Newsminders®

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.

Unfortunately for those who value working from home, many businesses have abandoned their remote work culture as quickly as they embraced it.

Data released by LinkedIn reveals that the “the peak for remote jobs was in March 2022, with over 20% of all listings offering the option,” yet by “November 2022, barely 14% of paid job postings invited remote applicants.”² In March 2023, the Wall Street Journal published an article citing the U.S. Labor Department’s report that “72.5% of business establishments said their employees teleworked rarely or not at all last year,” up from 60.1% the year before.³

Getting hybrid and remote work right isn’t always easy, and when leadership believes an in-person, physical presence is best for the business, they are more likely to abandon efforts to get remote work right. Instead, remote work requests are reluctantly permitted as an occasional exception to a colocation-based culture.

If firms act with transparency, their attitude towards remote work is clearly and intentionally communicated to prospective applicants. Sadly, in the race for talent, not all businesses embrace transparency, and new employees see the promised hybrid or remote position quickly modified to a primarily in-person role.

Despite the negative headlines and lack of transparency, remote work opportunities DO still exist and the demand for them has not abated.

Even in the Accounting industry, a field that has typically delivered services in-person, workers are demanding remote work opportunities and wise firms are delivering them. 50% “of the top-performing CPA firms have staff working remotely”⁶ and while only 29% of financial services firms permitted staff to work remotely one or more day per week pre-pandemic, now 60% do so.⁷

So, how can accountants who value remote work avoid the bait-and-switch of a promised hybrid or virtual role to one that quickly morphs into an on-site position? Look at the company culture! Applicants should evaluate the attitude around remote work conveyed via a firm’s website, in their social media postings, and from employee reviews on job sites.

Prospects can ask interviewers and current/former employees when remote work was adopted at the company, what kind of work or meetings require on-site work, and what tools are being used to support employees who work virtually. A company that has prioritized remote work within its culture will have readily available answers to these questions and will be excited to share how they position their employees and clients for success despite the challenges of telecommuting.

While face-to-face meetings are still preferred by some clients and our market-based accountants do meet with them onsite, many others have moved to Weekly e-Service. With e-Service, clients embracing a fully virtual experience benefit from efficiency gains while still enjoying weekly virtual meetings, which are led by either a hybrid or fully remote staff member.

No matter what level of remote work a staff member has individually chosen, all enjoy a transparent, flexible, employee-centric culture. At Bookminders, work-life balance (and remote work) are will continue to be the rule, not the exception.

Sources:

1. Coate, P. (2021, January 25). Remote work before, during, and after the pandemic quarterly economics briefing–Q4 2020. Remote Work Before, During, and After the Pandemic. https://www.ncci.com/SecureDocuments/QEB/QEB_Q4_2020_RemoteWork.html
2. Moore, M. (2023, January 7). Remote work may be past its prime. LinkedIn. https://www.linkedin.com/news/story/remote-work-may-be-past-its-prime-6117210/
3. Guilford, G. (2023, March 25). Work-from-home era ends for millions of Americans. The Wall Street Journal. https://www.wsj.com/articles/work-from-home-era-ends-for-millions-of-americans-8bb75367
4. McGregor, J. (2023, March 30). Full-time remote work is falling-but still five times pre-pandemic levels, survey finds. Forbes. https://www.forbes.com/sites/jenamcgregor/2023/03/30/full-time-remote-work-is-falling-but-still-five-times-pre-pandemic-levels-survey-finds/?sh=35086b512946
5. Telford, T., Clement, S., & Guskin, E. (2023, May 24). Here’s what workers really care about, according to a post-ipsos poll. The Washington Post. https://www.washingtonpost.com/business/2023/05/23/post-poll-remote-work-hybrid-future/
6. Meyer, C. (2022, April 1). How accounting firms deal with Hybrid Working. Journal of Accountancy. https://www.journalofaccountancy.com/issues/2022/apr/accounting-firms-hybrid-working.html
7. PricewaterhouseCoopers. (2020). Financial Services firms look to a future that balances remote and in-office work. PwC. https://www.pwc.com/us/en/industries/financial-services/library/balancing-remote-and-in-office-work.html