LNM Accounting Solutions

LNM Accounting Solutions
LNM Accounting Solutions

Lotoya Scott-Mahorn

LNM Accounting Solutions

A rapidly growing Accounting Firm taking part of the market share by providing more personal accounting services and incorporating the cloud functionality to provide client convenience and to expedite and achieve client needs and goals. By having a Consultant as a partner in the Firm this positions LNM in a new territory to not just manage your books, complete your payroll, remittance, and many other services; consulting services can also provide guidance on how to streamline your business and suggest effective and proven methods to decrease cost and increase profit.

She holds an Economics Bachelor’s degree from York University, Diploma in Business Administration, and a Certificate in Bookkeeping.

Lotoya is also a Quickbooks Pro Advisor for desktop and online, a member of Chartered Professional Accountants of Canada (CPA), Certified General Accountants of Canada (CGA), Canadian Institute of Bookkeeping (CB), and Canadian Payroll Association (CPA).







Why did you want to start your own business?

I knew I wanted to start my own business because I was coming off maternity leave and going back to a corporate job. This position came with a 3-hour commute keeping me away from my family for 12 hours a day or staying home.

How did you get started in this business?

My interest spiked in High School doing co-op placement in a local law firm. I did a lot of accounting work using their PC law software.

What do you do to keep abreast of the changes in your business and in your industry?

I am a CGA and PCP so I attend Quarterly meetings. I am always in school. I believe schooling is a never-ending process. Also I read a lot of journals specific to my industry.

How do you promote your business?

I have not been promoting my Business as well as I would like to and I am currently seeking a quality marketer to take this task on for me. Otherwise I have been writing Blogs and responding on message boards and forwarding clients to my website. This is how I gain a lot of leads and one-time/ single item jobs. However I believe with solid advertisement in the right venues I will gain more full time service clients.

What advice would you give to someone who wants to start his or her own business?

Start out with a clear goal. Where do you want to be in 1 year? Map your path backwards to where you are now. Then just take the first step.

Has technology impacted how you conduct business?

Yes I was originally attempting to model my business as a conventional bookkeeping service, meaning paper and pen. However I have changed my business model to cloud based, I still do paper and pen but the new direction as virtual accountant/ bookkeeper has pushed my business to new boundaries. I have picked up 2 new clients this week (which are not included in the prior count) one is located in Hawaii and the other Qatar.

How did the help you got from BACD impact you and your business?

It opened my eyes to see that I wasn’t providing a “special service”. In actuality someone else in the same room, a few times, was providing the same service. I realized I needed to make myself stand out. I had spent a lot of time focusing on being perfect at what I do, but not being flexible enough to mold to my client’s needs. I had to change that and find my niche.

Whom do you seek advice from for your business?

I have a mentor who taught me everything I know about taxes, she isn’t involved in the accounting industry however she started and built a business from nothing and is a success.

What is the future for this type of business?

The future for a Bookkeeper is no longer data entry it is more guidance on business maintenance, and Accounting has moved from business maintenance to compliance.