Redefining Bookkeeper for Today and Tomorrow

Redefining Bookkeeper For Today and Tomorrow

@PolymathLLC #AccountexUSA Ingrid Edstrom CEO of Polymath, LLC

@PolymathLLC #AccountexUSA @PolymathLLC #AccountexUSA @PolymathLLC #AccountexUSA Accountants are Crazy!

@PolymathLLC #AccountexUSA

@PolymathLLC #AccountexUSA Bookkeeper Identity Crisis

• The generic term "bookkeeper" currently has a dictionary definition that no longer fits the profession as a whole. It follows us everywhere, and it is no longer working in our best interest or the interest of our clients.

@PolymathLLC #AccountexUSA Redefining Bookkeeper For Today and Tomorrow

• The role of the Bookkeeper in an app world • Different levels of Bookkeeper, Controller, CFO, etc. • Pricing & Communicating Value • Keeping up with advances in tech and trade • Important action steps that will rock our industry

@PolymathLLC #AccountexUSA The Times they are a-Changing!

@PolymathLLC #AccountexUSA The App Revolution

@PolymathLLC #AccountexUSA The Role of Bookkeeper in an App World

• The role of bookkeeper has gone from that of recorder and "bean counter" to a role of expert and trusted advisor.

@PolymathLLC #AccountexUSA Sounds great, but…

• Problem #1: Our clients (and some colleagues) don't realize that the industry and definition of bookkeeper has changed. • Problem #2: No required credentials means that anyone can call themselves a bookkeeper, and business owners don't know the difference. • Problem #3: Misinformation is harming the profession, and in turn harming the businesses we serve.

@PolymathLLC #AccountexUSA @PolymathLLC #AccountexUSA Big Problems

@PolymathLLC #AccountexUSA Solution

• We need to educate our clients and our community, and work to create enforceable industry standards.

@PolymathLLC #AccountexUSA Bookkeepers Today

• Bookkeeping is now a highly specialized profession that requires an amazing combination of tech- savvy, business acumen, and people skills.

@PolymathLLC #AccountexUSA Who are we really?

@PolymathLLC #AccountexUSA Previous Paradigm CONTROLLER – 80K + Yearly CFO – CHIEF FINANCIAL OFFICER CPA - $100-$650/Hourly – 110K + Yearly Assurance and Attestation Services Control and Reporting Operations management reporting (Audits, Reviews and Compilations) Treasury Corporate Finance Budgeting Control and Reporting Corporate Governance Cost accounting/variance analysis C Mergers, acquisitions and other business Data processing systems Financial forecasting combinations Asset protection. Fraud prevention and Forensic Accounting O SEC filing and compliance Capital investment evaluation SOX compliance Overseeing accounts payable and receivable M Investor relations and rating agencies Management Consulting Utilization of ERP systems Pubic audit Venture Capital P Management of corporate accounting Taxation Regulatory Reporting activities Federal, state and local income and property L Public audit taxes, prepare and file Taxation Payroll tax payments and quarterly & annual E reporting X Real & Personal Property Tax Returns Data Entry BOOKKEEPER – Full Charge Bookkeeper I $25-$35/Hourly $45-$85/Hourly T System Setup & Automation Transaction Data Entry Payroll Y Some A/R & A/P Payroll Tax Returns Basic Bank Reconciliations Bank Reconciliations Bank Deposits Management Accounts Payable Management Accounts Receivable Management Informational Reports

@PolymathLLC ANALITICAL THINKING #AccountexUSA

SEC filing and compliance CFO Controller SOX compliance Public Audit Control & Reporting . Utilization of ERP systems Mergers, Acquisitions and other Business combinations . Third Party Financial Reporting Capital investment evaluation . Formulation & implementation of financial accounting polices Investor Relations and rating agencies . Budgeting Public Audit . Cost Accounting / Variance Analysis

Financial Forecasting Internal auditing HR Compliance 401K Compliance Cash Management Insurance Maintenance Taxation Workers comp Sales Tax *Management & oversight

of business accounting activities & all areas in AR, AP and other Financial Reporting and Analysis @PolymathLLC related functions Budgeting Cost Accounting Journal Entries #AccountexUSA Fraud Prevention Inventory Point of Sale Payroll Tax Payments & Reporting Payroll Payroll Tax Returns Advise Tax ramifications of Business decisions

Full Charge Bookkeeper Federal, state & local income taxes Real & Personal Property Tax Returns Asset protection. Data Entry Fraud prevention and Forensic Accounting Bookkeeper Assurance and Attestation Services (Audits, Reviews and Compilations)

Data Entry of CPA transactions, A/R, & A/P Reconciliations

Financial Forecasting Internal auditing HR Compliance 401K Compliance Cash Management Insurance Maintenance Taxation Workers comp Sales Tax *Management & oversight

Data Entry of CPA transactions, A/R, & A/P Reconciliations

Accounting Evolution

• Those of us who have chosen to keep up with the technology and lead the revolution know that the bookkeeper is not going extinct. Quite the opposite: We are evolving.

@PolymathLLC #AccountexUSA What’s in a Name?

@PolymathLLC #AccountexUSA Old and New

@PolymathLLC #AccountexUSA Value Pricing

• Charging an hourly rate to do things in a way that technology has rendered obsolete is a losing battle.

@PolymathLLC #AccountexUSA Pricing Hurdles

• Cost-Benefit. The cost of providing financial information should not outweigh the benefit of such information. • Communicating that value to clients and colleagues that are behind the times. • Fear of being called out as a "fake" when you are pioneering your field.

@PolymathLLC #AccountexUSA Clearing the Pricing Hurdles

@PolymathLLC #AccountexUSA Just keep going…

@PolymathLLC #AccountexUSA Keeping up with Trade

• Between Wall and Main • Appasouraus Rex • SleeterGroup • Woodard Network • ICB USA • Software Partners • AIPB • Accountants, Bookkeepers, & Business Owners • Personal relationships with colleagues

@ PolymathLLC #AccountexUSA Keeping up with Tech

@PolymathLLC #AccountexUSA Action Steps

@PolymathLLC #AccountexUSA Get Certified

• The days when any untrained person can post an ad in the phone book under "bookkeeper" and get clients without any sort of qualification is limited. Bookkeepers who can prove their skills through certifications and endorsements of professional associations will dominate the industry.

@PolymathLLC #AccountexUSA Find your Niche

• What software do you love? • What industry do you love? • What unique problem do you solve? • What is your vision? • How can you use YOUR unique gifts?

@PolymathLLC #AccountexUSA Pass it Along

@PolymathLLC #AccountexUSA Redefine Bookkeeper

• The business world as a whole, our colleagues, clients, and potential clients need to be made aware that the very definition of the word "bookkeeper" has changed. As leaders in our profession, it is our responsibility to inform those around us about this important change, redefining our label to match our new identity.

@PolymathLLC #AccountexUSA Please Reach Out!

• Visit Polymath.com for more educational resources, videos, & blogs. • Check out my column in Between Wall and Main • Check out AskABookkeeper.com for awesome bookkeeping and business educational videos with PUPPETS! Subscribe on YouTube. • Spread the word about these awesome FREE resources.

@PolymathLLC #AccountexUSA Bookkeeper: The New Definition

• A management accounting professional, often specializing in financial compliance, business strategy, technology setup, execution, and maintenance.

@PolymathLLC #AccountexUSA