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Foundational accounting, 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 foundational accounting, 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. Foundational acountants 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 foundational accounting. 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 at 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 foundational accounting work.
The biggest issue that Tatiana found was so-called accountants/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 or an accountant, but we (those on the other side) know that they aren't.
Another problem is that accounting 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 several years ago whose CPA didn't scrutinize revenue (didn't review it) and the accountant simply wasn't trained: half of client's revenue was "carried interest" revenue which was taxed at a much lower rate. That one catch saved the client $50,000 in federal tax alone! That's how important accounting 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, yet half of them don't survive the five-year mark (according to Bureau of Labor Statistics). One of the top reasons is cash mismanagement and that often is codependent on good accounting. And what better way to make better business decisions than by looking at your numbers, right? Right! If your accounting is good.
We are on a mission to turn the tide on accounting across the United States, to train better accountants (those who need this skill most) and to raise the bar across the board for accountants, and businesses. Maybe more businesses will "make it", more accounting professionals will do better work, less taxes will be wasted and overall costs will lower 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!
And here to adopt a mom, teen, abuse survivor or a first generation immigrant.
