Small business owners often fly blind when it comes to their finances, a reality that Smart Bookkeeping Partner is working to change. The firm recently announced the launch of expanded CFO advisory and audit services, designed to catch the “invisible” mistakes that drain profits. In fact, in the past quarter alone, the firm helped businesses discover more than $150,000 in discrepancies—money that was simply leaking out of companies due to poor bookkeeping.
We spoke with Everyl-Ann Archibald, Founder and CFO of Smart Bookkeeping Partner, to discuss why accurate books are about more than just tax compliance, and how her unique background as a restaurant and retail owner shapes her approach to financial leadership.
Q: You recently reported helping businesses discover over $150,000 in discrepancies in just the past quarter. What are the most common “costly errors” you see business owners making that lead to this kind of financial leakage?
Everyl-Ann Archibald: Miscategorizations of expenses and income are some of the most common errors I see. I see duplicate sales or income entries, which overstates revenue. I have also seen cases where Quickbooks Online AI suggestions were incorrect. For example, I have seen deposits into the business account suggested to be categorized as an owner contribution. The bookkeeper accepted the AI suggestion without verifying it. The deposits were really credit card sales, which understated the business income. Another common one is loans not being set up properly. The entire loan payment is not an expense. Only the interest is. When the full payment is expensed, it overstates expenses. Bad bookkeeping is costly, whether it ultimately causes overpayment or underpayment of taxes, or simply results in the cost of cleaning up the books.
Q: Unlike many financial advisors who operate purely on theory, you also own a restaurant and a retail store. How does that “in the trenches” experience influence the advice you give to your bookkeeping clients?
Everyl-Ann Archibald: In my CFO advisory role, I speak from two angles. First, from what the numbers are saying and what we can do to move things toward the outcome needed. Second, from real world experience. It is difficult from a credibility standpoint to advise when you can only imagine what the owner is going through. I have been in the same position, so I can offer advice on what worked, what did not work, and suggest practical solutions to move forward.
Q: Your new service offering focuses heavily on “CFO Advisory” support. For a small business owner who might think they only need a basic bookkeeper, what is the specific value of having fractional CFO insight?
Everyl-Ann Archibald: CFO advisory goes beyond providing data which is where most bookkeeping stops. From experience, business owners often want to know what the numbers mean for the business and what they need to do. They do not want to just be handed a stack of numbers and graphs. They want direction. Understanding the business is critical in being able to interpret the numbers and provide solutions to common business problems, like cash flow problems. I have a client who came to me saying…We make a lot of money but do not know where the money is going and when it is time for payroll we are struggling. I was able to answer that question rather quickly and suggest changes to keep more money in the business. Now, this business is consistently showing healthy profits, knows where their money is being spent and now has another problem to solve as the owner recently told me. Now we are clearing so much money our tax liability is going to be high. That is a different problem to solve, but they are on the right track now with regards to profitability. As a CFO advisor I partner with business owners and walk with them advising them towards the results.
Q: You’ve been invited to speak at the upcoming 2025 and 2026 Handcrafted Soap and Cosmetic Guild conferences. How does specializing in specific niches, or understanding inventory-heavy businesses, help you serve clients better?
Everyl-Ann Archibald: My oldest business is in the bath & body industry so I am very familiar with this niche. While strategizing for Smart Bookkeeping Partner, I chose to not specialize in any particular niche. We serve clients across the country in multiple industries. I enjoy the variety and learning of different industries. We serve law firms, restaurants, retailers, service businesses, consultants, construction, manufacturing, non-profits and medical establishments. Just my background alone from my businesses I cover the restaurant, retail, non-profit and service industries. The other industries I have learned and enjoy the technical aspects of working with them. Once the basics of good bookkeeping is understood the only other difference is understanding nuances in different industries. It keeps my team and myself challenged and always learning, thwarting boredom and increases our experience level.
Q: You’ve said that many owners don’t realize the importance of their books “until it’s too late.” For a business owner reading this who is afraid to look at their numbers, what is the first step they should take to regain control?
Everyl-Ann Archibald: First, make a decision that today is the day to take control again. Many times, the business owner is busy or the business has grown so much that wearing all the hats no longer works, so the books get deprioritized. The QuickBooks ProAdvisor Directory lists certified bookkeepers. Though not all bookkeepers are the same, look for one and check reviews. You want someone who is responsive. When you speak with the individual, ask about your financial situation and listen to the answers. You also want someone who can be an asset to your business. If there are budgeting, cash flow, or other business issues to resolve, look for someone with more strategic experience, like a CFO, who can help set you up for success and guide you. We are always accepting new clients, so feel free to reach out to see how we can help your business finances get back on track.
To learn more about Smart Bookkeeping Partner’s services, visit https://www.smartbookkeepingpartner.com/.
