As the years progressed, we consistently received similar feedback about our services. As a result, our first tagline evolved naturally and continues to encapsulate the essence of Bookminders’ value proposition, emphasizing the benefits and efficiencies our services bring to a diverse clientele.

Timely

In a dynamic economic environment, timely financial records are crucial for effective decision-making. This was true in 1991 and remains even more so today. From the start, Bookminders adapted and kept pace with best practices in all of its processes and procedures.

Over Bookminders’ lifetime, technology has grown exponentially, and our remote-first model required us to stay ahead of the curve. Today, our cloud-based platform ensures access to financial data from anywhere our clients are, allowing organizations to monitor their financial health continuously. Automating repetitive tasks reduces errors and increases efficiency, ensuring that the financial package is completed on time, every time

Accurate

Accuracy in financial reporting is paramount to the success of any organization. From the early days, Bookminders developed the right resources and checks and balances required to deliver precise and reliable financials. Our team consists of only degreed and experienced accountants, including former CFOs, auditors, and controllers. They approach each client with a solutions-based mindset, demanding accuracy and resolution to inefficient or problematic processes.

Ultimately, the audit-ready financials we provide to clients’ tax or auditing firms have been appraised several times over, resulting in minimal audit work, quick turnaround, and lower year-end costs.

Cost-Effective

Efficiency is a cornerstone of Bookminders’ service model. Unlike many other services, our approach drives down clients’ costs while boosting our employees’ compensation. Many organizations struggle with the high expenses and inefficiencies associated with in-house bookkeeping, such as high turnover, extensive training periods, and inconsistent financial reporting. Bookminders addresses these challenges by offering a cost-effective alternative that provides access to the top accounting professionals at a fraction of the cost of hiring in-house staff.

The Bookminders Promise

The tagline “Timely. Accurate. Cost-Effective.” is more than just a motto for Bookminders; it embodies a promise to provide exceptional value to our small business and nonprofit clients. By delivering timely updates, ensuring accurate records, and offering cost-effective solutions, Bookminders empowers organizations to focus on their core missions and achieve sustained success.

Join us next week as our #VisionaryValues series explores how our second mantra, “Recommended by CPAs” came to be. We’ll review how Bookminders became the premier partner to auditors seeking the most efficient, reliable bookkeeping partner for their clients while maximizing their own productivity.

At Bookminders, we’re not just about numbers; we’re about setting benchmarks and shaping futures. This Newsminders series, #VisionaryValues, explores our evolution over the last several decades to redefine outsourced accounting standards.

Iterating into Bookminders

In 1984, the Joseph’s family business lost their bookkeeper. Tom, who had early exposure to Apple computers in his job at Westinghouse, bought an Apple IIc computer along with accounting software and formed Steele Financial Services. The original idea of having his uncle run the system was a failure, but Tom’s sister Diane was able to grasp the new technology and agreed to take on the role if she could work primarily from home. Tom and Diane transformed a lengthy process into one that took only a few hours, completed mostly from her home office. In an era before the internet, this was a radical concept. Despite this initial success, the idea was not scalable given the lack of internet infrastructure and led to the closure of Steele Financial Services.

When Tom launched Bookminders in 1991, he enlisted the help of Diane’s twin sister, Lynne. Their first client, an architect in Shadyside, PA, was fortunately demanding and forced many refinements, which greatly improved the ease of navigating the financials. This commitment to continuous improvement became the foundation for Bookminders’ Quality Assurance program which attracted auditors eager to position their clients for success.

An Innovative Concept Produces Continual, Sustainable Growth

In the decades that followed its founding, Bookminders expanded dramatically but sustainably. By consistently adopting and integrating cutting-edge technologies, Bookminders evolved from using floppy discs and a shared email account in the 90s to perfecting remote access with its customized, cloud-based platform. Recognized early on as one of Pittsburgh’s Fastest Growing Private Companies and a champion for home-based workers, the company set a new bar for work-life balance expectations in Pittsburgh’s accounting community.

Beyond Taglines – Artifacts of Culture

With a solid workplace culture built around meeting the needs of our primarily female workforce, and high demand driven by innovation, excellence, and affordability, Bookminders has largely grown through word-of-mouth. This referral-based growth strategy has led to the use of only three key statements over the years that summarize our culture and value position:

• Timely. Accurate. Cost-Effective.
• Recommended by CPAs.
• Where Work-Life Balance is the Rule, not the Exception!

These mantras are more than marketing phrases; they are descriptions of Bookminders’ philosophy and direct feedback from clients and referral partners. Over the next few weeks, our #VisionaryValues series will explore each in detail. Finally, we’ll conclude with a forward-looking purpose statement and exciting news about what’s next for Bookminders!

*Black & White Image: Siblings Tom Joseph and Lynne Schaefer, first published in Allegheny Business News, “Bookminders Filling Small Business Bookkeeping Niche”, February 1994, Vol. 9. No. 2

Our Comprehensive Review Process

Bookminders begins with an evaluation of the accounting system for improvements in design, opportunities to increase efficiency, and identification of internal control weaknesses. We offer recommendations and collaborate with organizations to implement the most effective financial processes.

Leveraging Advanced Accounting Software

Bookminders tailors the accounting system to meet the needs of organizations in a cloud-based environment. Our resources offer flexibility, scalability, and accessibility from anywhere within the United States. We customize your financial system to reflect the entity structure and reporting requirements, ensuring thorough and accurate financial reporting. In addition, our account representatives provide training on how to access this information in a safe, secure environment.

Automating and Streamlining Processes

We automate repetitive tasks like invoicing, bill payments, and bank reconciliations, which reduces manual errors and increases efficiency. Optimizing processes results in accurate and up-to-date financial records. This process includes reviewing original source documentation, enabling our accountants to verify that your transactions are coded properly.  

Effective Cash Flow Management

Effective cash flow management is essential for high organizational performance. We monitor cash flow weekly and provide reports for key balances, bills that will be paid, and upcoming bank activity. We can prepare cash forecasts and flows on a weekly or monthly basis.  At the close of each month, we provide a written analysis explaining variances.

Engaging U.S.-based professional support is another advantage of working with Bookminders. Our employees consist of experienced, degreed accountants who provide expertise and guidance on complex accounting matters. This enhances the quality and reliability of financial management.

A Fresh Start for Long-Term Success

Starting fresh with Bookminders offers a structured, reliable, and efficient approach to managing your accounting needs. Our holistic approach addresses immediate concerns and sets the foundation for long-term success. Contact us to discuss the transformative benefits of expert bookkeeping support that positions organizations for sustained success and growth.

Hourly Billing is a traditional pricing model where clients are charged based on the amount of time the accountant spends on their tasks. Benefits of this model include easy-to-understand invoices and the ability to set a clear budget cap. However, costs under this model can be unpredictable, hourly rates for top talent can be steep, and the structure can incentivize longer work hours instead of efficiency and productivity.

Fixed Fee Pricing, which involves charging clients a predetermined fee for a specific service or set of services regardless of the time it takes to complete, has several variations including retainers or subscription services and project-based pricing. This model should encourage efficiency since the fee is independent of the time it will take, however, scope creep and the potential for underpricing can result in higher overall costs for the client. Service providers may be forced to build in additional costs to cover unknowns or limit services.

Value-Based Pricing is a hot topic in the industry but not necessarily for the right reasons. This model allows service providers to set fees based on the perceived value to the client rather than the actual costs and required markup. While this can be lucrative for providers, increasing revenue potential and allowing pricing flexibility per client, there are significant drawbacks for clients. The perceived value can vary greatly between providers, making it difficult for clients to compare and assess the best value. This model requires clients to trust that providers price fairly across their client base without overly emphasizing profit.

Volumetric Pricing is based on the actual services provided and leverages a carefully designed mix of hourly, fixed-fees, and transactional pricing. This approach allows us to deliver superior, cost-effective services and avoid the inefficiencies and hidden costs of relying solely on traditional models.
We delve deeply to build a comprehensive understanding of the client’s financial landscape. We meticulously analyze reports and statements spanning multiple months to quantify the average number of transactions and their complexity. This data forms the foundation of our monthly fee estimate, ensuring that it is based on concrete metrics rather than guesstimates.

While understanding how an organization’s operating activities affect its transaction count is crucial, some essential activities cannot be directly quantified in this way. These include month-end reconciliation of bank accounts, management oversight, software licensing, and IT support. To best support these types of activities, we apply fixed fees, ensuring that these vital services are accounted for without ambiguity.

Furthermore, certain specialized services may not apply to all organizations and cannot be categorized by transaction count or through fixed fees. For these, hourly fees are the most appropriate. Examples of activities billed hourly include researching, grant management, payroll service submissions, and expense allocations. This type of billing is our least preferred, so we continually streamline our services to provide maximum value to clients without sacrificing service.

“Jennifer’s dedication to innovation and strategic thinking has been instrumental in shaping Bookminders’ journey,” says CEO Jessica Minkus. “Her leadership has empowered our team to embrace change and push the boundaries of what’s possible.”

Passionate about community involvement and mentorship, Jennifer has made a significant impact both within Bookminders and beyond. “Jennifer’s commitment to mentoring and empowering women is truly inspiring,” adds Office Manager and mentee, Jenna Kelly. “She leads by example, showing us the importance of giving back and uplifting others.”

Having dedicated more than 15 years to mentoring, Jen holds a special passion for organizations uplifting women in STEM. In addition to her coaching women in technology and communications at Bookminders, Jen serves as a STEM mentor for Woman to Woman Mentoring. She extends her leadership to the community through volunteerism with organizations such as San Mar Family and Community Services TGBT as a Mechanics Team member, PMI Baltimore as Director of Social Media, and the Frederick City Bicycle and Pedestrian Committee as a community representative.

At the gala, notable Bookminders representatives joined Jennifer, including Founder Tom Joseph, CEO Jessica Minkus, Office Manager Jenna Kelly, as well as Woman to Woman Mentoring’s Eileen Foley-Breck. Their collective presence not only highlighted the support Jennifer has garnered but also underscored Bookminders’ dedication to fostering diversity and inclusivity in the technology industry.

Jennifer and the Bookminders’ team relay their sincere congratulations to all the winners and a special thank you to WIT’s inaugural Lifetime Achievement Award winner, Toni Townes-Whitley, CEO of SAIC, for her inspirational career and words of wisdom.

Bookminders’ Pioneering Approach to Remote Work

The discussion kicked off with a glimpse into Bookminders’ history, highlighting its unique approach developed by Founder Tom Joseph. Bookminders provides a comprehensive outsourced accounting solution to nonprofits and small to medium-sized businesses, prioritizing employee flexibility in a home-based, remote-first setup. Joseph’s approach revolutionized the accounting employment model, attracting highly qualified candidates seeking part-time professional roles. Leveraging the company’s unique resources and cloud-based platform, Bookminders offers true professional opportunities for accountants requiring flexible schedules. With a physical presence in multiple locations throughout the United States, and a vision for accelerated organic growth, Bookminders stands as a leader in remote-first accounting opportunities.

Jessica defines the heart of Bookminders’ culture, an employee-centric approach where business decisions are primarily based on the impact on employees. The company places a high priority on obtaining feedback and implementing employee-offered solutions, resulting in a workforce that feels heard, valued, and dedicated. Jessica notes that, “90% of our employees say that they’re going to stay with us for over three years or longer….100% of them are saying that…our expectations are realistic. We’re providing them the tools to do their job and…communication is effective.” For staff, working at Bookminders is “…a lifestyle….[people like ] having the flexibility, they like the supported autonomy…our employees love doing their job. They could not imagine going back to a nine-to-five desk job.”

Margaret then prompts Jessica to describe an example of the third key item: Bookminders’ Team Advisors program. Recognizing the need for additional employee support to fuel internal and external growth, Minkus and her team introduced the mentorship program in the fall of 2023 to facilitate professional growth and development. Minkus explains how Advisers, selected based on institutional knowledge, expertise, and accounting specialty, are matched with advisees considering personality fits and communication style. Mentoring teams meet monthly, and advisees have the flexibility to reach out to their Adviser at any time throughout the workweek.

Minkus emphasizes how information quickly cascades down throughout the company, stating, “…everyone is accelerating their learning…they’re learning from others instead of learning solely from their own experiences.”

Minkus and Uhrich discuss how, given Bookminders’ commitment to promoting from within, programs like this are crucial for growth and succession planning. Jessica describes the overwhelming enthusiasm with which the program was met, as every staff member offered the opportunity to become an Adviser accepted it. “All of a sudden, everyone was just thrilled about the opportunity to…be a mentor to somebody else.” Minkus shares the incredible feedback from a long-tenured employee who stated the program “is THE best thing that [Bookminders has] done…for the organization and supporting the employees.”

A Future of Continued Growth

Looking ahead, Minkus is enthusiastic about expanding Bookminders’ impact across the United States. With its supportive, noncompetitive environment and focus on flexibility and excellence, the company is well-positioned for rapid expansion while maintaining its exceptional work culture. Minkus emphasizes that growth at Bookminders is not about outdoing anyone else, but rather about individuals putting forth their best efforts, while supporting their teammates and choosing a career path that suits them best.

Minkus’ leadership philosophy underscores the importance of agility and adaptability in a dynamic business environment. As Bookminders continues to grow, its employee-centric focus, comprehensive procedures, and innovative support programs ensure that its remarkable culture will scale with it.

The Better People Podcast is sponsored by the Mid-Atlantic Employers Association, more commonly referred to as MEA. MEA provides Human Resources services to hundreds of businesses across numerous industries every day, bridging gaps that restrain innovation and growth.
MEA: Better People, Better Outcomes.

Smart Business’ Smart 50 Awards spotlight exceptional organizations in the Greater Pittsburgh area, acknowledging these entities for their commitment to innovation, sustainability in business continuity, and achieving a significant impact across the region. Among the esteemed honorees, Bookminders has earned recognition for its remarkable achievements in these pivotal areas.

Praising the management team’s remarkable cohesiveness, Director of Technology & Communications, Jennifer Whitmore, identifies it as a distinctive strength that allows Bookminders to make swift decisions and rapidly implement changes. She enthuses, “Our unified approach significantly expedites the change management process, ensuring that adaptations and innovations are seamlessly integrated into operations. This quick and efficient decision-making capability allows us to remain agile and responsive in a dynamic business environment.”

“Bookminders becomes a crucial part of our clients’ teams and a direct contributor to their success. Our clients’ CPAs are grateful for the complete, reconciled books that make life easier for everyone. It’s truly a winning partnership all around!”

Pittsburgh, Pennsylvania, November 9, 2023:

Jessica Minkus, CEO of Bookminders, was honored at the Pittsburgh Business Times C-Suite Awards gala on November 9th. This event celebrated the remarkable leadership of 25 executives who have made a meaningful impact on the Greater Pittsburgh region. Awardees were recognized for their pivotal role in navigating the evolving business landscape, demonstrating skills, agility, and unwavering dedication in seizing opportunities and managing risks during both prosperous and challenging times. Co-presented by Aon and Fox Rothschild, this year marks the second edition of these prestigious awards.

With flexibility and employee well-being long touted as top priorities at Bookminders, Jessica has rolled out multiple initiatives in the past year that augmented staff resources and mentoring opportunities throughout the organization. “We want Bookminders to be a destination workplace,” Jessica enthuses, “a place where staff find their perfect blend of work-life harmony and know we equally value their personal and professional development.”

Once again, Bookminders’ performance resulted in the award of every culture badge available through this assessment. The company further ranked in the Top 5% for all Accounting/Bookkeeping companies, indicating employees have the highest regard for the company’s leaders, direction, work-life balance, and management support.

Bookminders staff ranked the organization in the Top 1% as follows for each of the following culture factors:

• Clued-In Employees: employees are well-informed.
• Company Direction: the company works efficiently and is moving in the right direction.
• Confidence in Leadership: Employees have confidence in the company’s leadership.
• Cross-Team Cooperation: the company maintains good interdepartmental cooperation and meeting efficiency.
• Employee Appreciation: employees feel genuinely appreciated.
• Innovation: the company encourages new and innovative ideas.
• Leaders In-The-Know: the company’s leaders are well-informed.
• Meaningful Work: employees feel like they are part of something meaningful.
• Open Minded: the company promotes diverse points of view.
• Strong Values: the company operates with strong values and encourages inclusivity.
• Supportive Managers: Employees feel their manager cares about their concerns and offers professional development that helps staff learn, grow, and succeed.
• Work-Life Balance: Employees are given the flexibility they need to balance their work and personal life.

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That’s something to be proud of. In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.”

“Flexibility and work-life balance are foundational to our culture,” states Bookminders CEO, Jessica Minkus. “With an optimal blend of supported autonomy and managerial support, our staff feel appreciated and treated as the professionals they are. They value working in an environment where work-life balance is the rule, not the exception!”

Check out the Post-Gazette’s interactive Top Workplace guide.