Brookkeeping brings entrepreneurial and executive experience to upwardly mobile entrepreneurial and lifestyle business enterprises in the startup, emerging, or growth phases of development.
Brookkeeping is a division of TechKnowPartners, LLC, a business, technology, and management consulting firm, whose principal is Nigel A.L. Brooks, an experienced entrepreneur, executive, manager, teacher, and consultant. Mr. Brooks is a member of the American Institute of Professional Bookkeepers and the National Association of Certified Public Bookkeepers.
Throughout his career, he has consulted with entrepreneurs, intrapreneurs, leaders, and managers in startups to Fortune 10 companies. He has started several businesses and has held executive positions in both private and public companies.
He has designed and implemented financial, managerial, and regulatory accounting and reporting systems across a wide variety of both product-driven (manufacturing and merchandising) and service-driven industries and nonprofits. (All enterprises have a service component regardless of industry.)
His advice to entrepreneurs, lifestyle business owners, and managers includes:
Understand that the business needs to make a profit and generate cash to:
- Compensate its employees fairly
- Provide value to its customers
- Pay its suppliers on time (including financial institutions)
- Deliver reasonable returns to investors and owners
- Be in compliance with regulations
- Establish a level playing field with competitors
Understand that three types of information are vital for making decisions and keeping the enterprise as a going concern that must be relevant, timely, and reliable:
- Financial – information that is used by investors and creditors (including) banks
- Managerial – information (both financial and non-financial) to make decisions about market positioning (employees, customers, suppliers, investors and creditors, regulators, and competitors), products and/or services lifecycle, and organizational units, based upon plans and performance against them
- Regulatory – information required by Federal, state, county, and city agencies to levy employment, excise, income, property, and sales taxes and fees
If external parties are looking at the enterprise’s financial information (especially taxing authorities), then it is essential that owners and managers are also. Therefore, as a minimum, it is essential to understand income tax basis accounting because taxation is a major expense to any enterprise or its owners.
Engage accounting and bookkeeping expertise early in the life of the enterprise that can establish and maintain a framework for accounting policies, processes, procedures, and systems that can deliver accurate and timely financial, managerial, and regulatory information. Engage bookkeeping expertise to:
- Prepare information according to the framework
- Work with certified public accountants and tax professionals to prepare the necessary financial and regulatory reports
- Work with owners and managers to prepare the necessary managerial reports
Understand that running any kind of enterprise requires three essential competencies:
- Entrepreneurial – starting, developing, and assuming risk for an enterprise to transform innovative ideas into value
- Leadership – aspiring, inspiring, and motivating others including employees, customers, suppliers, and investors – setting direction that others will follow to achieve results
- Management – directing and controlling events and activities within the enterprise – applying resources to activities to achieve results
Establishing effective financial practices is a management competency, especially to obtain the greatest benefit for the least cost.
These are the “enterpriship” competencies.
The Brookkeeping division of TechKnowPartners provides this expertise and is ready to work with your business immediately.
Tell us about your business consulting and bookkeeping needs...