Future Focused

Bookkeeping

Improve Financial Performance

up to 10% of revenue

Timely financial insights from your bookkeeper can significantly boost your business's performance, potentially increasing revenue by 2% to 10%. For a small business with 10-19 employees and $2.2 million in revenue, this could mean enhancing your earnings by up to $200,000 annually.

How is this accomplished? It is achieved through a framework known as B.I.R.D., co-created by the Nth Degree Founder, Dan Nicholson, and Roku's CFO, Steve Louden.

Business Insights: Does your financial data truly reflect your company's status?
Relevance: Are you receiving information in a timely manner?
Digestibility: Can you easily interpret and act upon the financial reports provided? Many bookkeepers excel at recording transactions but struggle to present insights for actionable decision-making.

B.I.R.D. stands as a core concept that underpins Nth Degree's approach to bookkeeping.

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Future Focused Bookkeeping

for Business Owners

Bookkeeping is the process of organizing and accurately recording a company's financial transactions. It plays a crucial role in providing up-to-date financial information for decision-making, tax compliance, and assessing the overall financial health of the company. Without proper bookkeeping, there is a risk of mismanaging resources, making uninformed decisions, and facing legal consequences due to financial misreporting.

At Nth Degree CPAs, we adopt a future-focused approach to bookkeeping. This means implementing forward-thinking solutions that ensure long-term financial health and success.

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When it comes to hiring a bookkeeper,

there's one key question you need to ask...

What is the most important financial statement?

While many bookkeepers might say the profit and loss statement, the truth is, it's the balance sheet.

Your balance sheet reveals your assets, liabilities, and equity, forming the foundation for your profit and loss statement and statement of cash flows. All revenue earned and every payment received is reflected in your balance sheet. That's why it's essential to have an accurate balance sheet, as any errors can lead to discrepancies in your other financial reports.

Shockingly, we've discovered that 4 out of 5 balance sheets we've examined have at least one significant issue - unreconciled accounts, misplaced liabilities, or missing assets. Don't let these problems undermine your financial success. Our bookkeeping team understands the importance of maintaining a precise and reliable balance sheet, and committed to ensuring that your books are accurate and dependable.

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The 5 Financial Statement Assertions

To determine whether your financials are in good shape, there are five key assertions that need to be part of your bookkeeping process.

Accuracy: Is the provided information correct and free from errors or inaccuracies? Are we prioritizing the importance of precise and reliable information?
Completeness: Do your financial statements include all necessary and relevant information?
Presentation: Are your income and expenses accurately categorized and presented in a manner that minimizes audit risk and ensures maximum deductibility?
Existence / Obligation: Are the assets actually your assets? Are the liabilities actually your liabilities? This ensures that what you say the business owns on the books is truly owned by the business.
Cut Off: Are all transactions being recorded in the right period? The period could be a week, month, or calendar quarter.