While all business owners need a savvy financial accounting service, as a woman-owned business Monarch CPA is keenly aware of the unique financial challenges women in particular face.
Approximately 88% of women-owned businesses generate less than $100K in annual revenue. At the same time, 62% of female entrepreneurs depend on their business as their primary source of income. And yet women tend to abdicate their financial responsibility to others, oftentimes a male business partner or spouse. This typically takes away a woman’s full control and financial decision-making autonomy. Business finances and accounting can be overwhelming in and of itself, however, if a partnership or marriage ends, then the woman business owner is often left reeling. There is a HUGE need for women in particular to understand money, taxes and bookkeeping before a problem arises.
Women-owned small businesses are growing 4% year over year, and in 2018,
there were 12.3 million women-owned businesses in the U.S, and 1,821 new women-owned businesses launched every day. Today, women own 4 in 10 businesses and they employ 9.2M people and generate $1.8T in revenue.
88% of women-owned businesses generate less than $100K in annual revenue.
62% of female entrepreneurs depend on their business as their primary source of income.
Statistics from Women’s Business Enterprise National Council (WBENC)’s Behind the Numbers: The State of Women-Owned Businesses Report, 2018. Entrepreneur, Inc. and Guidant Financial 2018 Small Business Trends Report
Empowerment Through Financial Coaching
Financial literacy is imperative to women business owners’ success
Forty-eight percent (48%) of women-owned businesses report a lack of available advisors and mentors hinder their professional growth. Rather than seek out financial coaching, women tend to abdicate their financial responsibility back to a male business partner or spouse. Where there is a knowledge gap, there is a confidence gap. Feeling less knowledgeable about their business finances often leads to women failing themselves financially.
Again, as a woman-owned business, Monarch CPA not only provides accurate and reliable accounting services but provides mentoring and financial coaching to help women-owned businesses better understand their finances and reach their full potential. We offer multiple ways to bridge the knowledge gap so that our clients have the tools through financial literacy and are empowered with the information they need to make the best financial decisions in their businesses. We not only want to help through our accounting and tax services, but we want to educate and empower women with the basics of accounting and taxes.
Every business leader has the potential to step into their financial power. Check out our Mind the GAAP for our latest video courses and podcasts on reaching your financial goals. And to schedule a free consultation to discuss your accounting and financial coaching needs, contact Katie Mongelli at Monarch CPA.
*Monarch CPA provides full-service accounting and financial coaching with locations in Reston Virginia and in Rockville, Maryland. We serve businesses in the Virginia, Maryland, and Washington, DC. Area.