June 21, 2023
Bookkeeping is the foundation of accounting, it's accounting 101, the debits and credits, the basic accounting equation, the normal balances, the T-accounts. If you understand this - you can do anything. If you understand bookkeeping, you can see what's behind the GUI (graphic user interface) and know what needs to be done and how; you also see if something looks wrong or fraudulent. Bookkeepers are (or should be) a business's first line of defense because they see all the day-to-day transactions.
In the United States, one does NOT need any license or required degree to do bookkeeping. You can simply learn on your own. Our CEO and Founder, Tatiana Tsoir, started as a bookkeeper in 2005, while going to college for accounting at the same time. For her, theory and practice were happening and the same time and was an instant connection, which is why she's taken her business to unprecedented levels upon graduation. She later added tax services (when she became a CPA) and a bit later tax planning and strategy, and switched to the receiving side of bookkeeping work.
The biggest issue that Tatiana found was so-called bookkeepers lacking basic accounting fundamentals. A degree is not required for this work. But basic accounting fundamentals are. Usually, someone learns QuickBooks software or another program and calls themselves a bookkeeper, but we (those on the other side) know that it isn't.
Another problem is that bookkeeping mistakes are hard for an experienced accountant to find. What to say about a business owner who has no clue whatsoever. For once-a-year CPAs it's hard to catch mistakes that are costing businesses tax dollars and audit risk. And so our program teaches bookkeepers to know and be aware of all of those things. Tatiana had a client 5-6 years ago whose CPA didn't scrutinize revenue (didn't review it) and the bookkeeper simply wasn't trained: half of client's revenue was "carried interest" revenue which was taxed at a much lower rate. That 1 catch saved the client $50,000 in federal tax alone! That's how important bookkeeping is.
Entrepreneurs and business have been the lynchpin of the US economy for years: the US Tax Code is the evidence of that and SMBs (small businesses) are still the biggest employer in the United States. And yet 50% of them don't survive the 5 year mark (according to Bureau of Labor Statistics). One of the top reasons is cash mismanagement and that often is codependent on good bookkeeping. And what better way to make better business decisions than by looking at your numbers, right? RIGHT! IF your bookkeeping is good.
We are on a mission to turn the tide on bookkeeping across the United States: train better bookkeepers (those who need this skill most) and then also raise the bar across the board for accountants and bookkeepers, AND businesses. Maybe more businesses will "make it", more bookkeeping professionals will do better work, less taxes wasted and overall lower costs across the board for all of us. Now that's a life-changing mission we can stand behind. Can you?
This journey isn't fast or quick or easy. But our mission is clear. And we need partners who can help us execute. We need to be able to offer scholarships to those who simply cannot afford to but desperately need this ability to earn a living. So we need money. We also need our graduates to be considered for later employment at your firms - and you can be confident that our people are well trained and are professional. Please join us! WATCH THIS MESSAGE FROM THE CEO.
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