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Women Entrepreneurs: Navigating the World of Finance - Bookkeeper vs. CPA

Sis, let’s get real—running a business means wearing all the hats, but your finances shouldn’t be the hat that drains you.


Spoiler alert: The Money Council® handles both. However, we wanted to take this time to detail the differences to clear the confusion.


Whether you’re just starting out or scaling to solve your Legacy Math, understanding the difference between a bookkeeper and a Certified Public Accountant (CPA) is a game-changer for stewarding your resources well.


Bookkeeper vs CPA? What do you need?


Let’s break it all down so you can make the wisest choice for your business and your family's legacy legacy.


What Does a Bookkeeper Do?

Two women in an office collaborate on paperwork at a wooden desk, surrounded by plants and shelves. Both are smiling and appear focused.

Think of a bookkeeper as the foundation of your financial system. They keep your daily operations in check so you can focus on building your empire. Here’s what they do:


  • Track invoices and receipts.

  • Manage payroll for employees.

  • Reconcile bank statements to keep everything aligned.

  • Create basic financial reports like profit and loss statements.


💡 Example:


Let’s say you’re in your second year as a Wellness Practitioner. A bookkeeper can track total revenue, categorize financial transactions, and prepare a monthly financial summary so you know where your money walked out of your bank account 👀.


Most bookkeepers charge between $300 and $2,000 a month, depending on the size and complexity of your business. While the cost is lower than hiring a CPA, their focus is on keeping your books clean—not necessarily helping you make strategic moves.


Heavy on, not helping you make strategic moves.


What Does a CPA Do?


Now, a Certified Public Accountant, CPA is where strategy meets expertise. CPAs bring advanced knowledge and licensing to guide your business through complex financial decisions. Here’s what they can specialize in:


Smiling woman in a blue suit holds financial documents in an office. Laptops and phones on the desk, plants in the background. Business mood.

  • Preparing and filing tax returns.


  • Creating tax-saving strategies tailored to your goals.


  • Conducting audits and ensuring compliance with regulations.


  • Offering long-term business and financial advice periodically until you hire full in-house support.


💡 Example: If you’re a Permanent Make-Up Artist navigating service line expansion opportunities, a CPA at The Money Council® can help you manage tax laws, tax compliance + audits, and scaling strategies seamlessly. However, the goal is for you to be proactive and transparent with your CPA.


CPAs charge more—usually $150 to $500 an hour, depending on the task—but their advice can save you thousands in taxes and set your business up for long-term growth.


At The Money Council®, we've helped women receive a 6X return on their investment by investing in our retainer services. And, you could be next.


Key Differences Between Bookkeepers and CPAs


1️⃣ Expertise:


Bookkeepers are your organizational wizards, while CPAs are the architects of your financial future.


Think of the bookkeeper taking a bottoms-up approach by starting with your data to prepare reports for you to make a better decision.


2️⃣ Services:


Bookkeepers handle the day-to-day details. CPAs take a strategic, big-picture approach.


Think of the CPA as the second line of defense that takes information from the Bookkeeper and looks at your details from a top-down approach to advise you on different scenarios and plans to make as the CEO.


3️⃣ Compliance:


CPAs can represent you before the IRS if something goes wrong—bookkeepers can’t.


4️⃣ Cost:


Bookkeepers are a cost-effective option for managing daily tasks, while CPAs are an investment in your long-term success.


5️⃣ Timing:


Bookkeepers work consistently, while CPAs are typically engaged for tax season, audits, or significant decisions.


When to Hire a Bookkeeper


A bookkeeper might be all you need if:


  • Daily transactions are overwhelming: They’ll organize and track every dollar.


  • You need better budgeting: Bookkeepers help set up systems to track income and expenses, giving clarity for your CPA to help you with cash flow.


  • Tax prep feels chaotic: They’ll organize your records for a smoother tax season.


  • You want to focus on growth: Free yourself from receipts and admin tasks to focus on scaling your business.


When to Hire a CPA

Woman entrepreneur making a checklist

Consider a CPA when:


  • Your finances are complex: Expanding, merging, or planning big moves? A CPA is essential.


  • You need strategic tax planning: From maximizing deductions to structuring your business for growth, a CPA will save you money in the long run.


  • Audits are on the table: Whether formal audits or compliance issues, a CPA ensures you’re prepared.


  • Long-term planning is your focus: Retirement, investments, and scaling all require a CPA’s, among other financial guidance, expertise.


Pro Tip: Our experts at The Money Council® are well-equipped to play the role of a fractional CFO, too! If you're interested in this level of support, just let us know during your strategic discovery call.


5 Tips for Choosing Between a Bookkeeper and a CPA


Navigating financial decisions can feel overwhelming, but these tips will help you decide:


1️⃣ Know Your Needs:


What’s your biggest financial pain point right now—daily organization or strategic planning?


2️⃣ Think Ahead:


If your business is growing fast, you might need both sooner than you think.


3️⃣ Budget for Success:


A CPA may cost more upfront, but the tax savings and strategic guidance are worth every penny.


4️⃣ Ask for Referrals:


Other women entrepreneurs in your industry are your best resource for trusted recommendations.


And as always, we would love to be added to your trusted team of financial experts.


5️⃣ Interview Wisely:


Don’t be afraid to ask about experience, industry knowledge, and how they’ll tailor their services to your business.


Building a Strong Financial Foundation


No matter which option you choose, building a solid financial foundation is essential. Here’s how to start:


📂 Organize Your Records:


Keep invoices, receipts, and reports in one place—it’s the groundwork for efficient financial management. QuickBooks Online is a great accounting software for startup entrepreneurs.


📊 Review Regularly:


Schedule time to analyze your finances, identify trends, and adjust strategies as needed.


💻 Use Technology:


Tools like QuickBooks, Wix, and ADP Run can simplify tracking and reporting, giving you more control over your finances.


👩🏾‍🤝‍👩🏽 Lean on Your Community:


Surround yourself with other women entrepreneurs to share insights, challenges, and advice.


Empowering Your Financial Journey


Here’s the truth:


You can’t DIY your way to success forever.


Whether you hire a bookkeeper to clean up the day-to-day or a CPA to help you plan for the future, the right financial support can transform your business.


A smiling person in a purple dress holds a notebook reading "THE MONEY COUNCIL" and "WE SOLVE LEGACY MATH FOR A LIVING" against a gray wall.

💡 Legacy Math Homework:


Think about the one financial task you’re spending the most time on. Multiply that by your hourly rate. Now, imagine what you could achieve if you chose someone from The Money Council® to solve your Legacy Math!


Ready to build your Money Council® and take control of your financial legacy?


Click here to book a 30-minute Strategic Discovery Call today. Let’s create a plan tailored to your goals and make it happen—together.

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On the other side of wealth is legacy!
We can't wait to meet you there.

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The Money Council®, LLC

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Services beyond the listed description should not be expected from The Money Council, LLC nor will they be performed without an additional payment and agreement for services. Please read our full legal terms under menu above named FULL SERVICE TERMS. ACTIVATE WEALTH POLICY: Once a consultation is booked, our team begins the necessary research to deliver proper advice to the client based on information provided at checkout and social media communication. Clients will be emailed the consultation confirmation and ample reminder emails via the email address you used to purchase the consultation. If we have begun consultation research, which occurs immediately after payment, the most refund a client can receive back is the price paid minus $500. This amount is not guaranteed when requested but only provided when the client has provided ample communication or has attempted to reschedule their consultation. The refund may be less if we have begun the consultation research process. The client has one opportunity to reschedule the call by emailing support@themoneycouncil.com 24 hours in advance and will forfeit any refund if client fails to do so. We will not provide any refund if the client misses a scheduled meeting or fails to reschedule based on our booking policy. SLASH TAXES POLICY: Once a tax return is purchased, and our team begins the tax preparation process immediately. Clients will be emailed the tax organizer and welcome guide instantly via the email you purchase the service with. If we have begun your tax preparation process, which occurs immediately upon payment, the most refund a client can receive back is the price paid minus $500. This amount is not guaranteed when requested but only provided when the client has not yet commenced the tax organizer. Once a tax return draft is submitted to the client or a client fails to communicate with The Money Council within 7 days, there is no option for a refund. 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