Advantages of SmartBooks Over an Individual Bookkeeper

Some individual bookkeepers do great work. However, there are a number of issues to consider when a business relies on one person for an important business function regardless of how well intentioned or highly skilled that one person may be. SmartBooks alleviates many of those issues.

1. Like any one person, an individual bookkeeper has limited depth and breadth of skills. No one person can do everything well. SmartBooks provides a team and a structure in which the team can successfully provide a comprehensive suite services, all executed at a very high quality level.
2. SmartBooks understands how to use technology to improve the bookkeeping process and client experience. Most bookkeepers know how to use QuickBooks at least at a basic level. SmartBooks has taken it a step further to put together a highly efficient bookkeeping platform that includes a lot more than just Quickbooks software. SmartBooks provides a turnkey accounting technology infrastructure which also includes online document management, online expense reports, online timesheets, an online accounts payable system, and other components.  We understand how to get the most out of Quickbooks, and we have added integrated technology solutions to make the process even more efficient. Because the system is so efficient, clients spend less of their time on paperwork and have quick and easy access to information they need.
3. SmartBooks can handle more complex accounting. We account for capitalized assets and depreciation on a monthly basis, as well as loan amortization and tax accruals. We can handle complex revenue and expense recognition rules. These are areas in which individual bookkeepers often have limited skills or rely on controllers or CPAs to manage.
4. CPAs are used to being given sub-standard books at the end of the year from many clients who use individual bookkeepers and see the limitations to what one person can handle.
5. When one person is doing all the bookkeeping, there are no layers of supervision and limited checks and balances to enforce internal controls. For example, the same person entering bills is often the same person who pays the bills and then reconciles the bank account. SmartBooks segregates duties among multiple individuals, and the accounts payable module used by SmartBooks is SAS70 certified for compliance with Sarbanes Oxley regulations for internal controls. How many small businesses can say that about their current accounts payable process?
6. When relying on one person, he/she can go on vacation, get sick, leave for another job, retire, suffer a serious accident, become disabled, or otherwise become unavailable, sometimes on short notice leaving you in a bind. Even if you replace the person, there is little continuity with the new person and the transition can be difficult.
7. Many business owners are not qualified to evaluate the skill of a bookkeeper when interviewing and hiring individuals. Because bookkeeping is our core business, all of our bookkeepers are very good at bookkeeping.
8. Individual bookkeepers are constrained by their own capacity, and part-time bookkeepers are further constrained by the needs of their other clients. SmartBooks has the ability to easily scale service volume up and down based on the needs of individual clients and to respond quickly to ad hoc client needs.
9. Bookkeepers are not CFOs and have limited ability to perform financial planning and analysis and deliver strategic financial consulting services. It is difficult and expensive to find a good part-time CFO. Working with SmartBooks, clients have access to a CFO whenever they need one. Because our CFO partners have integrated access to clients' financial information, we can provide support that is more timely and less expensive.
10. Bookkeepers are usually not skilled at collections and managing accounts receivable, nor do they enjor or prioritize making collections call. SmartBooks understands how to manage the entire accounts receivable process, from sales through legal collections, and by making regular systematic collections calls for all delinquent accounts we can significantly improve collections results and cash flow for clients.
11. The principals of SmartBooks are themselves small business owners and understand the needs of small business owners. We bring the perspective of the business owner and senior executive to ensure the results of the bookkeeping process, including ultimately the financial reports, support the goals of the business and do so in a cost efficient and low risk manner.