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What Monthly Accounting Services Include

Jan 12, 2016 8:39:26 AM / by Brian Paulson posted in small business accounting

Annual accounting firms tend to offer limited services. They only deal with your finances when the year is over; they aren’t in touch with your business operations in real time.

 

In comparison, monthly accountants provide ongoing support, advice, and insight to your finances. If you work with a monthly accountant, here are some of the services you’ll get each month.monthly-accounting.jpg

Monthly Accounting Services

Balance Sheets and Income Statements

With monthly profit and loss (P&L) statements, you can track and compare your business performance over time. P&L statements show your revenues and expenses on a consistent monthly basis. The sheets can show you data for the current period, the year to date, and comparisons to prior years. 

Expert Financial Support

When you have questions about the money side of your business, you’ll have a financial expert ready to answer them. If you want to know about tax law changes, trends in your finances, or cash flow projections, all you have to do is give your accountant a call.

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Detailed General Ledger

All your transactions flow through your general ledger, so you need it to be 100% accurate. Your monthly accountant will ensure there are no discrepancies in your billings or payments and flag any potential issues.

Bank Reconciliation

Reconciling your accounts monthly is important to keep your business on track. With a monthly accountant “closing the books” for you every month, you’ll be able to track your company’s progress over time and avoid costly errors.

Tax Planning and Preparation

Your monthly accountant won’t just prepare your tax return, they will also help you plan for your tax liability all year round. That way, you won’t be hit with surprises on your tax return. They will also ensure you are in compliance with all changing tax laws and represent you in case of an audit.

Ready to learn more?

When it comes to an accounting service, you really do get what you pay for. If you want only basic bookkeeping and end-of-year tax preparation, then an annual firm is for you. However, if you want expert advice, proactive business coaching, and tailored services, then you should seek out a monthly firm.

Your accountant shouldn’t just be a business expense; it should be a true investment in your company.

The Business Profitability Checklist

Brian Paulson

Written by Brian Paulson

Brian received his Bachelor’s degree from the University of North Dakota with a double major in accounting and financial management. He’s a member of both the National Society for Tax Professionals and the National Society for Accountants and serves on the board of directors for the Professional Association of Small Business Accountants.

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