How does our approach to Business Management differ from that of our competitors? For one, we have a philosophy of how to manage our client’s financial affairs. The legacy business management firms are often clones of their predecessors and their systems are neither well-developed nor coherently articulated. And many Business Managers suffer from attorney, money manager and agent envy and are distracted from their primary responsibility: bookkeeping and accounting. Business Management is, at the core, a profession devoted to crunching numbers. Yet many Business Managers shun using the word bookkeeping when describing their work. We embrace the central elements of the field and focus on doing what Business Managers are supposed to do: manage your day-to-day financial affairs.
We do our best to think outside the box and strive to enhance the quality and scope of our services while simultaneously driving down our operating costs. It all comes down to understanding a key tenet: Business Management is Information Management. Recognizing this relationship brings a new perspective to serving as your personal CFO. Every client is a wealth of facts and figures to be managed in a coherent, comprehensive and responsive database. We utilize technology to leverage the processing of this mass of data and in doing so we drive down our overhead and pass along the savings to our clients through lower fees.
REVOLUTIONIZING THE FIELD
Our goal is to revolutionize the field of Business Management. For too long the profession has been mired in day-to-day practices that are archaic and ineffective. Many firms fail to deploy inexpensive and readily available technology that can boost efficiency and enhance the quality of the work product. Turning their backs on innovation, Business Managers have continued to increase their fees over the last decade at the same time that technology has significantly driven down the number of labor hours required to manage a client account. Clients reasonably ask why, in the age of online banking, data import, and autopay, they are charged $3,000, $4,000, $5,000 or more per month for bookkeeping services. The answer is simple: there is no justification for these high fees.
The established Business Management firms have tremendous overhead and typically charge the highest possible marginal rates that they can get away with. [See our discussion in the Fees section of our website.] Fees are typically calculated as a percentage of the client’s gross revenue but subject to a minimum annual retainer that often starts at $30,000. But there are exceptions. The mainstream firms often discount the fees charged to rising stars on the expectation that a fledgling actress or a young athlete will eventually realize an income stream commensurate with the standard fee rate. In the meantime these newcomers are effectively subsidized by the established clients who pay the higher fees. This model results in a two-tier structure where fees at both ends of the spectrum are artificially skewed. This is not an equitable approach. We strive to bring reasonable and fair fees to all of our clients. We do not expect the clients with stronger cash flow to bankroll those clients in the early stages of their career.
Technology gives us a competitive advantage that drives down our operating costs at the same time that we offer an expanded scope of service. Leveraging with any software or application we can get our hands on, our practice eliminates most of the manual data-entry tasks that consume precious labor hours. We have eliminated the bookkeeper position in favor of data-flow managers. Data flow managers can process, in the same amount of time, three to four times the volume of transactions as that of a traditional bookkeeper. Our operating costs are dramatically lower than those of the mainstream firms, enabling us to maintain a reasonable profit margin while charging significantly lower fees.
Our platform has three key components:
This is the accounting platform that records, accumulates and meaningfully organizes all of your financial transactions. Quickbooks Enterprise Solutions (QES) is our software of choice for maintaining your bookkeeping - read more
The Document Database: Digitizing Your Life
We live in a digital world. The benefits of the digital age are literally at our fingertips: The razor sharp clarity of an HDTV image, the access to thousands of songs on an iPod, the joy of a Facetime call with someone half way across the world - read more
We also build and manage a Metadata database. This platform, built in Microsoft Outlook, accumulates an array of information required to effectively handle your business management - read more