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Frequently Asked Questions
What are the advantages of monthly accounting over annual accounting?
This may not seem relevant for some business owners but is very important for many of our customers. Monthly accounting provides for better management. It allows you to foresee, and identify issues before they become major complications and permits early corrective actions. This will allow companies to focus more on profitability and growth by regularly evaluating the financial status and performance of the business.
What does the monthly accounting process look like?
The monthly accounting process starts with receiving your source documents. These documents will then be entered and compiled into the Income statement, balance sheet, and cash flow. Other reports can be compiled once requested by the client.
What do I need to provide for you to do the Job?
You will need to provide us with all the company’s bills and invoices, whether by hard or soft copy, (Please see checklist in our latest blog “Checklist: How to Get Your Accounting Ready for End of Year and Tax Preparation”. Other documents such as bank and credit card statements, inventory, and other information for the business will be required monthly.
How Can You Manage the Books if You Aren’t in My Office?
Technology has become so advanced that it has allowed us to have remote access to our client’s documents using cloud-based software and remote desktop applications. We can view real-time data and generate all the necessary reports from any location without the need of being there physically.
Will I Give Up Control of the Books if I Hire an Accounting Team?
No, you will still maintain all control of the company’s books. Some small business owners tend to have more control over their books after hiring an accounting team. They are now able to make profound decisions because all transactions are reliable and up-to-date.
How Can I Learn More?
If you will like to learn more, WJ Accounting & Business Services is always here to help educate small businesses and entrepreneurs. We elaborate on the importance of efficient and effective accounting procedures. Guaranteed excellent and professional services from a well-renowned team. Contact us today!