Have you ever walked into a dealership to buy a car and the next thing you know, the salesman, or woman, is trying to sell you something you don’t need? They focus on the “wants” for a second, but next thing you know you’re committed to a payment that is twice as much as you wanted to spend because you were sold on the luxury model.
Finding the right financial professional can be a lot like that. You go in wanting something specific, and next thing you know you’re spending hours every week keeping your own financial records to send to a CPA who is charging you a ton of money to “close your books”.
Every pool service business has different needs, and no business owner should settle for less.
Every pool service business is different and has different needs. As a pool maintenance professional, you want to make sure your business is treated the same way you treat your clients – uniquely.
Some businesses are large and some are small. Some require a pretty complex financial system to track inventory, employee expenses, tips, wages, projects… The list could go on and on. On the other hand, other businesses just need the basics. They have one guy working and that’s it. There is no need for a system to track employees, routes, etc.
The secret is finding the best financial professional who meets your business’s needs and can help you develop a system that works best for your unique requirements.
Over the last 25 years, I have had thousands of conversations with other business owners about this specific topic. Some have thought that they have to have access to a CPA, others, an accountant. Some want to have a bookkeeper on staff, while others have insisted they do their own books. These individuals have then been frustrated by the expense and hassle of having their accountant “clean-up” their books.
What about you? What does your pool service business need?
Do you need a financial professional at each tier, or is there a better solution?
First, it’s important to understand what each financial professional does and where they are the most useful.
The Bookkeeper
If we’re completely honest, 99.9% of businesses, no matter their size, should hire a bookkeeper. A bookkeeper focuses on the daily, or weekly, tasks that keep your books and reports up to date. Sometimes you will find that a bookkeeper has a specialty in one area or another such as accounts payable or receivable.
A bookkeeper typically is the financial professional you will have the best, most consistent communication with. They should have the best understanding of the day-to-day/month-to-month financial needs of your business. They understand that your busy as a business owner and look to ease your stress and give you time to focus on your role as owner by creating and executing a system that works best for your needs.
The Accountant
Accountants can work with small businesses, but their best fit is with larger corporations. Today, you will see many larger businesses or corporations who have accountants who carry the title “Controller”. They will generally have bookkeepers and other professionals who work under them to focus on specific areas of the accounting such as accounts payable, accounts receivable, and payroll.
Most accountants are willing to communicate with their small business clients and are great at billing you for that time as well.
Although they definitely serve a purpose, many small businesses pay more in accounting fees than really necessary. In our experience with small business owners, hiring an accountant can create a financial strain that still leaves them, the owner, to perform the day-to-day work themselves.
You may hear, or read, that having an accountant is vital and that they aren’t the same as a bookkeeper- which is true. But, what if you could have both? We’ll get to more of this later.
The CPA (Certified Public Accountant)
Your CPA should be used for one thing. Your taxes. They are great assets to have, especially for large corporations; but in most cases, the only thing you should be sending your CPA is all your documentation to file taxes. For some, it is best to do this quarterly, but if you are expecting your CPA to make sure your books are closed properly every month, you will be disappointed.
You may be told that having a CPA to work with your business will be the best decision you will ever make. It’s also possible that you will hear that it’s necessary for you to have a CPA work with you monthly if you really want to know the financial state of your business, but what if that isn’t necessarily true? Could there be a better, more cost-effective solution?
What is the best solution for you as a Pool Maintenance Professional?
No one can decide except for you.
When looking for a financial professional to serve your pool service business, the best place to start is finding a good bookkeeper who will work with you to ensure that your business needs are being met. This will save you a lot of time, and money, in the long run, and will ensure that you have the ability to know where your business stands financially at all times.
It’s vital that you find someone who understands small businesses like yours who can relate to your needs as a business owner. You’re the specialist people go to for help with their pools, you need to find a professional who knows the financial aspect of the pool business.
With Clear Blue Bookkeeping Solutions, you truly can get the best of both worlds!
It’s true, there definitely can be limitations if you choose to use a bookkeeper alone for the financial aspects of your business. There are many bookkeepers who don’t have the comprehensive training an accountant does. Unfortunately, this means they don’t have the ability to really understand and interpret your financial reports past a certain point. These individuals aren’t going to be able to give you a path or a process to help you gain more financial freedom or flexibility in your business which is required to help you grow and scale your business.
At Clear Blue Books, you get BOTH.
And, we work with people in your business specifically! We specialize in the pool service business to give you the peace of mind knowing that the people taking care of your finances truly understand the business you’re in.
You can have your cake and eat it too.
You can have the luxury vehicle with all the bells and whistles, but at a price that makes sense for your budget. You will get a bookkeeping solution that will meet your needs as well as someone with the training of an accountant to help you interpret your reports to the fullest.
You really can have it all, and not pay more than necessary for it!
Ready to learn more?
Contact us today to find out more about how F4T can serve your business. We offer a number of different services to fit the needs of the Pool Maintenance Professional – like you!
Clear Blue Books 