Although poor financial management is a leading cause of business failure, many small and mid-sized businesses continue to mismanage their funds. When it comes to financial conclusions, revenue loss, insufficient tax preparation, missing out on tax reliefs inside the system, risk of missing critical taxation dates, and a lack of clarity on profit/loss is only the tip of the iceberg. A reputable monthly accounting service will handle your profit and loss statements, monthly balance sheets, and frequent account reconciliation for you, allowing you to reclaim control of your finances with no work.
Why Chrysalids and not any other accounting service?
Our company is known for its values. We not only aim to be the best at what we do, but we also maintain the highest levels of professionalism and ethics. Not only that, but because we care about your company’s success, we make it a point to communicate with clients frequently. To assist you to optimize your earnings, our skilled accountants also provide proactive business advice and tax planning.
What is your fee structure?
We don’t like buying products without first knowing how much they’ll cost, and neither do we think you do. This is why we make every effort to make our billing process as clear as possible. Before we begin working with you, we will agree on our prices. If problems arise that we did not anticipate during our initial discussions, we will discuss them with you and agree on any additional costs as they arise. As a result, the total cost of all of your work with us will be predictable.
Before initiating any project, we will obtain an agreement with you on scope, timing, and expected expenses for any services other than accounting and annual tax compliance. Any customized services will require our clients’ approval in advance. We do not have a standard fee agreement for this type of service because the scope of what is required can vary greatly. Please remember that we are committed to providing reasonable prices and complete transparency since we want to establish a long-term professional relationship with our clients.
Why do I need an accounting service in the first place?
Yes, you can return your taxes by yourself. But returning your taxes isn’t the only thing that you would need an accounting service for. With Chrysalids, you can get your tax return checked and rechecked by our experts to identify potential problems the Revenue Services may look at more closely, get your math reviewed to limit the exposure, get the quickest refund back by filing the return electronically, adjust your payroll withholding to get more money back each week, make use of best tax saving strategies to limit your tax liabilities and much more.
Which accounting approach is the most preferred?
Annual, semi-annual, or even quarterly accounting services are significantly less beneficial than monthly accounting services. If your accountant just looks at your numbers every few months, it’s already too late to offer advice that would have made that quarter more profitable – and it’s certainly too late to lower your tax liabilities for the previous year. In the end, you will be able to make more educated financial judgments
What kind of services do you offer?
Bookkeeping, tax planning, payroll services, GST services, and assurance services such as reviews and audit engagements are all available through Chrysalids Accountants. It provides a full-service CFO solution for your company, allowing you to focus on building your business while we take care of the numbers. Book a consultation to learn more about our services.
When should I think about outsourcing my accounting?
If your company is too tiny to engage an in-house accountant or you simply don’t want to do it yourself, outsourcing a process is a good option. While many small business owners use QuickBooks or Xero, these programs are more sophisticated than most people assume. You may concentrate on other elements of your business by outsourcing your accounting.
What do you need from us in order to do your job?
Depending upon what services you need from us, we will give you a checklist of the source documents we will be needing from you, whether electronic or hard copy, to effectively assist you with your business objectives. Most commonly used documents include (but are not limited to):
• Statements of account
• Bank statements and Credit card statements
• System of sales (POS)
• Computer software (i.e. QuickBooks)
• Sales invoices
• Purchase invoices
We will train clients on how to prepare these documents based on their degree of competence. Don’t worry, we’ll be with you every step of the way. What we want of you will be tailored to your specific business.
What are the common financial issues?
Some of the common tax issues that many of our clients often come with are that they have not returned taxes for years, they owe back taxes, very often the Revenue Service is on their case threatening to seize their properties or 401Ks, face tax debts caused by their spouse’s misdeeds, have payroll taxation issues by confusing employees and independent contractors, need more time to pay the Revenue Services, getting overwhelmed doing their accounting, lack a proper financial plan and so on.
