • You need to have a bookkeeper who knows about your industry and can proactively give valuable insights for the company.
  • Outsource everything you can, as often as possible.

Tune in for practical tips to improve your business and protect your purpose.

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How the Cloud Has Affected Your Bookkeeping

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Do you remember having to download your books to a flash drive to take to your accountant? Those days are long gone, and we now have cloud computing. On this show, Jason Lawhorn of Lawhorn CPA Group joins us to talk about how the cloud affects accounting, accountants, and CPAs.

Founded by Jeff Lawhorn in 1979, Lawhorn CPA Group started as a family business offering accounting services and developed over the years into more than the traditional accounting firm. The group leverages on technology and is today associated with a variety of services and brands, including auditing, marketing, and processing of credit cards.

Lawhorn CPA Group has multiple locations:  Knoxville, Tennessee; Jefferson City, Tennessee; Jackson, Wyoming; and the newest addition is Augusta, Georgia. Jason joined the business in 1992 and never looked back.  He has a master’s degree in Accounting Information Systems.

Key Points

  • Lawhorn CPA’s early adoption of the virtual office cloud platform.
  • More and more accounting firms are embracing technology and the cloud.
  • Using Microsoft Azure to access your office from any location.
  • There’s an opportunity to adopt efficient and effective ways of working.
  • Recalling how books used to be done with old-school technology.
  • Business intelligence and analytics for small business.
  • Xero enables real-time processing of business transactions.
  • Accountants and other professionals can make decisions must faster for better results.
  • QuickBooks Online has some limitations.
  • You can use a partner eco-system to develop custom solutions for your business.
  • Outsourcing of back-office accounting can be varied to suit a client’s preferred level of integration and involvement.
  • Having a cloud-based accounting program does not mean that you will be able to do your accounting without professional support.
  • Businesses need to continually track key performance metrics and industry trends, to identify areas for improvement.
  • Accountants can provide critical insights by relating specific numbers in the income statement to those in the balance sheet.

Listen in and enjoy.

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