If you're considering outsourcing your bookkeeping and accounting needs, you likely have a lot of questions. Maybe you’re wondering about costs, uncertain about what services you truly need, or trying to figure out if outsourcing is the right financial move for your business.
It’s a big decision! We know. Finding the right accounting partner can impact your finances, your peace of mind, and your ability to focus on what you do best: running your business.
To help you make an informed decision, we've compiled the top 9 questions business owners like you ask when considering Patrick Accounting as their financial partner. These answers will help you determine if we're the right fit for your specific needs.
Question 1: I'm Looking for Someone to Do My Taxes. Is That Something You Do?
Yes and no. Here's how we approach taxes at Patrick Accounting.
We have two goals for our clients:
- To deliver timely, consistent financial insight so you can use it to make good business decisions.
- To help you strategically plan for your tax liability throughout the year to avoid tax surprises.
We help small business owners with taxes by providing ongoing monthly bookkeeping services in tandem with tax services. This integrated approach gives us the complete financial picture we need to offer the best tax insights and help you plan throughout the year.
If you are ONLY looking for a personal or a business tax return without ongoing bookkeeping, we are NOT a good fit for you. But if you’re considering working with a partner to handle your ongoing bookkeeping AND taxes together, we could be a great fit for you.
Question 2: How Do Prices Work and What Is the Minimum Fee?
This is probably one of your first questions: How much this is going to cost?
At Patrick Accounting, we offer three primary accounting and payroll packages designed specifically for the diverse needs of growing small businesses. Our packages bundle services such as bookkeeping, payroll, accounting, and taxes into one convenient and predictable monthly fee.
Here’s a breakdown of our pricing structure:
- Core Package: This package starts at $750 per month and includes essential bookkeeping and payroll services to simplify your financial complexities.
- Advanced Package: Starting at $1,500 per month, this package builds on the Core package by providing more frequent interaction and deeper involvement in your financial processes.
- Ultimate Package: Starting at $2,200 per month, this package offers full-service financial support, focusing on driving profitability and establishing long-term financial rhythms.
In addition to the monthly fee, we require a one-time investment for setup and onboarding that's typically twice your monthly accounting fee.
Onboarding fee = (Monthly fee x 2)
This onboarding fee* covers the essential groundwork needed to set up your systems properly, Including data migration, software integration, and establishing the foundation for accurate financial reporting.
*This fee varies for each client since it's based on your specific monthly accounting package. This is what the onboarding fee includes.
Determining the Exact Cost for Your Business
Your exact cost depends on your business's size, complexity, and needs. To provide an accurate quote, we start with a short discovery meeting to understand your business operations and transaction volume.
We’ll review your most recent tax return, recent bank and credit card statements, and request access to your QuickBooks or R365 platform. This helps us get a clear picture of your finances to create a tailored proposal that addresses your business's specific needs.
Question 3: Who Should Work With Patrick Accounting?
Our most successful client relationships share some common characteristics:
- You’re a growth-minded business owner with big goals, such as adding locations, creating personal wealth (like buying that beach house), or building a business you can sell in the next five years.
- You are running (or building toward) a business with annual revenue between $500K and $10 million AND you’re committed to doing things properly with systems and processes that support sustainable growth.
We excel at serving:
- Service-based industries like restaurants and hospitality businesses
- Professional service providers (medical, legal, etc.)
- Personal care businesses (salons, spas)
- Skilled trade service providers
- Nonprofits (without complex restricted funding requirements)
We’re probably NOT the right fit if:
- You prefer keeping all bookkeeping and accounting functions in-house
- Your business has complex inventory tracking or extensive A/R needs
- You require regular on-site accounting services
- You run a construction company with intensive job costing requirements
- You need your accountant to handle complete A/R and A/P management
The right fit is about alignment in goals, communication style, and expectations.
Question 4. Can You Help Me with Just Bookkeeping or Just Taxes if I Already Have Someone for Payroll?
We don’t offer tax-only services. To provide the most accurate financials, we require that payroll be managed through our team or our sister company, Whirks. This allows us to deliver on-time, error-free reports.
For us to provide bookkeeping, we also need to handle your payroll. This way, one team manages all your financial tasks, making it easier to deliver accurate on-time reports, every time.
While it's not our usual practice, we do sometimes handle just bookkeeping, without federal and state taxes. If you’re curious about how this might work for your business, book a call with us to discuss your situation. Our goal is to give you a seamless, integrated financial management experience.
Question 5. When Should I Outsource My Bookkeeping and Tax Work?
Deciding when to outsource your bookkeeping and tax work varies for each business owner.
The best time to outsource is when your business is growing and you’re overwhelmed by your finances.
Accurate bookkeeping and tax planning are crucial for business growth and staying compliant. As a busy owner, managing your finances can be overwhelming. When your business is growing, it’s essential to focus on attracting new customers, expanding operations, and increasing revenue. Outsourcing your bookkeeping can free up your time and make sure your finances are in good hands.
An outsourced solution also means there’s always someone managing your books, so you never have to worry about gaps. Generally, small businesses should spend between 1%-3% of their top-line revenue on accounting. Companies making $500,000 or more annually get the most benefit from outsourcing, as it’s more cost-effective than hiring a part-time employee.
Question 6: Who Are Your Clients and Where Are They Located?
We’ve had over 20 years to work with a variety of industries, so chances are we’ve already helped businesses similar to yours overcome the same challenges you're facing!
Some industries we service really well include:
- Restaurants
- Hospitality Businesses
- Franchisees & Specialty Contractors
- Automotive, Tire, and Car Repair Shops
- Hair, Nail, and Medical Beauty Salons
- Lawyers, Closing Attorneys, Tech Companies
- Medical Practitioners (physical therapists, dentists, dermatologists)
- Pest Control, HVAC, and Plumbing Companies
- Nonprofits
Find out more about who we help and how and read testimonies of our current clients. If you’d like a referral from a current client, just let us know—we’re happy to provide a list.
We love helping Memphis-based companies, but we have clients all over the U.S.!
Our integrated services model makes us a one-stop shop for all your accounting needs, no matter where you are located in the U.S.
Every client is unique, and our model is flexible to fit your business’s specific needs. Our commitment is to be proactive, deliver meaningful financials every month (so you can make great business decisions), and optimize your tax planning strategy for year-end.
Question 7: What Does Getting Started with Patrick Accounting Look Like?
Getting started with Patrick Accounting is straightforward. First, we'll schedule a call to learn about your business, your goals, and what’s happening in your back office.
If you decide to move forward with us, we will request some documents to prepare a service engagement. These typically include:
- Your most recent business tax return
- QuickBooks Online access or your most recent financials
- Recent bank and credit card statements (typically 2-3 months)
Once you've signed on and you’re ready to start, we’ll schedule an initial strategy session with your accounting team. During this session, we'll set up the necessary tools and systems to simplify your accounting processes.
New clients typically see their first financial statements from us 30-60 days after this session. This timeframe allows us to thoroughly review and organize your financials, clean up any historical issues, and establish a solid foundation for ongoing, accurate accounting support.
Throughout the process, we maintain clear communication, so you'll always know exactly where we are in getting your finances organized and what to expect next.
Question 8: Do You Work With Start-Ups or Franchises?
Starups are very exciting, and we work with many fast-growing startups and franchises that need bookkeeping and tax services. However, if your first-year revenue is less than half a million dollars, the ROI of our services is marginal for you.
We're not a good fit for brand-new startups with less than $500,000 in annual revenue. If you are a start-up planning to scale your revenue to $500,000 or more annually, we could be a great fit. We typically work with startups and new franchise owners a few weeks before their opening day. If you’re getting close to having sales for the first time, it’s a good time to start with accounting services. We can help you hire employees and capture your startup expenses before opening day.
If you’re not ready for our services yet, check out our sister company Whirks for help with payroll, HR, and employee benefits.
Question 9: I’m Not Sure My Business Is Structured Correctly for Taxes. Can You Advise on This?
For clients who engage us for monthly bookkeeping and tax services, the first thing we'll review is your entity structure. We'll review your last three tax returns and ensure you are in the most advantageous structure for your business growth plans.
If you are starting a business for the first time, we don’t offer standalone consultation services for entity structure alone. We do, however, have partners who provide this service, and we're happy to give referrals.
We’ve Covered the Top 9 Questions. Now, What’s on Your Mind?
As a business owner, you genuinely have A LOT on your plate. Managing your finances is essential for growth, but with limited resources and endless tasks, keeping up with bookkeeping, compliance, and tax responsibilities can be overwhelming.
Outsourcing your bookkeeping, payroll, and tax needs can free up your time and energy, giving you peace of mind that your finances are managed accurately. This allows you to focus more on what really matters, whether that’s growing your business or spending more time with your family.
Now that you’ve learned more about Patrick Accounting, I hope you have a clear sense of whether we'd be a good fit for your business needs.
Ready to take the next step? Let’s chat
We look forward to hearing from you and learning about your business!
Not ready to meet just yet?
Take a moment to learn more about who we work best with—you might find we’re exactly what your business needs.
