Share this article
Share this article
See our LinkedIn profile
Share this page
Print page
View PDF

small business accountant

Small Business Accountant

Posted Wednesday, July 8, 2020

The strongest reason for using a small business accountant is- you do what you do best with your time. Let us do what we do best with ours. Sure, you trot down to BestBuy and buy the latest and greatest of QuickBooks. Or better yet launch a new QuickBooks Online account. But the negative effects of that move can be insidious.

First, QuickBooks makes everyone feel like an accountant. Accounting is a profession, not a hobby. Yeah, that was harsh. What we know about business owners is that they are great at making widgets and typically lousy at accounting. No biggie, but most business owners are smart, do-it-yourself types who really need to let go and focus on the widgets.

Let’s not forget the 5 years of business school plus a killer exam that CPAs are required to do. QuickBooks is a garbage in garbage out system- it won’t prevent you from depreciating real estate under Section 179 (which is a No-No by the way). QuickBooks won’t prevent goofy payroll or balance sheet entries either. Your balance sheet will balance… QuickBooks will make sure of that, but it won’t ensure accuracy… only a human can do that.

Most importantly, would you rather be closing your next sale or BBQing on a Sunday with buddies, or getting sucked into the world of accounting at the hands of your latest QuickBooks purchase? Focus on growing your business, and your small business CPA will focus on analyzing the data for operational considerations and reporting it to the IRS while minimizing the tax consequence.

What We Offer As Your Small Business CPA

WCG offers accurate and comprehensive financial reporting with our small business accountant and business advisory services. An in-house bookkeeper is good, but another set of objective eyes can prevent errors and possible fraud. Banks, lenders and IRS agents prefer a set of accounting records and financials that have been prepared by a small business accountant with the involvement of a Certified Public Accountant. Remember, these professionals review financial records every day, and they can quickly spot accidental inconsistencies and errors. Heck, even PaySimple which offers ACH and credit card processing might require financial reports to judge your credit worthiness (since they float you money hoping for no chargebacks by credit card users).

Therefore, WCG has recently introduced a new small business CPA function for business owners as your Virtual Controller. We will use Bench as our back office engine since we believe they remain an amazing and cost-effective approach to small business bookkeeping and financial reporting. However, as your small business accountant we take over the interfacing, monitoring and financial statement delivery… a hands off option for you. Your first and only call is to us.

We have a similar relationship with ADP, and for the past 3 years it has worked very well. They do all the heavy lifting, and WCG does all the interfacing.

A one throat to choke approach. Does this sound like a solution worth considering? We believe so! Keep reading…

Bench Small Business Accountant Pricing Model

Bench takes a unique approach to pricing its small business bookkeeping services by basing it on the amount of monthly expenditures. Huh?! Yeah… certainly interesting! Here is a quick table-

Plan Monthly Spend Bench Fee
Starter 0 to 1,000 139
Micro 1,000 to 7,500 159
Boutique 7,500 to 25,000 179
Venture 25,000 to 50,000 219
Corporate over 50,000 299+

The monthly spend does include payroll expense, but it does not include draws or distributions. So, a business who has revenue of $600,000 annually and who also spends $500,000 annually would fall under the Venture plan above at $219 per month.

What about WCG’s fee for its Fractional Controller interface between you, the small business owner, and Bench, the back office bookkeeping department? No one works for free, and in the spirit of WCG’s commitment to transparent fee structures, we offer the following fee arrangement which includes Bench’s fee. Another quick table-

Plan Monthly Spend Vail Add-On
Telluride Add-On
Aspen Add-On
Starter 0 to 1,000 300 280 260
Micro 1,000 to 7,500 340 310 290
Boutique 7,500 to 25,000 470 420 380
Venture 25,000 to 50,000 650 600 560
Corporate over 50,000 quote

How many accounts? This is straight from Bench.co “Plans include monthly bookkeeping for up to 15 financial accounts (e.g. bank accounts, credit cards, loans, merchant processors). If your business requires additional accounts or custom services, you may be custom priced.”

What about goofy stuff? Again, straight from Bench.co “You’ll require a specialized Bench team if your business needs any of the following: property tracking, third party revenue collection, or cash and revenue tracking.” As such our fee to you might change depending on your unique situation.

What about discounts? Of course! If you are using our Telluride or Aspen Business Advisory Service plans, then we offer a wonderful discount as you can see above.

Virtual Controller Role

What the heck does this mean? Yeah, another good question! As your small business CPA, WCG will interface with Bench in a Virtual Controller role with our primary duties being-
small business cpa

  1. Monitoring Bench’s progress on the preparing and delivery of financial statements.
  2. Assist Bench in obtaining missing information and clarification from the business owner.
  3. Examining the financial statements for obvious errors and omissions.
  4. Analyzing the data for tax savings and operational opportunities.

Are you tired of being your own small business accountant? Interested in a Virtual Controller relationship? Let’s chat!

Industry Statistics, Comparisons

As your small business accountant and Virtual Controller, WCG  can also create charts and graphs to determine trends in your sales, or other expense categories that are sensitive to your success. For example, cost of goods sold is critical to those in the fast food industry (quick service restaurant)- how do you compare to yourself in previous months or years, and how do you compare to others in the same business?

Statistical comparisons and trend analysis is a service we provide to each owner to identify action items and areas needing improvement. We can leverage Fathom reporting and First Research to When factoring the impact of cost of goods sold, labor and rent on business profits, the variations can be dramatic. We will work with you to keep more of your money as you continue to develop your business.

Anyone can crunch numbers. But we crunch numbers and tell you what they mean, plus offer business consultation and coaching to create a successful future.

Small Business Accountant Consultation

Do you have more questions about how this works? Not sure what a small business CPA does? Do you have questions about your own accounting and financial records? Not sure what is tax deductible? Let’s chat!

    Our fee is $150 for 40 minutes (such a deal for you!). If we decide to press forward with an engagement, we will credit the $150 towards future services. If you don’t need convincing and already want our services such as business tax return preparation or S Corporation subscription package, and you simply have some housekeeping questions, we answer those at no charge. Charging a consult fee to tell you how great we are is not cool.

     

    Consultations are scheduled on weekdays during the work day. Yes, we can accommodate other days and after-hours, but those are reluctantly agreed to after some eye-rolling and complaining. We will answer your questions to determine three things-

     

    • Do you need our help?
    • Can WCG and its support staff help you?
    • Can we work together as a collaborative partnership?

    From there we can determine the best plan which might be a simple "keep on keeping on"; otherwise we will construct a malleable plan together and provide a quote for those services.

     

    Shockingly we actually return all consultation requests via email and phone call. No black holes here!

    WCG is a full service tax consultation and business advisory firm focusing on small business accountant services.