Frequently Asked Questions

• Bookkeepers keep track of daily financial transactions and company operations. They need to categorize all money coming in and all money going out of the business, and should be able to answer all questions about daily finances and the status of payments.
• Accountants rely on financial statements from bookkeepers to analyze and provide a summary of the company’s financial state. They look for big-picture trends and advise leadership on strategic financial decisions that save the business money or generate more profit.
• Certified Public Accountants make sure that the company and the business owner comply with state and federal regulations relating to the paying of taxes.
• A Controller is a financial professional who is primarily responsible for the accounting operations of a business and provides direction to the bookkeepers and accounting clerks.
• The role of the Chief Financial Officer is more strategic. A CFO can do everything that a bookkeeper and controller can do, which allows the CFO to provide mentoring, personal development, and supervision. And, with the additional education and experience, the CFO brings a strategic financial view to the company and helps plan for the future.

At Reconciled Solutions, our three levels of bookkeeping services incorporate many aspects of accounting and bookkeeping; we go even further to support you with Controller roles and Part-Time CFO roles.

Mike Michalowicz’s Profit First methodology flips the traditional accounting formula “Sales – Expenses = Profit”. This formula doesn’t account for human behavior, so with Profit First, the formula becomes “Sales – Profit = Expenses”. A predetermined percentage of profit is taken from every sale, and only the remainder is available for expenses. (A percentage is also set aside for taxes, to make sure the money is available when tax time rolls around!) This forces entrepreneurs to analyze their expenses, as they must find ways to get the same things done for less money.

These predetermined percentages are called TAPS (Target Allocation Percentages) and are calculated using the Profit First Instant Assessment. Set up a free 20-minute assessment with Angie here.

Angie Noll, Principal and Owner of Reconciled Solutions, is a Profit First Advisor at the Masterly level.

We will send you a simple spreadsheet to gather information. We ask that you complete this spreadsheet and return it prior to meeting with Angie because this will best maximize the time you have with her. It will give her an idea of how you came up with your numbers.

Go ahead and implement Profit First ASAP! No need to wait. The TAPS can be estimates at this point, based on what you think your numbers will be. As time goes on and you have actual numbers to work with, you will adjust these TAPS accordingly.

Using the Fix This Next Business Priority Pyramid, we help businesses identify and “fix” problems in Sales, Profit, Order, Impact, and Legacy. When we are trying to solve challenges in our businesses, it is often difficult to identify the broken link because everything seems equally important. Using the Business Priority Pyramid, there is a natural progression of business challenges, and we must fix things from the base level need on up. Fix This Next helps us identify which of our business challenges are the most urgent and important to fix.

Check out this short Fix This Next Business Priority Pyramid explanation by Mike Michalowicz.

We do NOT file taxes, but we partner with several trusted Tax Filers who can help you with that.  We love to collaborate with your Tax Professional because we both bring different skill sets to the table and it allows us to provide the best possible service to you in the following areas:

• Business Advisory Services focused on Profitability Acceleration
• Bookkeeping and Accounting Support through QuickBooks Online

Even though we do not file personal or business annual returns, the filing of 1099’s for contractors, filing payroll tax forms, and filing sales tax returns are all within our regular job duties and we are available to do this ongoing work.

Absolutely! The beauty of QuickBooks Online and cloud-based accounting is that we can work on your QBO file from anywhere! We embrace technology and not only do we have clients all across the United States but our team members at Reconciled Solutions are scattered across the world, and we are able to work harmoniously together. It is a digital world!

We got you covered! One of our immutable laws at Reconciled Solutions is that we act with the heart of a teacher. We understand that not everyone loves digging into their financials as much as we do. To get started with Reconciled Solutions, we get access to your QBO file and prepare a Diagnostic Report. This gives us an idea of how things look in your company, both from a compliance standpoint and from a financial health and wellbeing point of view. Through the QBO Diagnostics Report, we identify what – if anything – needs to be cleaned up. In a series of 4 Onboarding Meetings, our team meets with you to gather information, make sure we have access to everything we need, and make sure we know how recurring transactions should be categorized. We will send you clean (yes, CLEAN!) financials at the close of every month and will make sure you know what these financials are telling you. Your financials really tell the story of your business, and it is crucial for you to know exactly where your business stands, as it will help you make strategic business decisions.

Entrepreneurs can get really, really, really caught up in the never-ending cycle of trying to sell stuff and then deliver upon promises, to the point of exhaustion (did I mention we can get really, really caught up in this cycle?). It is not sustainable!

By applying the principles of giant pumpkin farmers to entrepreneurship, we can use the Pumpkin Plan:

• Plant the right seeds…find your business Sweet Spot
• Weed out the losers…identify your best and worst clients
• Optimal nurturing and pruning practices…where to show up and what to focus on

As Certified Pumpkin Planners, we can help you figure out how to grow the biggest pumpkin (aka optimize your business) for the least amount of work so that you can enjoy lifestyle sustainability.

Here is what we do differently at Reconciled Solutions:

• We make sure you understand the story your financials are telling you. Even if you are “bad at understanding financial reports”, we will support you with the heart of a teacher to explain your financial reports and provide you with visibility and clarity to your numbers.
• We help you build a profitable business. Being an entrepreneur is really, really hard work and we want you to be financially rewarded for the responsibility and risk you have taken on. We help our clients create permanent profitability so that they can quit worrying about cash flow and can act confidently in their business.
• We help you build lifestyle sustainability. What fun is it to be a business owner if it destroys your personal life because you are always working???  We help you streamline workflows, engage technology to automate processes and set up scorecards to keep a pulse on key metrics so you are never out of touch.  We believe in a “work hard, play hard” mentality and will help build sustainability into your business.