This feature is a question-and-answer session with a Blount County Chamber member. So, here we go with our 249th installment visiting with Liz McNaughton, president and CPA for McNaughton Bookkeeping which provides several different types of services including monthly bookkeeping that is tailored to the needs of each business, financial clean-up for the company that needs to have several months or even years of finances organized, and advisory services to give business owners a better picture of trends in their financials to make more informed decisions about the growth of their company.
Further describe your business. Growing up, I saw firsthand how cumbersome bookkeeping could be on a small business. My dad owned his own company, so naturally, my mom picked up learning how to manage the books. This put a lot of strain on my mom as she was also a full time teacher and, of course, a mother to three children. I started McNaughton Bookkeeping to alleviate that stress and concern from the every day business owner, and my hope is that through McNaughton Bookkeeping, I can be a positive support system to business owners.
How did you get started? I began my career as a Sign Language Interpreter right out of college and quickly found that this was not for me long term. From there I decided to pursue accounting since I loved my accounting course in both high school and undergrad. I graduated from Lipscomb University with my Masters in Accounting with a focus in tax and immediately entered the public accounting industry. I’ve been doing accounting and bookkeeping in some form or fashion since then.
What is your background? I worked for several years in public accounting preparing tax returns for all types of entities including LLCs, S-corps, C-corps, non-profits, etc. Through this role, I got to see firsthand how different companies operate. Eventually I moved to working in an industry role, meaning I was an accountant for just one company. Industry accounting is great at providing exposure to the day to day operations of an entity, including maintaining the financials. Through my many years in each of these types of positions coupled with my CPA license, I have gained a skillset that is perfectly tailored for starting a bookkeeping business in this capacity.
Describe your customers. Our customers are business owners and non-profit leaders who are looking to gain some freedom by relinquishing their books over to us to maintain. When they come to me, they are typically feeling frustrated, confused or simply stressed about the state of their finances. One of the most rewarding aspects of my business is getting to experience taking the weight off of their shoulders as I start to manage their bookkeeping.
What affects your business? Social – A large part of how I gain new clients is word of mouth. Networking is huge in my industry, so without it, I would have a hard time thriving in this business.
Economic – For obvious reasons, the economy can create some added strain on both my clients and I, as business owners. If the economy is doing well, business owners do well, and in turn, I see more business flow in.
Environmental – I think the biggest shift I have seen with the environmental changes is the shift from paper to everything being digital. I personally am in favor of this due to the fact that it helps me stay organized, but I can understand why some would prefer the paper route.
Technological – With technological advances, most people would think that this would hinder or threaten my job as a bookkeeper. Instead, with the development of AI and automation processes, it can speed up the time it takes me to do my job, allowing me to take on more clients.
Legal – Since my role as bookkeeper plays into taxes and the IRS, there’s a lot of legal framework that I have to be mindful of. With tax laws ever changing, this can pose some complexities for me, but I am always up for a challenge!
Political – As we all know, the political environment can play a huge role in finances, either way it swings. Knowing what’s coming down the pipeline can be advantageous for strategizing finances with business owners. I have several instances where this has saved an owner thousands of dollars by planning ahead with politics in mind.
What do you enjoy most about your profession? I touched on this a little when I mentioned getting to see business owners physically sigh in relief knowing that they won’t have to manage their bookkeeping anymore. To them it feels like the weight of the world, and to me, bookkeeping brings me joy. It’s truly a win win for everyone.
Additionally, I thrive on being my own boss, making my own schedule and having the flexibility to live my life while simultaneously building a career.