Challenge

Natalie* is a successful management consultant who divides her time between several residences in the U.S. and abroad. With her busy professional and personal life, Natalie needed to ensure that all her personal and business expenses were tracked and allocated, different types of income and investments were correctly accounted for, and all bills were paid in a timely way. Natalie had a bookkeeper come in several times a month, but Natalie was growing frustrated with this process. It took her at least 10 hours a month to work with her bookkeeper, and too often, she found errors. The last straw was the day Natalie discovered an error and urgently needed to set it right with the IRS but her bookkeeper was on vacation. Relying on a solo provider was no longer working for her: She needed a professional bookkeeping service.

Solution

Maxwell Money set up a state-of-the-art accounts receivable workflow that now handles all Natalie’s invoicing and reconciliation of her personal and business expenses and income. Maxwell automatically pays recurring expenses, and Natalie just forwards any additional invoices with instructions by email. Maxwell set up custom P&L reports that enable Natalie to track the true cost and profit of each of her projects.

Results

Natalie is now booking more revenue than ever while Maxwell tracks and pays her bills, manages her invoices, and allocates all business-related expenses. She estimates that instead of spending 10 hours a month working with her bookkeeper, she now spends less than one hour a month on the phone with Maxwell to check the status of her business and personal finances. She’s saved herself nine hours of bookkeeping work–and eliminated time spent worrying about potential errors. Plus, Maxwell Reports now give Natalie insight into each element of her business that she never had before.

“I’m an expert at my business, not at bookkeeping, ” says Natalie. “With Maxwell managing my books, I don’t have to worry about it any longer, and that feels great. Maxwell delivers bookkeeping services with the same work ethic and quality commitment that I provide to my consulting clients. I am free to focus on my work, because I know that they’ve got my books. ”