Today we’d like to introduce you to Kate Presto.
So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
I was always good in school. Math wasn’t my favorite subject, but it was something I grasped easy enough. When I was young, like 7, I lived in Northern Virginia and they had math tutoring programs on the TV. They’d be doing calculus and I would grab a pen and paper and pretend I was following along.
Fast forward to post high school. I took a year off to figure out what I wanted to study. I earned about 1.5 years of college credit in high school, so I’d be jumping into my major quickly. Over the years, I reflected on what I’d like to do, my educational goals (my Dad has a master’s degree but not a professional license. I at least wanted to go that far), and the lifestyle I wanted. I decided to study accounting and enrolled at the University of Mary Washington in Fredericksburg, VA. The first course I took was Accounting 101 and I loved it. UMW is known as a small, liberal arts school. The business school was very small, but two passionate accounting teachers made all the difference.
In two years, I graduated with a Bachelor’s of Science in Business Administration and a concentration in accounting. From there, I was lucky enough to go to Austin, TX. The University of Texas at Austin has ranked as the top accounting graduate program in the country for the last 25 years (US News & World Report, Public Accountancy Report, one year they slipped to third, references below). After a year, I had a Master’s in Professional Accounting. This was in 2008-2009. There was a stock ticker on one of the floors of the business school. Between classes, we watched the market crashing. We were also recruiting for our first post-grad job.
My first professional job was in Dallas at PricewaterhouseCoopers in the Forensics and Civil Litigation advisory practice. It was a good experience, but I didn’t enjoy it. I left after a year and went to a large independent oil and gas company, Pioneer Natural Resources. I earned my CPA license shortly after. I was at Pioneer for six years before coming back to Connecticut. I split with my ex-fiance and all my family is here.
As an accountant, I didn’t expect there to be a lot of opportunities to start up my own practice. It seemed like it was very difficult. I started doing research on jobs in the area, which led me to get certified in QuickBooks Online, which opened up a whole new world of opportunity. The key drivers are online tools in the cloud. I went to Europe for six weeks and then I took the plunge into entrepreneurship.
It is worth noting that in accounting it hurts your professional career to get a doctorate unless you want to teach or do research at a university. Companies will consider you over-qualified. This is why I did not go further in my education.
https://www.usnews.com/best-graduate-schools/top-business-schools/accounting-rankings
http://www.today.mccombs.utexas.edu/2017/08/public-accounting-report-no-1-ranking
https://www.accounting-degree.org/best-graduate-schools-for-accounting/
We’re always bombarded by how great it is to pursue your passion, etc. – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
Nope. Definitely not!
You don’t take this path if you expect it to be easy. Most people think that business owners work less, but that’s not true. In the beginning, you have to sell the work AND perform it. In your free time, you’ll find yourself thinking about your business often Also, I’m not convinced hiring employees makes it easier – you can’t pay someone to care as much as you do. That said, you cannot do it all on your own if you want to grow.
My struggles started as to how to run an accounting practice. I’d never worked for a small accounting firm, but at Pioneer I managed the books for several subsidiaries at the same time. Networking was tough at first. I still struggle with my sales and marketing skills (they are like the polar opposite of accounting). Right now, my challenges are in growing intentionally, developing an online marketing campaign targeted at the tourism industry, standardizing my internal processes, and standardizing my new client onboarding experience.
My advice for women and young women is to learn their craft very well before considering starting their own company. There are so many other skills you will have to learn – sales, managing customers, advertising, keeping up with licenses (if applicable), taxes, pricing, and the list goes on. It’s best if you have money saved up to get started and a supportive home life. Most people starting out have a spouse that can support all their monthly bills or they live with family. You need to have a lot of grit because you will inevitably question what you are doing. Another key is to make sure you are very passionate about what you are doing. If you can see yourself in business 10-15 years down the road and having fun, then that is a good sign.
One of the best things I’ve done is to seek out mentors. I go to SCORE and am in a mastermind group, the Little Black Desk Society. You need to be careful about the energy you surround yourself with. Getting to know other entrepreneurs locally and within in my industry has been a great help. We all help each other grow. One of the best places to meet other entrepreneurs is in a co-working space. You’ll probably find clients there too. I go to Foundry 66 in Norwich, CT and it is an amazing place.
It is worth repeating that you need to know about your product or service before starting a company. That is your foundation. You will have to learn and do so many other tasks. If you don’t have a solid foundation you are going to struggle.
So let’s switch gears a bit and go into KIS Accounting story. Tell us more about the business.
I specialize in client accounting, growth consulting, taxes, and payroll services. Instead of hiring a part-time or full-time employee to manage the books, I provide holistic financial care at a competitive rate. My specialty is service-based businesses – such as creatives and tour activity companies, as well as some contractors. Clients comment that my approach is more personable than they expected from a CPA.
An important benefit of my services is that I utilize a lot of technology to streamline business processes. Very often the accounting data can be captured with little or no extra effort if we set up the system properly. This makes communicating and collaborating much more efficient. This is how I’m able to provide higher level services at a competitive rate.
My brand’s motto is “keep it simple.” That is one of my favorite mantras and practicing simplicity is a core value of my company. Running a business is a wild ride and can easily become complicated, especially if they grow quickly or are new entrepreneurs. I help my clients declutter their processes. You must balance utilizing the best tools available versus creating busy work. Periodically, we all need to step back and evaluate how we work.
One of the best compliments I’ve received from clients is that I’m way more than an accountant. I’m an advisor and a coach. I help them make plans to reach their goals, consider multiple perspectives to their current challenges, act as an accountability buddy, and cheer on their successes. In my undergraduate and graduate studies, I learned about a lot of different aspects of running a business. I love that I get to apply all those skills to help my clients. Depending on the package, I offer limited or unlimited support to help make decisions and figure out the best way to do something.
For good reason, society often focuses more on the problems rather than the opportunities that exist, because the problems need to be solved. However, we’d probably also benefit from looking for and recognizing the opportunities that women are better positioned to capitalize on. Have you discovered such opportunities?
Women are often softer and more approachable, which helps in certain roles. In accounting, we talk about money all the time. Business finances are very personal for small business owners. Often it is hard for clients to open up. As a woman, I feel I can break down those barriers and have more meaningful conversations.
I see opportunities where women band together and support each other. That said, we live in a man’s world. I think we are still cut off from larger opportunities. If you look at the types of products and services women provide, it often is in a supporting role, KIS Accounting included. I do not speak for every man, but I’ve never heard of one in support of women helping women. If we proclaim that too loudly, it seems that many men won’t work with us. Sometimes, I sense potential clients consider me not as professional as my male peers. They often end up working with a male practitioner who offers similar services at a higher price.
Pricing:
- Monthly Bookkeeping/Accounting/CFO Services – starting from $150/600/1,500
- Individual & Business Taxes – varies by form
- Hourly Consulting & QuickBooks Online Training – $115
- Accounting System Assessment – $300
- Bookkeeping Clean Up Services – varies by job
Contact Info:
- Address: 23 NW Corner Rd
Preston, CT 06365 - Website: www.kisallc.com
- Phone: 540-220-8017
- Email: kate@kisallc.com
- Instagram: https://www.instagram.com/keep.it.simple.sweetie/
- Facebook: https://www.facebook.com/kisallc/
- Twitter: https://twitter.com/KIS_Accounting
- Other: https://proadvisor.intuit.com/app/accountant/search?searchId=kate-presto
Image Credit:
Sasha Dale Photography
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