Today we’d like to introduce you to Jacqueline Mercer .
Hi Jacqueline , thanks for joining us today. We’d love for you to start by introducing yourself.
My accounting and tax business started as a “passion project.” I was purchasing a personal care service, and the small business owner asked if I knew anything about Accounting. The business owner knew I worked in Corporate America and had a Finance and Procurement background. I responded, “Sure I do!” I asked the business owner about their chart of accounts and how they paid themselves out of the business. The business owner asked if I was willing to look at their books. From there, I provided the business’ first set of profit and loss statements and worked with the business owner to understand their margins and how they could review the data and reports to determine how they could adequately pay themselves from the business while maintaining a respectful margin. How I got to where I am today resulted in the demand for several business owners needing accurate financial statements to qualify for business grants during the pandemic and referrals! Most of my clients are from other business owners referring services or clients that refer services to other business owners they know. Referrals are the biggest compliment one can receive. It is a “new business opportunity,” and it confirms that existing clientele is pleased with the services.
Alright, so let’s dig a little deeper into the story – has it been an easy path overall and if not, what were the challenges you’ve had to overcome?
Establishing and growing my business has been challenging. Some struggles include clients closing their businesses or reducing budgets due to the pandemic, scaling and growing the business, inflation, and automating key processes.
Thanks – so what else should our readers know about Baldwin Financial Services LLC?
Baldwin Financial Services (BFS) is a virtual accounting business offering bookkeeping, payroll, tax preparation, tax strategy, and entity consulting services to “for-profit” small business owners. Annual gross revenue of existing clientele ranges from $3 Million to $15 thousand. BFS specializes in bookkeeping services for business owners who have just started or been in business for several years. BFS works with business owners when they realize it is time to truly understand their margins, working capital, and how to properly pay themselves out of the business because “DIY” is no longer a sustainable solution or not a sustainable solution to start off with. BFS also specializes in providing payroll services and currently runs weekly or bi-weekly payroll for business owners with payroll responsibilities for approximately 200 employees. BFS currently partners with ADP to provide payroll services. The customer advantage of clients working with BFS is that BFS provides an end-to-end financial solution for small business owners. Many bookkeepers do not prepare taxes, and many tax professionals do not provide bookkeeping services. In addition, BFS has a la carte services, which include working in a Treasurer role for a local politician (TN House of Representatives) and providing physical inventory counts and fixed assets valuations.
BFS is most proud of its 1:1 relationship with its clients. BFS considers each client as family. The signature sign-off in every correspondence with BFS clients is “Thank you for being a part of the BFS family.” BFS views each business as its own while providing a “third party” lens through which to offer sound financial guidance. BFS operates under the founding principles of -TRUST-KNOWLEDGE-COMMUNICATION. Most small business owners respect a service provider who takes them seriously and whom they can trust with their most sensitive data. Communication is key. The BFS goal is to be the “Chick-fil-A” of communication. BFS aims to respond to all client’s emails within 24 hours of reaching out. Most calls or texts are responded to within 15 minutes,
BFS has a sincere heart to see these businesses THRIVE. Bookkeeping is the foundation for understanding the data to make the right decisions for a business.
We love surprises, fun facts and unexpected stories. Is there something you can share that might surprise us?
What is most surprising to many is that I have a full-time job! This is a part-time business; my business hours are evenings and weekends. To assist with demand, BFS has successfully hired an assistant who provides administrative, marketing, and some bookkeeping and payroll tasks that work “in the background” as BFS balances its responsibilities.
Pricing:
- Pricing is an investment. BFS reminds clients that bookkeeping is an addition to your business, not subtraction! BFS uses a ‘build-up’ pricing model. Packages are based on the needs and size of the business. Bookkeeping services start at $200 per month. Accounting services include payroll services, preparation of sales tax returns, and ala carte services ranging from $400- $1,800 per month. Pricing is contingent upon the number of transactions, number of employees, number of bank accounts, and complexity. Preparation of business tax returns range from $540-$1,080. Pricing for the preparation of business income tax is based on entity type and number of schedules. BFS strongly encourages potential clients to utilize the FREE one hour virtual consultation on the BFS website by completing the ‘contact us’ form where pricing can be fine tuned and customized to fit specific needs.
- BFS Offers a DIY tool for business owners that are not quite ready to invest in ongoing bookkeeping services. Please see the links for more information. The tool is one time fee of only $49!
Contact Info:
- Website: http://bfinancialservicesco.com/
- Instagram: https://www.instagram.com/baldwin_financial_services/
- Facebook: https://www.facebook.com/profile.php?id=61555120843246
- Linkedin: https://www.linkedin.com/in/jacqueline-mercer-a376585a/
- Other: https://baldwin-financial.ck.page/products/bfs-small-business-bookkeeping-tracker
