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CheqCash FAQ includes many powerful and useful features and here are a few.
What is Outsourcing Accounting Services?
With a fixed monthly fee, we are in charge of all daily accounting, salary, and tax affairs. Contracts are tailored to each particular client, but the goals are always the same. In other words, you can rest assured that you will have an up-to-date management account. Not only can you spend more time focusing on important issues, but you can also save important business cash flow.
How does outsourced accounting work
We discuss your needs, find the best solution for your business, and outline the responsibilities your accountant carries out for your satisfaction. Each client is assigned a portfolio personal accountant. This is the contact point for accounting in case of questions or support needs. Your accountant will take on your work and ensure that all the work that needs to be done is done on time each time.
What services can be outsourced?
Your Accountant offers all the services expected from a reputable accounting firm. Your monthly package will be tailored according to your needs such as:
Prepare and submit statutory returns such as EMP201, VAT201, etc
Annual financial statements
Income tax returns
Secretarial work including the annual CIPC return
Any other accounting and tax service that you may require
How does accounting help in decision-making?
Accurate accounting serves as a baseline analysis for investors and lenders. It can help to provide a financial health report on your business for creditors, like banks, who might be providing you with a business loan. It can also help to guide your business and allows for accurate forecasting should you choose to grow and scale in the future.
What software can help me automate my bookkeeping?
There are a variety of different software and technology tools that can help to automate your bookkeeping and accounting. These services can make a big impact on your business — they help reduce human error, improve efficiency, and save you time and money during tax season. A few of our preferred tools include QuickBooks Online, which is used for tracking and reporting, and Bill.com which helps manage accounts payable and accounts receivable. But these tools can only take you so far — you still need access to someone who can help manage the software and analyze the resulting data.
How do I know if my small business is profitable?
A lot goes into determining if a company is profitable, especially over the long-term. Profit is the revenue remaining after you’ve paid all of your expenses. So, if you’re “in the black” after you’ve paid off all expenses, that generally means you’re profitable, at least for the most recent period of reporting time. But profitability can be largely impacted by positive and negative cash flow, so it is important that you track and forecast both.
Are Bookkeeping and Accounting the same?
Not quite, but they do go hand in hand. Bookkeeping is responsible for the recording of financial transactions, whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing financial data. Bookkeeping is very reactive, where you are recording transactions that have already happened. Accounting is more proactive, anticipating future financial needs and planning on how to meet them.