Bookkeeping vs. “Insightful Accounting Services”
When I tell people that I am a CPA, their first thoughts are usually “taxes” and “boring.” They are surprised when I start talking about what I really do, that I focus on the day-to-day operations of the self storage industry. I explain that I aim to make self storage owners more money, and allow for them to have freedom from their businesses. Then, they are interested.
One of the services I provide to self storage owners is accounting services, but I don’t do self storage accounting like the average bookkeeper does it. I provide self storage owners with “Insightful Accounting.” What’s the difference?
Here’s what normal bookkeeping looks like:
- Pays bills, writes checks, submits for signatures, mails checks
- Codes transactions into accounting system
- Gives owners report at end of month
Here’s what “Insightful Accounting Services” from Magen Smith, “Self Storage CPA” looks like:
- Review reports on a monthly basis
- Daily Deposits Report – Checks that all money was deposited into your bank account
- Exceptions Report – Looks for any strange exceptions and reviews what fees were waived
- Management Summary – Makes sure that no units were deleted or marked unrentable during month. Reviews move-ins and move-outs to make sure that you are growing at a consistent rate
- Accounts Receivable Report – Keeps track of current accounts receivable
- Prepaid Rent Report – Includes prepaid rent on financial statements
- Merchandise Summary – Includes total inventory on financials
- Notated financial statements – Includes explanations of any expenses that are higher than normal to make reviewing financials easier
- Incorporation of management information on financials – Include move-ins, move-outs, accounts receivable, prepaid rent, and total deposits on income statement to give you a snapshot of your facility
- Matching receipts to credit card – Every charge on your credit card will be checked for a receipt
- Full audit trail on bills paid – A cloud-based, fully transparent system is used to pay your bills so that each bill has a full audit trail built in. You can also see an image of any check cashed in case of vendor questions.
- Adjustment of bank loans each month
- Recording of depreciation each month
- Adjustment of payroll information each month
Owners love that “Insightful Accounting Services” provide:
- Expense monitoring to help you keep expenses as low as possible.
- Budgets and custom reports to help you make decisions. I love to create custom reports so that you understand your numbers as easily as possible.
- Having someone on your team who is constantly thinking and caring about your facility and how to improve it.
As the “Self Storage CPA”, I have the experience of looking inside multiple facilities across the country, so I bring new ideas and resources into your company to help you improve and grow. When I provide accounting services, I don’t simply reconcile the bank account and check the job off my list. I am putting myself in your shoes while I look at your numbers. I want you to think of me as a trusted person on your team, someone to help get your business where you want it to go.
If your self storage business could benefit from some Insightful Accounting Services, let’s talk.