
Elaine Thompson, CPB
A Journey of Perseverance and Passion in Bookkeeping
Owner, Running Total Bookkeeping Services
Oakville, Ontario
Elaine Thompson, the owner of Running Total Bookkeeping Services, has built a rewarding career by helping small businesses manage their finances. Her path to bookkeeping is unconventional, shaped by perseverance, a passion for helping others, and the need for flexibility to balance work and family.
From Chemistry to Accounting: A Career Shift
Elaine’s journey began in the field of Chemistry, but a summer internship in a research lab led her to realize that the career wasn’t a good fit. After completing her degree, she decided to pursue accounting. Despite rejections from employers due to her non-traditional academic background, Elaine worked temporary roles and gained experience until she landed a permanent position. She started studying for her accounting designation in 1998, completing it in 2002 after moving from Scotland to Canada.
Although her designation wasn’t recognized in Canada, Elaine continued working in corporate accounting until she decided to focus on her family after a cancer diagnosis during her second maternity leave. During her recovery, Elaine began volunteering her bookkeeping skills at her son’s preschool, and this led to the idea of starting her own business. She launched Running Total Bookkeeping Services in 2016, though gaining clients proved challenging at first. By 2017, she teamed up with an accountant, and by 2020, Elaine was able to rebrand and build a successful business independently.
Why Bookkeeping? Helping Small Business Owners
Elaine was inspired to enter the accounting field by her parents, who were business owners. After realizing that bookkeeping was a flexible career choice, she decided to focus on helping small businesses. She earned her CPB (Certified Professional Bookkeeper) designation to stand out in a field with a wide range of knowledge and experience levels. The CPB designation gave her the credibility to assure clients of her expertise and to demonstrate her commitment to continuous learning.
Overcoming Challenges: From Self-Doubt to Success
Elaine faced many challenges, including being initially overlooked due to her science background and struggling with self-doubt in her early years of self-employment. Her persistence, however, paid off. By connecting with other professionals and pushing through the challenges of building her client base, Elaine eventually gained the confidence and success she enjoys today.
For fellow bookkeepers, Elaine offers this advice: connect with others in the industry, attend webinars, and stay informed through resources like CPB Canada. Staying organized and using tools like Asana and financial workflow courses can also help bookkeepers stay on top of their workload.
The Rewards of Bookkeeping: Making a Difference
Elaine finds the most rewarding part of her job to be the positive impact she has on her clients’ lives. Whether it’s giving them more free time by taking the burden of bookkeeping off their shoulders or helping them understand their numbers to improve their business operations, Elaine loves seeing the difference her work makes.
Tips for Small Businesses
Elaine’s advice to small businesses is simple but powerful: keep your financials up to date by doing regular bookkeeping. Avoid linking personal and business accounts, categorize expenses correctly, and ensure your HST is accurate. Regular bookkeeping helps paint a clearer picture of your business’s financial health beyond what the bank balance can show.
Work-Life Balance: A Strategy That Works
Elaine is skilled at balancing work with her family life. By scheduling her work around her children’s school hours, taking breaks when they return home, and setting boundaries with evenings and weekends, Elaine manages to maintain a healthy balance. Her approach to time management is an example of how bookkeepers can stay productive while still prioritizing family.
The Future of Bookkeeping: Technology and Advisory Services
Elaine has embraced technology to streamline her work. Cloud-based accounting software like QuickBooks and Xero, along with tools for receipt capture, have made it easier for her to manage clients’ finances remotely. She believes that the future of bookkeeping will focus more on advisory services as automation continues to take over routine tasks like data entry.
Giving Back to the Profession
While Elaine is still figuring out ways to give back to the profession, she has previously volunteered as treasurer for a preschool and an elementary school, as well as a payroll administrator for a church. She is also considering helping to organize Regional Networking Meetings for CPB Canada members in her area.
Conclusion: Empowering Small Businesses
Elaine Thompson’s career is a testament to the power of perseverance, passion, and flexibility. Her journey from Chemistry to bookkeeping shows that with hard work and determination, it’s possible to forge a successful career in a new field. Through Running Total Bookkeeping Services, Elaine continues to help small businesses succeed by providing them with the financial insights they need to thrive.