Newsminders®

September 9, 2024: Pittsburgh, Pennsylvania – Bookminders has achieved an extraordinary milestone, securing 1st place in the small company category of the Pittsburgh Post-Gazette’s 2024 Top Workplaces awards.

The Top Workplaces awards are especially significant as they are based entirely on employee ranking and feedback, gathered through a third-party survey conducted by employee engagement technology partner Energage LLC. The confidential and anonymous survey measures critical aspects of the employee experience, including respect, support, empowerment, and growth—all of which are essential for organizational success.

Celebrating the #1 Achievement

For three consecutive years, Bookminders has ranked among the top workplaces, but this year’s #1 placement is a true testament to the company’s dedication to excellence. Employees across the organization have expressed their pride and excitement at reaching the top spot.

Reflecting on this year’s top ranking, Jessica Minkus, CEO of Bookminders, remarked, “Our success is deeply rooted in the incredible culture we’ve cultivated here at Bookminders. This recognition is a celebration of the trust we’ve built, the relationships we’ve nurtured, and the impact we’ve made not only for employees but also with our clients and partners.”

A Culture of Support and Collaboration

Bookminders’ culture is built on a foundation of respect, flexibility, and support. This focus on a positive work environment is consistently reflected in the company’s performance across all culture drivers measured by the survey. Bookminders earned every culture badge available and ranked in the top 1% across key factors like employee appreciation, meaningful work, and strong values.

“At Bookminders, we don’t just work together—we encourage and uplift each other, which creates a positive and empowering environment,” shares Jennifer Whitmore, Director of Technology and Communications. “It’s this shared devotion to each other and to our clients that truly makes Bookminders a special place to work.”

Driven by Excellence, Distinguished by Trust

Reacting to this year’s top placement and her Leadership Award, Jessica Minkus credited Bookminders’ staff, with special thanks to her all-female leadership team. “This award is a tribute to your unwavering commitment and the culture we have shaped together. You set the bar high, showing that a workplace can provide purpose, connection, and fulfillment. I’m inspired daily by your dedication, innovation, and relentless pursuit of excellence.”

Minkus extended her appreciation to Bookminders’ external team, saying, “Thank you to our hundreds of local nonprofits and small business clients, as well as our partners. Your impact ripples through every corner of our communities. It is an honor to stand with you. We remain dedicated to being driven by excellence and distinguished by trust. These are not just our goals, but the way we have and will continue to do business every day.”

Check out the Post-Gazette’s interactive Top Workplace guide for more insights into the companies making waves in Pittsburgh.

A Purpose that Reflects Who We Are

Our new purpose statement encapsulates the very essence of Bookminders. It speaks to who we are, what we stand for, and where we are headed. The phrase “Driven by Excellence” represents our unwavering commitment to maintaining the highest standards in everything we do. Whether it’s delivering top-tier financial services to our clients, positioning our referral partners for maximum success, or setting new industry standards in work-life integration, excellence is at the core of our identity.

Beyond Words: The Culture Behind the Statement

Excellence is more than an aspiration at Bookminders; it’s a measurable standard we’ve nurtured over the years, validated by staff, clients, and CPA partners. Every aspect of our work is designed to exceed expectations, ensuring that our clients and team members experience the very best we have to offer. In turn, they are driven to achieve a higher level of success than they could have attained on their own.

The deep trust our staff has that Bookminders is committed to their personal and professional well-being has allowed us to continually expand our team and earned us recognition as one of the best places to work.

Building on Excellence and Trust: Our Next Chapter

We reflect on the core principles that have guided us—our unwavering commitment to innovation, our dedication to providing timely, accurate, and cost-effective services, the trust we’ve earned from CPAs, our industry-leading work culture, and now, our purpose statement that embodies excellence and trust. These pillars tell our story, identifying who we are today and propelling us toward new and exciting opportunities.

Intentionally Creating Space for Women in the Workforce

Creating opportunities for women in accounting was a foundational goal when Bookminders was established. From the outset, our culture was shaped by flexibility and support, designed to foster an environment where women could excel professionally without sacrificing their personal lives. Over the years, we expanded our employee-centric approach even further, providing unmatched work-life integration. Internal bi-annual surveys have repeatedly highlighted these aspects as the top benefits of working at Bookminders, distinguishing our company as a rare exception within the accounting industry. This employee feedback directly inspired our defining tagline: “Where work-life balance is the rule, not the exception!”

Enabling Real Flexibility Through Innovative Practices

At Bookminders, our commitment to work-life excellence is backed by tangible practices that allow our employees to seamlessly integrate their professional responsibilities with their personal lives. We pioneered remote working solutions long before it became a global trend, offering our team the technology, resources, and support needed to work effectively from their home offices.

Sustaining Engagement and Productivity

We believe in going beyond the basics to nurture our employees. Bookminders’ approach not only facilitates remote work but also enhances job satisfaction and productivity through a deeply ingrained culture of encouragement and inclusivity. The Team Advisors Mentoring program is a prime example of how we foster professional growth and community within our organization. Through this program, new hires and seasoned professionals alike receive guidance, enhancing their skills and fostering a supportive network. Regular virtual check-ins and accessible leadership ensure that each employee feels connected and valued, regardless of their physical location.

Voices from Our Team: Personal Stories of Growth and Balance

Our staff frequently express how Bookminders’ unique work model has significantly improved their quality of life. One team member shared, “Being able to enjoy a truly meaningful career without losing out on time with family is an incredible feeling.” Another notes, “Bookminders has given me a tremendous amount of personal and professional freedom.”

A Future Committed to Work-Life Excellence

Our leadership team understands that Bookminders’ approach to work-life balance is a key driver of our success. We are committed to maintaining and enhancing these practices to ensure we continue to be a leader in promoting a healthy work-life dynamic within the accounting industry. As we look to the future, we aim to expand these opportunities, not only to meet the changing needs of our current team but also to continue setting new benchmarks for the industry. At Bookminders, we don’t just adapt to the future; we aim to define it, ensuring our team can thrive in all aspects of life.

Stay with us in the coming weeks as we unveil a new purpose statement and explore the exciting future that lies ahead for Bookminders. Discover how our unwavering commitment to innovation and employee-centric values will shape the next chapter of our journey and continue to set new standards in business! #VisionaryValues

Successful organizations partner with trusted advisors and rely on them to provide guidance on important fiscal decisions. After a decade of proving its worth, Bookminders became known in the accounting industry as a top-notch bookkeeping service that complements the work of CPA firms. As our reputation spread, referrals from firms rolled in, leading to the adoption of our second tagline, “Recommended by CPAs.”

Forging A Win-Win Partnership

CPAs are stewards of financial integrity and provide guidance on important financial decisions. Their endorsement of Bookminders stems from our unwavering commitment to timeliness, quality, and reliability.

Why CPAs Partner with Bookminders:

• Steadfast Quality: Our comprehensive procedures and rigorous quality controls ensure that client financial information is consistent and reliable. Auditors know exactly what to expect, which streamlines their year-end planning process.

• Efficient Year-End Close: Our well-organized, comprehensive year-end packages are highly valued by CPAs. The supporting documents and schedules included in every year-end package tie to the financial statement balances. CPAs can initiate audits and prepare tax returns without unnecessary delays, reducing the burden on both themselves and their clients.
• Reliability = Productivity: CPAs know they can rely on the accuracy of the information Bookminders provides, thanks to our comprehensive Quality Assurance processes. This reliability means CPAs spend less time verifying data and more time focusing on high-level fiscal strategies for their clients.
• Staying Ahead: Bookminders consistently remains abreast of changes in standards and rules, such as the latest lease accounting standard, ensuring that CPAs and their clients are always ahead of compliance issues and never playing catch-up. This leads to a client who is always audit-ready.
• Shared Goals: Bookminders’ commitment to quality and collaboration enhances our services and supports the success CPAs and our mutual clients. We frequently refer new clients to our trusted CPA partners, fostering a network of collaboration and support that benefits everyone.

A Partnership for Success
The mantra “Recommended by CPAs” signifies more than our capability to deliver exceptional service – it represents a partnership built on mutual respect and shared goals. CPAs appreciate not only the quality of our work but also the integrity and foresight that Bookminders brings to every relationship.

Stay tuned next week as our #VisionaryValues series continues. We’ll delve into how our unique approach to work-life balance has set a new standard in the accounting industry.

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.
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