HOW WHITE LABEL BOOKKEEPING SERVICES CAN ELIMINATE OVERHEAD AND INCREASE REVENUE

Transcription

1 HOW WHITE LABEL BOOKKEEPING SERVICES CAN ELIMINATE OVERHEAD AND INCREASE REVENUE

2 The accounting profession has changed drastically over the last decade with the introduction of cloud technologies and automation that has caused disruption to the billable hour model. Accounting firms are adapting to stay competitive and part of this process is focusing the Partner time on higher value services consultative work to the client. This in turn shifts the CPA to become a trusted advisor to their clients, and by providing more services to the client you ensure a longer retention of the relationship. Business is not just about taxes, but also other factors that affect the growth of a clientele, such as: technology, bookkeeping, payroll, and financial planning. Having the option of services like these offered in an all-in-one client-centric practice is appealing to business owners and keeps a firm adapting to our changing world. The problem becomes staffing the right personnel with the expertise in all of the different service offerings to complete the job. In this White Paper we are going to explore how partnering with a bookkeeping service that offers a White Label solution for your firm is not only cost-effective but also redirects the focus back to your firm for higher value billings. There are pros and cons to everything though, so let s discuss.

3 When it comes to running a business the main thing that every business owner wants to do is sell their products or services, create brand awareness and generate profits that they can enjoy later in life. The last thing a business owner wants to do is to worry about bookkeeping, taxes, and the rest of time consuming accounting tasks needed to run a successful business, with limited resources and time, often the bookkeeping ends up being the last on the list of things that need to be completed. Bad bookkeeping can cost a CPA firm time, clients, reputation, and money. So, when you have clients that give you their file and you must go and fix their bad bookkeeping before you can get started on their financials, it can become very frustrating and time consuming. If you re a CPA firm looking to build these services into your service plans, or already have these services in place but need to scale without the additional overhead, then White Label bookkeeping is a way to not only generate more revenue but also to be a client-centric firm that provides more for their clients increasing your retention rate. By outsourcing these services, you avoid staff turnover and the costs that are incurred to employ additional staff while still receiving expert services.

4 In a last year study, Hinge Research Institute surveyed 530 service firms from different industries and different firm sizes, where the respondents primarily were owners and marketing executives and after seeing the results 70.5% stated attracting and developing new business while 50.1% stated finding and keeping good people was an issue. 70.5% of accounting firms are faced with the challenge of attracting & developing new business, the competition here is fierce especially for accounting services. This is a trend that is happening largely across professional services in several market segments and it s growing more challenging.

5 Per recent survey from small business accounting 42% of small business employ a controller or CFO, which drops to 25% for businesses with less than25 staff members. Furthermore, only 40% of small business owners feel comfortable or knowledgeable enough in accounting and finance. Wasp Barcode Technologies surveyed 400 small business owners in several industries focusing specifically on accounting, taxes, and staff challenges and identified their top 5 accounting challenges as: 1. Collections/Accounts Receivables 2. Cashflow 3. Managing Paperwork 4. Closing Month End Paperwork 5. Managing Their Payroll The report also shows that 71% of small businesses outsource a minimum of one accounting or bookkeeping function. So, if you do not already provide these services or want to scale the current services you provide then this being an added revenue stream for any accounting firm would prove to be successful with the right White Label bookkeeping service. 71%

6 With BooXkeeping business model this can be a turnkey solution without adding the overhead of additional staff. BooXkeeping is a one of a kind white label solution that will not only give your firm the ability to keep your clients books in order but will open a brand-new source of revenue for your firm. When you look at BooXkeeping you are looking at a bookkeeping service that will run under your company name, manage the day to day bookkeeping operations and represent your brand and message in the process. With BooXkeeping we take away these pain points and more. 1. Extra Expense and Time Often times a client does not see the backend of things and therefore does not realize that cleaning up their bad bookkeeping does not fall under the initial services that they retained you for. When they have to be billed for the extra hours they can become disgruntled, at that point counting on them as recurring revenue can back fire at any point. Therefore, implementing a bookkeeping solution for your clients can avoid this situation all together keeping the client happy and less expense and time for the CPA to deal with. 2. Taking you away from your expertise With all the changing laws, rules and regulations keeping up on your expertise is vital, with having to deal with functions that are not within that field your pulled away from what you should be focusing on for your clients. Utilizing an out sourced white label bookkeeping company allows you to leave the bookkeeping to someone you can trust and know that it s going to be done correctly without having to spend any time on it yourself. 3. Having to communicate with an inexperienced bookkeeper When trying to organize what you need and what is needed for your client all while going through the friend of the family of the business owner who does bookkeeping on the side, well unfortunately that does not always work. Having a solution for your clients when it comes to their bookkeeping can not only give them one less thing to worry about but it will also create another stream of revenue for your firm. When it comes to bookkeeping, it can be a task that no one wants to do.

7 YOUR BRAND, YOUR BUSINESS How it works If you are a CPA or a CPA firm you can easily have a dedicated staff, branded phone number, recorded transactions across the board and more. As a CPA you will be able to handle more clients, provide a higher quality of service and really build your business to the next level. Your firm will have a dedicated senior reviewer to ensure each client account is serviced at a level of expertise your own staff would provide. With unlimited communication and support, we make getting your clients bookkeeping needs, done in a breeze. We handle all recording of uncategorized transactions, bank and credit card reconciliations, bill pay and much more. BooXkeeping supports all the top accounting software solutions so you aren t limited in the clients you engage with due to limited software knowledge by staff. A phone extension and address for BooXkeeping staff is setup that is branded with your firm information so the clients still call the same phone number they would to reach your firm and our staff acts as an extension of you. You retain the clients, the billing relationship, and we do all the work!

8 Getting started with BooXkeeping is easy. The first thing that you need to do is to contact us for a free and comprehensive consultation about your firm and your client s needs. During this consultation you will be able to ask any questions as well as get detailed information about the process and learn if BooXkeeping is the right fit for you and your firm. Develop a customized bookkeeping plan Not all businesses are the same and each one will have specific needs and industry standards that need to be met. After your consultation BooXkeeping will develop a step by step structured program that will be best for your firm and your client s. Get Setup Once you are satisfied that BooXkeeping is right for you the next step will be for you to transfer all of your existing data and information over into the BooXkeeping network. There all of your information will be setup and you will be ready to start managing your business in a fast and professional manner.

9 Developing your clients financial picture Once all your clients data is transferred and organized you will have a complete picture of the health of each or your client s business. You will know if their business is profitable, where they are making the most money and where they need to tighten up giving you a whole different view of each client while being able to advise them on the next possible steps they should take in business, your clients will also have the same view on their books. Knowing whether or not they made money or lost money any given month.

10 Now you will be ready to take your firm to the next level on services offered. On your clients predetermined schedule they can send their new bookkeeping records to BooXkeeping and we will input them into their account. Then with the new updated image of their company they can adjust for the next month to ensure that their business will grow for years to come. With the dedicated line that BooXkeeping provides they will never know that it is not coming directly from your firm and since none of the books are going offshore there is no need to report otherwise. Knowing that BooXkeeping is a reliable and an affordable option you can easily get back to doing what you do best! BooXkeeping is bookkeeping redefined!