Business Accounting Services FAQ

 

Q: Why should I choose a monthly accountant vs. less frequent methods of accounting?

Monthly accounting services provide substantially more value than only an annual service. If an accountant only sees your numbers once a year, it is too late to offer advice that would have helped to make that year more profitable. And definitely too late to lower your tax liability for a year that is already over with. The five ways monthly accounting pays for itself: 1) It saves you time, 2) You get regular business profitability advice, 3)You have peace of mind that your finances are handled, 4) Your tax liability is reduced, 5) You can make more proactive financial decisions. 

Q: How can I transition from in-house to outsourced accounting?

Transitions are tricky, but preparing your business to switch to an outsourced accountant doesn’t have to be hard. Make your new financial partner is a good fit, plan ahead and be sure to budget enough time, set goals, and be mindful of potential obstacles.

Q: What are the best ways to separate my business and personal finances?

Mixing business and personal finances is a major problem for small-business owners. Not only does it create headaches at tax time, it also makes it difficult to track the profitability of your company. Worse-case scenario: you get audited by the IRS and end up with major fines. Keeping these two parts of your money life separate is essential to preserve your sanity and to ensure you have a sustainable business model. 

 

Q: How can I tell if I've outgrown my current accounting firm?

As your business expands, your financial needs and concerns are going to be dramatically different than they were even a year ago. There are three tell-tale signs you’ve outgrown your firm: 1) They can’t help you when you need to borrow money or expand your business, 2) They can’t provide advice for your business plan or expansion goals, 3) They file something incorrectly because it was too complex. 

 

 

Q: How does better accounting affect my bottom line?

Many small- and mid-size businesses fail to adequately measure and manage their finances, even though poor financial management is a major cause of business failure. If you don’t have good financial practices in place, your business could suffer in a number of ways, including lost revenue, insufficient tax planning, and missed financial opportunities. A great monthly accounting service will handle your profit and loss statements, monthly balance sheets, and regular account reconciliation to help you take back control of your finances without much effort on your part. 

 

 

Q: How can I make my new business financially successful?

It depends. We’d be happy to have a brief consultation to provide personalized financial advice for your new business, but at a high level, you need three things: a strategic plan, consistent accounting records, and expert advice. 

 

Q: What questions should I ask when choosing the right accountant for my business?

Working with a professional accounting service offers you security and peace of mind. It’s a smart business choice for your company, but you need to decide which accountant or accounting firm is right for you. Please call us at 855-664-5154. 

 

Q: What should be included in my profit/loss sheet?

You should include items from a few categories: revenue, cost of goods sold, cost of labor, and operating expenses.

 
 

Q: How much does monthly accounting cost? What factors go into the pricing?

Pricing for our monthly accounting services varies by your company’s needs. Our pricing is not based on the size of your company, rather our pricing model is based on your company’s accounting activity and the complexity of your financial statements. We will work with you to arrive at an affordable, fixed monthly fee. Our fixed-monthly fees are all-inclusive; services provided include profit and loss statements, balance sheets, bank reconciliation, business tax work, sales tax filings, audit representation, and unlimited consultations.

 

Q: What makes you different than other monthly accounting services?

Our customer service sets our firm apart. We make it our priority to reach out to clients on a consistent basis because we care about the success of your business. Our experienced team of accountants also provide proactive business advice and tax planning, allowing you to maximize your profits.

 

 

Q: What do your clients need to provide you with in order to do your job?

To efficiently help you with your business goals, we require access to your source documents -- either in electronic or hard copy form. Common documents include, but are not limited to, bank statements, credit card statements, sales systems (POS), software (i.e. Quickbooks), inventory, accounts payable, and accounts receivable. Depending on your level of expertise, we will train clients on how to prepare these documents. What we require from you will be customized to your unique business.

 

Q: What does the monthly accounting process look like?

Our monthly accounting process starts with receiving your source documents. Our staff compiles the information and reports back to you with a profit and loss statement, balance sheet, and general ledger. These monthly financial reports are presented in digital or hard copy form and become the foundation for our monthly conversations.

 

Q: Why hire a monthly accountant instead of an annual one?

Truthfully, not all business owners see the need, but our clients sure do! We provide consulting and business advice throughout the year. Our proactive approach allows you to see trends earlier, and spot any issues before they become larger problems. Monthly financial statements are a tool to stay on top of your business, which allows you to focus on growing your profits.

 

Q: When should I consider outsourcing my accounting?

If your business is too small to hire an in-house accountant or you simply don’t have the desire to do it yourself, you should consider outsourcing the task. While QuickBooks is used by many small-business owners, the software can be more complicated than first realized. By outsourcing your accounting, you free yourself to focus on other aspects of your business.

 

Q: What accounting system do you use?

We primarily use two systems: Creative Solutions Accounting and Quickbooks. That being said, we will work with other systems depending on your preferences and needs.

 

Q: Can business owners do part of their accounting themselves (i.e. pay some vendors) and they do the rest (bank reconciliation, etc) through the same system?

We recommend handling the day-to-day bookkeeping aspects of your business that need immediate attention. These reports will become the basis for the source documents we will ask of you.

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