Owners of Fortune 500 companies use international public accounting firms and in-house full-time CFOs to help them make financial decisions. The costs are usually prohibitive for entrepreneurs, with outside billing rates usually starting at $150/hr and ranging in the $300-500/hr level for seasoned financial experts. A seasoned tax CPA in a tax firm usually charges $100-$300/hr for their tax services. As a result, most entrepreneurs use bookkeepers. Though keeping books is critical to the financial foundation of a company, it is only the beginning of what an entrepreneur needs to maintain and grow a profitable enterprise.
If you were fortunate to find a good bookkeeper, we recommend and can offer CPA supervision/or and review. Some bookkeepers are insufficiently trained on technical accounting, or are self-taught and lack the big picture business perspective that a business owner needs. Because there is no formal certification process for bookkeepers in the financial industry, there is a high percentage of incompetent bookkeepers who have been given sole responsible for a company's books.
The cost of correcting bad bookkeeping can be tens of thousands of dollars, time, and tax implications. This can be financially catastrophic for an entrepreneur just getting started.