Today, bookkeeping is an important function for almost every business entity as it helps in maintaining accurate financial records by keeping a proper record of the purchases, sales, and receipts. Thus, professional bookkeeping services are in high demand.
BooXkeeping, a remote bookkeeping services provider, has been catering to this increased demand by providing exceptional professional bookkeeping services to small and medium-sized businesses throughout the United States. BooXkeeping was conceptualized by Max Emma (CEO and Chief Bookkeeping Officer) with a mission to make the whole process of financial data entry, billing, bookkeeping, and reporting as simple and efficient as possible. A serial entrepreneur with extensive experience in the accounting and finance sector, Max is one of the esteemed leaders in the U.S. finance and accounting industry.
A Born Entrepreneur
Growing up in the former Soviet Union, Max had an innate desire to be an entrepreneur. However, that was not allowed during the communist regime. Even when a plethora of opportunities opened up in 1991, as the country collapsed, Max could not do much, except for reselling Snickers bars as he was still in school. A few years later, his family immigrated to the United States and Max had to work to support himself through school.
Holding on his ‘entrepreneur journey’ for about a decade after graduation, Max worked with a large telecom company and gained ample experience in the accounting and finance field. However, knowing that corporate life was not for him, he decided to quit the job and start on his own. “July 3rd, 2002 was the last day I ever worked for someone, so the Independence Day on July 4th has a double meaning for me,” asserts Max.
Starting his entrepreneurial journey in 2002, Max has owned numerous businesses such as construction, consulting, maintenance, services, etc. since then. “The past 19 years of being an entrepreneur, all the failures and successes, made me learn more than all of my college years,” he continues.
Bridging the Gap
At a point after the onset of his ambitious journey, Max needed to outsource the bookkeeping function as he was focused on sales and business development. Consequently, he searched for 20 local bookkeepers and called all of them with precisely the same scope of work. However, he was taken aback by the response he received from them. While some of them did not even return his calls, some agreed to meet but were very unprofessional.
Additionally, a few estimates he received from them were ranging from $300 to $1,800 per month for the same scope of work. Noticing this gap and the opportunity to serve customers better, Max and his business partner decided to open their own remote bookkeeping practice. Consequently, BooXkeeping—a product of love for entrepreneurship and passion for growth—was established in 2011. Nine years later in 2020, a decision was made to franchise BooXkeeping and share what they had learned over the years with the franchisees.
Customized Services and Solutions
BooXkeeping strives to provide the sharpest bookkeeping experience to its clients. The company aims to get its clients’ financial records to the point where they know exactly what is going on with their company at any given moment without investing any extra time or effort. All the services provided by BooXkeeping are customized to the clients’ needs.
Some of these services include—daily, weekly, monthly, quarterly, and annual data entry, bank and credit card reconciliations, general ledger management, vendor bill entry and payment, invoicing and billing, payroll reporting, sales tax reporting, etc. The company is committed to fast turn-around processes, competitive pricing, and knowledgeable, professional, and passionate staff.
‘Bookkeeping Provider’ to ‘Partner’
When BooXkeeping started in 2011, Max’s role was ‘bookkeeping provider.’ However, his role has now changed to a ‘partner’ as clients look at BooXkeeping as a partner in their business journey. Besides being a partner, the most difficult role of a leader, according to Max, is to think outside the box viz. finding new ways of attracting franchisees and clients.
“However, this is the most exciting role as a CEO and I would not trade it for anything else,” he adds. Max’s role became important during the COVID-19 outbreak as many of BooXkeeping’s clients stopped working due to the onset of the pandemic. The most difficult decision for him was to keep all of the employees on and not to go through any layoffs. However, it paid off later when the clients started coming back and the company was ready for them.
Optimizing the Opportunities
Today, artificial intelligence (AI) is taking over the bookkeeping industry. However, instead of being rattled, BooXkeeping is embracing the shift. As the introduction of new technologies has significantly reduced the time required to work on a client, the company is charging clients less than what it did a few years ago. Moreover, BooXkeeping’s employees can take on 100% more clients. “It’s a win-win for everyone,” comments Max.
He further mentions that the franchising contribution to the economy is expected to grow significantly in 2021, reaching pre-pandemic levels of economic outputs by the end of the year. Moreover, the market size of the Payroll & BooXkeeping Services industry in the U.S. is also forecasted to increase in 2021. This gives BooXkeeping a great opportunity to increase its market share in both bookkeeping franchisees and bookkeeping services industries.
The Work-life Balance
Max considerably emphasizes the work-life balance. “That’s what we had in mind when BooXkeeping was created—we are giving clients’ ‘life back’ by doing bookkeeping work on their behalf,” he adds. He often finds time for personal growth and ensures to make a smooth work-life balance by spending time with family and friends, gym, hiking, personal travel, a live concert or theater, etc.
Read full issue: The Top 10 Perseverant Entrepreneurs 2021
