How to Set and Achieve Financial Management Goals?

The year 2020 has been quite challenging across industries and businesses globally. Stock markets saw a bearish trend for several months. Rise in unemployment rates, increase in product costs, and a decline in profits are only some of the many crises triggered by COVID-19. The pandemic forced lockdowns and brought the world to a standstill. Nevertheless, we all learned to navigate a brand new normal.

Throughout everything, the most valuable lesson the pandemic taught us is the value of strategic planning. Strategic planning is crucial to challenge uncertainties, bear unavoidable losses and manage unforeseen hurdles with a brave face and a stern attitude. In businesses, strategic planning dictates the need for proper goals of financial management to be set up in advance to upkeep the financial health of the organization. Having financial management goals ensures that next time a pandemic tries to shake up your business, you have a proper plan in place that is able to mitigate its avalanche.

What are the Goals of Financial Management? 

Every business needs to manage its finances adequately. Without proper goals of financial management, it is improbable for a business to ripe good profits and survive in the long term. These goals, in a nutshell, are milestones that an organization sets for itself to indoctrinate direction and clarity in its strategy. They guide the expenditure of the organization as well as hold an immense impact on the revenue. The main goal of financial management is to increase the shareholder wealth (increase shareholder’s value) and maximize profits. Most of the companies in the world set SMART goals to ensure timely realization and precise execution of these core financial management goals.

Why Is Setting Up Financial Management Goals So Important? 

Goals of financial management are utilized stringently for the longevity and survival of any business and there are many benefits of them: 

  • Aids in funds allocation and acquisition 
  • Helps in making critical financial decisions 
  • Leads financial planning 
  • Helps in noting the future potential of the company 
  • Provides a realistic and clear view of the financial objectives of the organization 

Components of Financial Management 

As the main goal of financial management is to increase the shareholder wealth, there are some key components that help to properly establish it.

These include: 

1. Financial Plan 

For any business, it is highly imperative to prepare a financial plan. Such a plan includes financial objectives, timed targets, and strategies to achieve these targets. It analyses the values of assets available and assigns monetary resources to match the goals. It is important to note down each financial goal with their proper deadlines, such as a 5-year financial goal, and they should also include a contingency plan in case things do not progress as smoothly as planned.

2. Contingency Financial Plan 

Contingency financial plan is inclusive of emergency funds and savings. It is necessary to have contingency plans, as its importance was one of the major observations business owners made during the rising situation of the pandemic. A contingency plan can be a part of your financial management goals as it includes reserves and monetary funds. The amount for contingency funds depends on the risks the business is willing to take, the general probability of uncertainty, and potential losses of the organization.

3. Business Budget 

A business budget is a rough budget for the costs and revenue of running the business, and it can either be on a cash-basis or accrual-basis. Business budgets are usually prepared monthly, quarterly or annually. These budgets help in the execution of business processes as well as help to manage their operating finances.

Documents to Consider While Setting Up Financial Management Goals: 

  • P&L Statements: measure the running profit and loss of the company after analyzing the tax, interest, depreciation, amortization. 
  • Balance Sheet: assesses the financial wealth of the organization. It is also an indication of the financial potential of the business. 
  • Cash Flow Statements: focuses on the in-flow and out-flow of cash.  

See Also: How to read a P&L statement, and how it stacks up against balance sheet, and cash flow statements.

Extra Points to Remember While Setting Up Financial Management Goals: 

  • Solvency State of The Business: There are debts in every business. It is crucial to understand the long-term and short-term debt position of your business, and accordingly establish its solvency state. This will help greatly to set long-term goals. 
  • Deferred Payments: There are many deferred payments as well in a business – payments that are rolled out after a certain date. It is important to take deferred payments (and income) into account as well. 

Role of Bookkeeping in Setting Up Financial Management Goals: 

Financial Management is no piece of cake. It requires you having to collect, edit, analyze, and compare a lot of files and documents on a daily basis and update them in your books. If there are any entries missing within the books, then your financial analysis will be at risk to falter.

Even a mistake of a single number can amount to huge losses and erroneous goals of financial management. It is only through the vast amounts of transactional information available in the books that a company is able to understand its financial status clearly. Thus, bookkeeping contributes an excellent value towards financial management.

However, most of the time it gets quite hectic for a company to manage bookkeeping alongside all the other functional areas of the company. Therefore, many companies prefer to outsource bookkeeping to online services to ensure proper and hassle-free financial management.

Some prominent benefits of outsourcing include: 

  • Reduced burden on the company 
  • Extra set of hands-on work 
  • Double-checking of the information on the books 
  • Customized features and personalized financial advice (provided by some bookkeeping services) 
  • A smooth system for the flow of financial statements 

It is a lot easier to achieve and manage your financial management goals with a reliable bookkeeping services. Services such as Monily are self-regulating and enhance the productivity flow by providing you customized services that you choose specifically based on the needs of your business. 

So, to ardently pursue your financial management goals, it greatly helps if you outsource to a reliable bookkeeping service. This will not merely equip you with timely and accurate financial planning, budgeting and analysis, but it will also enable you to make informed strategic decisions for business growth.

How Much Do Bookkeepers Charge?

A bookkeeper helps a company maintain its financial documents and records. They uphold a stern responsibility of ensuring that every single aspect of your books and accounts is in order. Every company, small or big, needs bookkeeping.  If you run a business, you have three options to hire a bookkeeper and their subsequent bookkeeping services fees. 

The first is to hire a bookkeeper to work for you full-time. The second is to use a traditional bookkeeping firm’s services, and the third to work with an online bookkeeping service provider. Details of all three options, including their bookkeeping services fees, are given below to help you decide which is best for you. 

Bookkeeping Services Fees of An Individual Bookkeeper 

If you want to handle your bookkeeping work in-house, then you can hire a full-time bookkeeper to take care of that for you. If you are a small business, you may not find it viable to hire a bookkeeper to work full-time. However, if your operations are sizeable, then you may find it smarter to have someone work full-time. When you hire a bookkeeper, you would have to go through the process of actively looking for someone who is actually qualified and bears considerable experience in doing bookkeeping. 

For starters, you should go for someone who has a certified bookkeeper qualification from AIPB (American Institute of Professional Bookkeepers) or from the NACPB (National Association of Certified Public Bookkeepers). Look for a candidate who has experience in your line of work, as this will ensure that all your work is being done effectively.  

Hiring a bookkeeper full-time entails paying a large salary. Bookkeepers are skilled and you need to be prepared to pay them according to their expertise. To help you understand, the following is data about the average pay of bookkeepers: 

The lowest pay is offered in the state of South Dakota, where the average pay is $16 per hour, which makes the monthly salary to be around $33,970. The highest paid bookkeepers work in Alaska, where the hourly pay is $23.39, and the monthly bookkeeping services fees go up to $48,640. 

The monthly pay in California is $47,750, in Florida, $40,220 and in New York, $45,590. Having an idea of how much bookkeepers from different states charge would help before employing the services of one full-time. On an average, you would need to pay $3,000 to $4,500 bookkeeping services fees per month with other perks and benefits. 

You can also consider hiring a bookkeeper on a part-time basis, and if your workload is not so heavy, you can consider hiring one to work for a few hours each day. You may need to pay around $20 per hour or monthly bookkeeping services fees of $400 to $800 with perks and benefits for the part-time work. 

Working with A Traditional Bookkeeping Firm 

Contacting the services of a bookkeeping firm is another popular method of getting bookkeeping done for you. Here, the bookkeeping services rates are counted by the hour. The firm would understand your nature of work and give you a price quote indicating how many hours of work is needed and the pay per hour. 

To make sure you don’t end up paying extra bookkeeping services fees to a firm, you can first get quotes from both the bookkeeping firm and the individual bookkeeper. Then compare the prices they offer with the costs needed to have someone work for you full-time. After comparing, you can decide whether it’s beneficial to outsource or not.  

There are no standard bookkeeping services fees because the prices charged depend entirely on the complexity of your business. You must also note that once they start working, it is possible they might find your work to be more complex than they thought. In such a case, the bill may be higher. On average, their bookkeeper rates vary from $500 to $2,500 per month, but it can be even higher depending on your work and the state you operate in. 

Outsourcing to Online Service Providers 

Thanks to the rapid growth of the internet, there are many bookkeepers who provide online services. People who manage bookkeeping firms usually consist of professionals bearing both experience and expertise. These firms have worked with many clients and offer a multitude of services. You need not worry about mistakes or delays since you can always expect quality work from them. 

The advantage of working with them is that you don’t have to wait for them to come to your office. They would have well-defined processes for you to send your data and documents to them. They then would complete their work online on your company’s behalf and send the results or reports back to you. This is convenient since there is no geographical limitation. So much so that you can get a New York firm to work for you while operating in Tennessee, and the bookkeeping services rates charged would be precisely the same. 

Another benefit of employing online services is that it works out to be more cost-effective since their employees don’t need to travel. You can thus get very competitive prices from them. If you are a small business, it is advisable to outsource your work to them to avoid high costs, and you will only need to pay bookkeeping services fees according to your needs. You may not even require their services for the entire month; that’s why for such a situation, it is better to use the services of a bookkeeping firm, as you get proper scalability and choice of preference on how you want your bookkeeping to be done. 

So, What Type of Bookkeeping Does Your Business Needs? 

There are some really exemplary differences between the three above-mentioned bookkeeping solutions and how uniquely they can help your business. Ultimately, it all boils down to your preferences.  

If you believe you need to always have a bookkeeper present in your company who’s actively looking after your books and needs to be paid huge bookkeeping services fees, then option 1 is what you should go for. If you’re interested in having an outside firm of professionals taking care of your books while costing pretty much the same, then you should go for option 2. But, if you believe your bookkeeping is not something that you have to pay so much attention to, and want it to be done in the most convenient, affordable and professional method, then outsourcing to an online service such as Monily can be just what you need. 

Whatever option you end up going with, it is recommended that you verify the credentials of the service, firm or individual you go for before you sign up with them, as you need to understand how competent and experienced they are. Also, make sure to have a look at their clients’ list to get a better idea of whom they have worked with. You can even ask for references and check out reviews of the firm.  

See Also: 5 Ways a Bookkeeper Can Save You Money

Once you are convinced about their credentials and believe their services are just what your business needs to progress and develop more efficiently, you can request quotes from them or visit the pricing section on their website to know more about their bookkeeping services fees. 

5 Tips on Managing Bookkeeping Effectively

Effective bookkeeping can be very time-consuming and complicated due to the many loopholes lying around in its process. Many business owners end up diverting their focus from other important tasks and dedicate it to bookkeeping, which should not be the case. If you are one of those business owners for whom managing their bookkeeping has become a nightmare, then you are not alone, and it doesn’t have to be. Streamlining this process by making some impactful adjustments can save you a considerable amount of time and lay a solid foundation for your business’ progression. The goal is to have a simple process that keeps track of all your business’s financial matters, and to achieve that, here are five tips for efficient bookkeeping.

Set Aside A Specific Time for Bookkeeping

Many business owners have a lot of tasks to attend to, which leaves them with little or no time for productive bookkeeping. You need to consider bookkeeping just as crucial a task as any other business aspect and give it the due attention it requires. Failure to do so only will only lead to the accumulation of tasks in the pipeline, which can have negative impacts on your business.

Set aside a specific time for bookkeeping and make sure you are consistent. You can set aside a day each week or even more than a day, depending on your finances’ complexity. Updating your books helps you to analyze your cash flow and take the required actions, such as reaching out to clients who owe you and making payments to suppliers. Postponing this process to a later time can also lead to cash flow problems and loss of important documents such as receipts, bills, and invoices.

Separate Your Business Account from Your Personal Account

It’s common for people to start a business using their savings from personal accounts. You might be tempted to continue using this account even as your business progresses, which is very problematic. Having separate accounts comes with many benefits. You will not only save time when filing taxes, but you will also be making accurate returns.

Opening a separate account for your business is also advisable since you will be able to monitor your business finances precisely and make sound decisions. Also, you will be in a better position to qualify for financial aid like loans and investor funding.

On top of that, having an account solely for your business displays a high level of professionalism, which can make it easier for clients and suppliers to develop trust in your brand.

Use A Bookkeeping Software

Practical bookkeeping software programs helps in recording and processing transactions that take place in a business. Recording all the transactions on paper can be a very tedious process and result in many inaccuracies. Using an efficient bookkeeping software will save you sufficient time since most of the processes can now be automated. The software will track your accounts receivable, accounts payable, sales, and bank transactions with much greater ease than before. You can also print invoices or send them digitally to clients, which also saves a significant amount of time.

Bookkeeping software programs also make it possible to retrieve information fast, especially during tax filing or audits. When using papers, you will have to look for files with the required information, which can be very time-consuming. These files can also get stolen or damaged., which is not possible with software programs since you can use a password to avoid unauthorized access to your business information.

Keep Track of Records and Business Information

It is crucial to record every transaction that takes place in a business as it provides a vast number of benefits. If your business is to be audited in the future, you’ll be required to produce all the business transaction documents. If they are all available, the auditor will take less time in auditing your business than when you have to look for every document that they ask for.

Staying informed about your business helps in making informed decisions as you will be able to analyze trends with greater ease and highlight the areas you need to improve on, to achieve both long-term and short-term goals. Also, do not forget to double-check your accounts frequently since it helps in spotting discrepancies.

Even if you are not responsible for bookkeeping, staying informed about your business finances can help you make informed decisions. Study your financial data thoroughly, and you can also get the assistance of an accountant to interpret the information for you.

Outsource It to Online Accounting Services

If you feel like keeping up with the mentioned tips is unachievable, all is not lost. You can always outsource your bookkeeping to efficient bookkeeping services such as Monily, who will take the burden off your shoulder to let you focus on other aspects of your business while making sure everything is in tip-top order. Outsourcing comes with several benefits. You will save a lot of time that you can dedicate to your business tasks. You will also have a proper work-life balance since you won’t be handling and monitoring everything in your business.

Additionally, you will get accurate information if you don’t have a background in finance. Managing streamlined bookkeeping without the necessary knowledge can cause inaccuracies, which is not suitable for a business. A professional bookkeeper usually has great expertise in the field and will always deliver accurate results.

See Also: 5 Ways a Bookkeeper Can Save You Money

Outsourcing to competent bookkeeping services also helps you save money. Some business owners have the notion that it would cost them a lot of money to outsource services, which is not true. Outsourcing to the professionals ensures that you are not making any mistakes that can cost you money and that all your payments are made on time to avoid fines and penalties.

Final Words

Managing efficient bookkeeping is not an easy task. It requires a lot of dedication and accuracy since a simple mistake can significantly impact your business. The good thing is that if you follow all the right steps, you will streamline the process and manage your finances effectively and increase revenue. Don’t ignore proper bookkeeping with the excuse that you don’t know how to do it or don’t have time for it, as it can cause problems. If you are not in a position to handle it, you can always seek the help of a professional bookkeeper who will maintain accurate records for you.

Cash Flow Forecast: Understanding Your Numbers

As a business owner, it is very important that you know how much money you have left, and if it is sufficient to meet your short-term cash needs. Specially, the recent economic downturn due to the pandemic has made it even more crucial that we are able to project the company’s future financial position based on anticipated payments and receivables. To ascertain if you have adequate cash reserves for short-term viability, it is essential that you have an accurate cash flow forecast set up for your business. 

So, What Is A Cash Flow Forecast? 

A cash flow forecast simply helps you project your company’s future financial position based on your income and expenses. Like a weather forecast predicts the weather for the next week, similarly a cash flow forecast tells you how much money will be moving in and out of your business and how much difference it’s going to make to your ROI.

Why Should You Use A Cash Flow Forecast?

Your cash flow forecast can include your projected earnings, your expenses, and it is usually sketched up to cover the next twelve weeks of spending for a business. It is regarded as one of the most crucial tools a businessperson can have to ensure a steady and stable income in their business. Executed well, your cash flow projections will aid you in having a rich understanding of:

  • . Whether your business is generating enough revenue to stay operational in the long term
  • . Whether your business is developing at the rate you want it to
  • . Whether you need to arrange financing/bank loan to meet short term obligations
  • .Whether you should start considering alternative options and abandon ship. 

Forecasting your cash flow can bring a vast amount of clarity about the future of your business and helps you grasp a comprehensive understanding of where and when your business is losing cash by looking at your projected accounts receivables and accounts payables. 

If you are looking to adopt a proactive financial management strategy into your business, then forecasting your cash flow can be a great asset to bring clarity to your numbers.

What Is A Cash Flow Forecast Used For? 

Informs You Where The Cash Is Going

Cash flow forecasting gives you an exact representation of the comparison between how much you are actually earning and how much you’re spending. With these statistics, you can know whether your business is either under-or over-performing or doing better than expected and allows you to adjust your budget accordingly.

Decreases Production Costs 

Every business operates at its own pace. But having a thorough and rigorous cash flow forecast can help you broadly identify what the base-level needs of your business are to function optimally. It is also handy for identifying opportunities where you can cut back on operating costs and increase your overall ROI.

Identify Future Shortcomings 

Cash flow forecasting is much more than just knowing how much you have left in the bank. It can include all your future expenses, including upcoming payments, bills, and when your business can be expected to experience a little turbulence in its profitability. 

Knowing you have enough cash available to manage your needs can bring a peace of mind and eliminates the day-to-day stress of firefighting short-term cash needs. Through proactive cash flow forecasting, you are able to identify and prevent significant cash shortages before they become a problem.

How To Generate A Cash Flow Forecast?

Through Microsoft Excel

If you’re going to the route of manually creating your forecasts, then using old-school (yet still purposeful) programs such as Microsoft Excel can be a way to get up close and personal with your financial data. Just use a pre-installed template available in the software and forecast your cash flow efficiently. 

  • . But a forewarning, if you’re going to be depending upon this method permanently, then it’s best you be cautious every time you put sensitive financial information into it as this method can result in a lot of human errors.

Through An Accounting Software 

There is no shortage of accounting software programs for accounting and bookkeeping available on the Internet, and most of them will provide you with a vast array of useful options to quickly generate your cash flow projections. But while they are generally easy to use, their projections aren’t what we would call the most accurate or reliable. They’re only suitable to be used as last-minute measures and are not recommended for informed business decision-making.

By Outsourcing To A Financial Management Service

Having a clear idea of your business’s financial health is essential for any entrepreneur. If you do not have an in-house accountant to provide the cash flow for you, then outsourcing your forecasting needs to online financial management services such as Monily can also be really helpful. WHY is this better than the other two options? The accountant will work closely with the business owner to design cash management and cash flow projection tool custom-tailored for the business taking into account the industry-specific variables, needs, and nuances. Our accountants not only create tools and graphical representations in an easy-to-understand format but also provide detailed analysis and identify key action items for optimal cash management based on the report.

See Also: How to Read and Understand the Balance Sheet

Some Important Things To Remember

  • . A cash flow forecast will also reflect your estimated operating costs. So, when you are forecasting, it is essential to remember that these are still projections and are vulnerable to any adjustments or unanticipated cash inflow or outflow. The cash flow report will need to be revised if any new information has come up that impacts the payables and receivables.
  • . Your cash flow forecast can also be used to properly plan out your expenses for months where you will be experiencing slow growth and provides you with a clear idea of how much revenue you will have to set aside in order to cover the expenses of these months. 
  • . More often than not, companies create difficulties for themselves by generating cash flow forecasts that are a tad bit too complicated to be understood by the business owners. So, it is necessary to create forecasts that are more user-friendly and can provide extensive financial insights by viewing them at a glance. 

Final Words

In simple terms, cash flow forecasting gives you useful insights you need to make informed financial decisions such as: will you be able to pay your vendors on time? Or will you have to delay somebody’s payment? A cash flow highlights any cash shortages and enables you to proactively address the situation before it becomes a crisis.

Bookkeeping vs Accounting: The Difference Between Bookkeeping and Accounting

Bookkeeping and accounting are normally used interchangeably, but they are quite different. While their processes are much different, they both work to support a business throughout various stages of its financial cycle.

For one, bookkeeping covers the transactional and administrative side of business finances than accounting. Bookkeeping involves recording financial transactions daily and making sure that all the entries are entered accurately in the correct ledgers.

The work of an accountant builds upon the activities carried out by the bookkeeper and extracts financial insights from the data to provide actionable insights to the business owner. Any entrepreneur person will need both accounting and bookkeeping services to track the financial performance of their business, regardless of whether they’re running a startup or a full-fledged, international company. Some people choose to do it themselves, while some hire bookkeepers or accountants to their team while others outsource it to professionals to do it for them.

Throughout this article, we’ll be delving deeper to identify the key differences between the role of an accountant and the role of a bookkeeper and analyzing in detail how the two professions stack up against one another in terms of their practicality and contribution to a business.

What is Bookkeeping?

A bookkeeper is responsible for accurately recording and updating all financial transactions of a business. Their primary responsibilities include making sure that every financial transaction is entered into the company database and recheck it regularly to ensure it is free of any errors or mistakes. By following upon these responsibilities rigidly, a bookkeeper is able to:

  • . Record and calculate incomes and expenses
  • . Make bank transactions
  • . Create and update daybooks
  • . Process and generate sales invoices
  • . Process payrolls
  • . Create analysis reports and debtor reports
  • . Process financial transactions and prepare statements
  • . Manage accounts receivable and accounts payable 

To be effective in their job, bookkeepers are mandated to have professional expertise to understand how to categorize any transaction correctly in the different ledgers. They must have a good head for figures and must be capable of traversing through multifaceted financial data and to make sure there is a concrete balance in the accounts of a business. 

See Also: 5 Ways a Bookkeeper Can Save You Money

They need to be consistent with their records and ensure that there aren’t any vulnerabilities through which an error can slip in and ruin their books. Some other responsibilities of bookkeepers include preparing and filing VAT returns, sales tax, chasing clients for payments, filing and handling documents, processing requests for expenses, and more.

What is Accounting?

Accounting comes with a wider set of obligations and consists primarily of financial reporting. An accountant analyzes the data collected by the bookkeeper and extracts financial insights and business advice from it to present to the business owner. They are required to break down complex information into simple terms and present it to business owners so that they’re able to understand the current financial standing of their business more clearly.

As bookkeeping is largely focused on transactions, accounting focuses on generating reports that help bring important financial indicators together.

Proper, detail-oriented accounting helps the business owner grasp the actual state of their business’s cash flow and how it can be improved so that it results in increased profitability. Some everyday accounting responsibilities include:

  • . Generating financial reports
  • . Conducting audits
  • . Verifying and reviewing information 
  • . Adjusting entries
  • . Forecasting cash flow
  • . Organizing budgets
  • . Analyzing and projecting financial success

Accountants also prepare financial reporting forms such as tax returns, revenue statements, and balance sheets. They provide estimation for forecasts, industry trends, and prospects for future growth and guide the owners on where to take their business next. Unlike a bookkeeper who is only limited to carrying out his role, an accountant can assume the position of a bookkeeper if there isn’t one available. In their need of strategic financial guidance, a business owner will always turn to an accountant.

See Also: Accounting 101 for Small Business Owners

Accounting vs Bookkeeping: What’s the Difference?

The major differences between these two practices lie mostly in the tasks they accomplish and the skills and expertise that are required to do so. Whereas a bookkeeper is in charge of handling where the money is coming from and where it is going out, an accountant takes care of all the remaining aspects of the finances. They take care of the taxes, provide consultation, assess risks and potential hazards, and generate reports to be passed onto the business owner.

A bookkeeper’s job environment is also much more limited than an accountant’s. If you are a bookkeeper, your services will most likely be sought out by small companies, and you’ll be expected only to have a strong background in math and a high school or college diploma. While a degree is not required, most bookkeepers will pursue a certification or a bookkeeping diploma, whereas some may obtain certifications for QuickBooks and other software. Bookkeepers should also be detail-oriented and demonstrate strong skills in use of computers and technology.

On the other hand, if you are an accountant, you will be required to have at least an undergraduate degree or higher, depending on where you apply for a job. You may be able to apply in places like government agencies, tax companies, and other financial organizations.

Overall, both the role of an accountant and bookkeeper are pivotal for a company’s financial success. Both bookkeepers and accountants are responsible for helping the company expand to new horizons and keep track of its growth.

If you couple correctly arranged financial records put together by a bookkeeper with the financial strategies and tax filing efficiencies of an accountant, you can have guaranteed long-term economic success for your business.

 If you feel that managing your in-house bookkeeper or accountant can be a challenge for you, or are mindful of the cost, it can be far more convenient for you to outsource these tasks to an online financial management service. Not only will you be making considerable savings, but you will also be getting services that are explicitly tailored for you based on the requirements of your business.

Finding the Right Bookkeeping and Accounting Service for Your Business

Investing correctly to streamline your business finances is one of the most rewarding things you can do for your business and for your own peace of mind.  Which is why finding the right, reliable, professional bookkeeper and accountant is a very important task that requires significant time and attention. What usually helps is having both of these services availed from one service provider as it creates synergies, eliminates delays in sharing of information, and errors. Monily has a long-standing record of providing customized financial services to our customers. Our accountants and bookkeepers are equipped with all essential expertise and knowledge to deliver the best service and keep you updated with the financial health of your business. By outsourcing your requirements to us, you will be able to benefit from our best-in-class financial management services so you can focus on growing your business.

Why Is Proactive Financial Management So Important for Businesses?

No business owner starts their company without having a thorough plan for its execution and management. Understandably so, a business can never achieve its purpose if there isn’t a robust strategy backing it up that dictates every move and financial transaction. Financial planning is inherently related to the core processes of any business. It is a necessary practice that allows business owners to create a revenue model, set realistic goals, and track liabilities. As we find ourselves working in more flexible ways to manage our business operations, it’s also equally important to re-evaluate how our company’s finances operate to improve the way we work and ensure consistent profitability.

Whereas conventional management methods such as reactive management are usually preferred by financial managers to dictate the growth of their company, its effectiveness in the long-term falters steadily due to its failure to keep up with the increasing requirements of a growing business. That’s why financial managers need to adopt a proactive approach to accounting to allow themselves to be prepared for any unforeseen disruptions in the cash flow and highlight financial risks before they become detrimental reality impacting the financial viability of your business.

To understand the importance of proactive business financial management, we first have to analyze it deeply to see how effective it is in its true nature.

What is Proactive Business Financial Management?

At its core, proactive business financial management is financial management, but with an extra pinch of preparedness and provision. Whereas some people rely upon the phrase ‘’Desperate times call for desperate measures,’’ Proactive management dictates taking all the necessary precautions and being prepared beforehand before the situation turns into a crisis. Let’s try to understand this phenomenon with an example.

Understanding Proactive Management Through A Visual Aid

Imagine you’ve just started a small business, and you’re continually investing more and more money into it without accounting for adequate ROI or taking measure of the various KPIs. You may think you have a ballpark estimate of say investing roughly $20,000 in your business, but after calculating, you come to realize you’ve spent nearly three times as much. If you take account for any borrowing costs, the hole in your pocket may be much bigger.

To prevent something like this from happening, proactive management indoctrinates a strategic approach to financial management that allows you to make better & informed financial decisions. This approach enables you formalize your business plan in terms of short term and long-term financial metrics and raises reg flags in case things go off track.

So, What Does a Proactive Financial Manager Do?

A proactive financial manager provides a business owner data that includes:

  • A complete framework of a long-term financial plan.
  • Executional Step on bringing such a plan to life.
  • Offering beneficial investing decisions.
  • Offering solutions on the process of funding such decisions.
  • Advising about strategies to maximize profits.
  • Tackle cash runaways.
  • Ensure steady cash flow.

Now that we’ve examined proactive strategy and its benefits for your business, let’s dive deeper and see how it stands against a reactive strategy.

Proactive Vs. Reactive Business Financial Management

A reactive approach to business financial management is one where your money necessities drive you. As the name dictates, a reactive strategy is the one where you respond to a situation after it has gone south, rather than preparing for it beforehand or setting up countermeasures to prevent a crisis from happening in the first place. It usually does more harm than good, you know as they say: ‘A stitch in time saves nine’. The reactionary approach wastes a ton of time and jeopardizes both the financial opportunities for a business as well as the financial integrity of the business. Instead of having a thorough plan, you’re only left firefighting crises. You find yourself making impulse investment or borrowing decisions and then rush in trying to make ends meet when a financial crisis comes to the surface. In simpler terms, it translates to waiting for a pot of milk to boil until spills everywhere, then trying to clean up the mess.

Shockingly this is the way most businesses operate without realizing there already exists a much more efficient method to handle finances. Transitioning into a proactive financial mindset allows managers and business owners to discover new business opportunities, drastically reduce costs and double the revenue, maximize financial security and minimize the risks.  A Win-Win Approach!!

What Does It Mean Having a Proactive Financial Manager for Your Business?

Proper cash flow management is essential in any business and implementing a smooth and streamlined process for managing accounts receivable is one of the best ways to ensure good and healthy cash flow. Proactive business financial managers utilize concepts such as zero-based budgeting in their planning.  Zero based budgeting is the practice of identifying all expenses that need to be made at the beginning of every new period. Then analyzing these expenses to make  robust cash-flow predictions that are backed up by real data and thorough planning, rather than a shot in the dark estimation.

A proactive financial manager performs:

  • Routine financial analysis to understand the numbers as close to the heart as possible.
  • Upon stumbling onto any miscalculations or intuitions of soon-to-happen errors, reports to the CEO before taking preemptive measures against it.
  • Afterward, they will guide you in running your business by creating a well-defined strategy that only results in profitable growth and new opportunities to seize.

Whereas having a proactive financial management can substantially improve and simplify your finances for the long run, you can streamline your business finances by utilizing and hiring the best talent and expertise to do the job for you. Outsourcing business accounting to a virtual financial management specialist who handle all your financing, accounting, and bookkeeping needs on your behalf while allowing you completely focus on growing your business can be very rewarding.

See Also: Top 6 Small Business Bookkeeping Tips For Steady Financial Success

How to Find a Suitable Proactive Financial Management Service for Your Business?

Choosing the right financial partner to delivery proactive accounting for your business is essential. Online accounting services such as Monily conduct a comprehensive analysis of your company’s financial situation before offering proactive solutions. Our experienced Chief Financial Officers (CFOs), provide regular, detailed financial insights, helping you to maximize bottom-line for your business and much more. With Monily’s excellent track record of helping small businesses and startups, you’ll have complete freedom and independence to pursue new ventures while having up-to-date accounting, bookkeeping, and financial records.

Virtual CFO Services – Why Your Business Needs Them

Every business grows at a different rate. It’s one thing to know where to take your company next and the other how to get there. But the one thing that startup owners are always stumped on is when to hire a CFO for their company. For some, it is a question of whether it’s even worth hiring one, and for others, it’s how long they should wait until they get one on-board to manage their company’s finances. Let’s dive deep and begin with analyzing just precisely what a CFO does in practice in order to resolve these queries one-by-one.

What Does A CFO Do?

The primary responsibilities of a Chief Financial Officer, much like a supervisor, are two-fold. On the one hand, they are responsible for managing the accounting team keeping your books up-to-date, and making sure you’re meeting your tax liabilities. On the other, they act as a financial advisor and provide guidance regarding investment decisions to help keep your company’s economic well-being secure.

Now, as wonderful as that sounds, hiring an in-house CFO requires deep pockets. They are egregiously expensive. A full-time CFO could cost you up to $300,000 yearly, perks included. For startups that are in their early years of operation and have a tight leash on their payroll budget, this kind of investment doesn’t make a whole lot of sense. Plus, the need for a CFO’s services is usually on a contractual basis; ergo, hiring one on a full-time position could seem like overkill.

So, how do you avail the services and essential expertise of a CFO without having it wipe a huge chunk your budget? Simple, until and unless you plan to take your business public within the next few years, consider employing a virtual CFO.

How Is A Virtual CFO Different?

A virtual CFO (also known as a fractional CFO) fulfills all the duties a regular CFO does; providing you:

  • Regular financial updates
  • Maintaining your budget
  • Recommending future investments
  • Creating forecasts of your financials
  • Improving your cash flow
  • Analyzing your KPIs

The only significant difference you’ll notice is that a Virtual CFO will be, you guessed it, virtual. They will be providing their services virtually on a contractual basis rather than working as a full-time employee in your office. A virtual CFO will charge for their services on a per hourly basis instead of demanding a fixed salary in thousands and will be providing the exact same solutions a regular CFO does, without expecting any perks.

So, what’s the catch?

There is none, actually. As surprising as that sounds, it is indeed true. Usually, the needs of many small-time businesses are in areas such as forecasting, fundraising, and budgeting, and they inaccurately estimate the extent to which they’ll be needing the assistance of a CFO.

See Also: 7 Easy Steps To Safeguarding Your Business Against The Fake Invoice Fraud

Benefits of Hiring A Virtual CFO

Moreover, hiring a virtual CFO comes with a couple more extra benefits that provide your business more flexibility and financial leverage.

1) More Opportunities:

The needs of a startup are continually changing. Every day you’re engaging with new clients and see yourself investing in different prospects. Although there is no such thing as doing too much business, but one should always have an eye on the overall picture and put the financial stability of their business at the forefront. A virtual CFO judges your client-engagement based on the stature of your business and helps you stave off any unnecessary meetings or agreements that your startup is financially better off without.

2) A Fresh Perspective:

While this may sound surprising, not having a CFO physically present in your office is actually a great advantage. More often than not, in-house CFOs tend to get lost in the weeds of chasing numbers and firefighting day-to-day issues. This impacts their performance and can be a distraction from the crucial task of keeping an eye on the bigger picture and undertaking measures for long term stability. Having a virtual CFO who isn’t always knee-deep in day-to-day financial hassles can be paradoxically beneficial for they will have an outsider’s perspective on your numbers, and they will be judging your metrics from an objective point of view and provide strategic advice accordingly.

Choosing the Right Virtual CFO provider

Trusting someone with your company’s sensitive financial data is not a decision that is to be taken lightly; therefore, it’s essential that your virtually hired CFO is someone who’s trustworthy, professional, experienced, and ticks off all the right boxes for your business’s demands. Here are a few things to remember while you thin out the herd:

1) Compatible Experience:

No company is the same as another in scale. Different companies have different needs, face different challenges, and hire their employees based on those requirements. A virtual CFO service that has made waves working in big-time companies might not be the most suitable candidate for your startup. It would be best if you looked for someone who bears experience working at small-time companies similar to yours. If your startup is a service business that offers professional skills, advice, or products, then you’ll want your virtual CFO to be familiar with these areas of expertise.

2) The Unique Demands of Your Business:

One of the best things about hiring a CFO virtually is that you have complete control over the extent of the service you actually need from them. Depending on your needs and budget, you will have the availability of hiring either one independent consultant and have constant one-on-one communication with them. Or request the assistance of an entire CFO service team to work collectively and deliver results under tight deadlines. Of course, the cost will be a varying factor here, so it’s better to take as much time as you need to decide on this matter. In the end, you will have full liberty of picking your troops individually and deciding what fronts of your business you want them to guard.

3) Your Personal Goals:

There’s no shortage of services and solutions that a virtual CFO will be able to provide you. That’s why it’s paramount that you know beforehand what kind of solutions your venture needs and what areas you would like them to target. Services like Monily, which provides a wide-range of financial management solutions including accounting, bookkeeping, forecasting, tax preparation; offer you a one-stop shop solution and guide you every step along the way to mold the business plan of your dreams into a reality. Whether your needs are only on a one-time basis, or you’ll be needing constant support to advance your business further, Monily Virtual CFO Services can provide the perfect fit for your needs.

If you’re unsure and would rather have a CFO run diagnostics and identify sensitivities and problem areas for your business; a short-term fixed hours contract can help you find the answers. After all, if you’re careful in picking out the right service to watch over your small business, then you shouldn’t have much to worry about later and you can have the peace of mind, knowing all bases are covered.

5 Ways a Bookkeeper Can Save You Money

Money, the world revolves around this small five-syllable word. We might not like to accept it or be proud of it but everything you have done today and will do until you are in bed is about M-O-N-E-Y. In light of this discussion, that money is what matters the most to, of all people are businesspeople and entrepreneurs. Saving up is what drives a business out of the startup phase into a full fledge working business model that elevates returns and escalates growth. 

Does money appear from thin air? Alternatively, the famous parental saying, “money does not grow on trees” is very well understood by all of us by the time we become teenagers. However, in business, there is a way to save money, and that is by having a bookkeeper on board.

Every penny that you do not spend is a penny earned.

This article helps you understand the idea behind creating money from thin air by having an advanced bookkeeping service and answers THAT question: do bookkeeping services save you money?

Manage Your Profits Smoothly

When you run the show, there are a lot of things that you need to look into. Should bookkeeping be one of them? Short answer to that is, no. The longer answer is, would you rather spend a couple of hundred bucks and have someone else take care of your bookkeeping and financial management needs or would you rather, spend countless hours recording your daily transactions and tracking dollars rather than focusing your attention in making more of them.

Every startup works on a very tight profit margin, and even a single dime can make a lot of difference at times, which is why businesses choose to save money on bookkeeping. When you have a professional CPA working for you, keeping track of where you are spending and how much of it is going. In turn by saving off from errors and by spending your time where it matters you can make more money from your business.

Divert Your Attention

Tax time! That freaked you out didn’t it? Yeah, happens, research has shown that the only thing business owners and entrepreneurs loath is taxation. Filling out all that paperwork, cross checking with your accounts and financials, what to write off as deductible and what not, is hectic. However, not when you have a professional who lives and breathes taxation laws and bookkeeping helping you through such tough waters.

The stress you go through when preparing for taxes can take a toll on your business’s other functions as well, hence keeping you from saving money on bookkeeping, accounting and tax filing.

Focus on What You Are Good At, While Saving Money on Bookkeeping

Why complicate your life even more, let a pro handle it. Unless you are a bookkeeper yourself, you should really consider staying out of the mess numbers can create. There are many moving parts in every business, no matter its size and so there are a lot of other areas that you can focus and include your expertise in. One of the more pressing reasons why a bookkeeper would save you money is if you don’t have to go through analyzing all the minute details that money management brings with it. Accountants specialize in taxations and bookkeeping, let them handle the troubles. Spend the time on more productive activities such as bringing in more clients or improving on your products and services. Do not lose sight of the reason you started this business in the first place amidst all the numbers and calculations.

Timely Payments

The first of the month, or whenever you close your payroll is probably the happiest day at work for all of you employees, but getting, managing the accounts and closing them on time is no child play. Your daily activities are only possible because your bills are all cleared. When you forget to pay a bill or forgot to divide the funds to get them paid things can take a turn for the worst.  

Guess what happens when you have an accountant. You do not miss a deadline, ever, nor do you ever lack the funds to clear the bills piling up. Couple that with you saving money on bookkeeping. Your accountant makes sure your bills are paid on time and so are your employees by managing your payroll and accounts as well as keeping your books in pristine condition. 

Error Free Filing

Miss representation can lead to dire circumstances, such as having to pay an absurd late fee just because you missed a few digits on what you owe to the IRS. Having a bookkeeping service through virtual bookkeepers such as Monily, that give you an entire team of fully equipped professional accountants. Save money by filling correctly when you get a bookkeeper.

See Also: How to Find the Right Bookkeeper for Your Business

Conclusion

It is understood that you need to be in everything that is related to your business; after all, it is your baby. You conceived it and earn through it to sustain yourself, it is also something that has all of your hopes and desires mumbled in together. Is it necessary to get into things that can create more of a mess than sort things out for you? Let a professional handle your books, while you save money on bookkeeping and focus your energy in making more of that green stuff appear.

Top 6 Small Business Bookkeeping Tips For Steady Financial Success

Introduction

Efficient management of your small business accounting can help establish your success. Keeping your accounting and finances in order should be an achievable goal. You’ll not only save time but also money. Bear in mind that organizing your accounting takes effort and time. Furthermore, you require a solid plan. Nevertheless, these invaluable small business bookkeeping tips will help you maintain efficiency.

Separate Business from Personal Banking

All new business owners must make it a priority to open a new bank account for their business, preferably an account with online access, to keep business funds separate from personal funds. Always remember to separate your personal accounting from bookkeeping for your business. It will only take up precious time. If you have hired a bookkeeper to keep your business books, always ensure you don’t make them do your personal accounting.

If you need to use business money for personal expenses, just do a bulk transfer to your personal account on a regular basis like once a week so that the bookkeeper isn’t having to deal with a million small personal transactions and making you pay for their time.

Savings Account

Also, open a business savings account and set aside money from your business earnings every month to pay your quarterly tax. Calculate a percentage (25-30%) of your income and transfer it over before you spend it.

Online Bank Accounts

Bank accounts with online accessibility is the way to go now. It is quicker and easier to login online to make payments and keep up with the bank reconciliations in your bookkeeping software, than to wait for the bank to post a statement or writing out checks/cheques to make payments.

Recognize Business Vs Personal Expenses

Drawings (Personal Expenses)

A sole trader or proprietor will most likely withdraw funds from the business account for personal use (drawings). This can be done in place of paying themselves a salary. A good practice is to transfer one amount on a regular basis, such as once a week, from the business account into the personal account. The personal account is then used to buy the groceries, books, toys etc.

The business account can remain nice and tidy with only business transactions and the one regular drawing amount. This will also avoid the temptation to allocate a private expense to the business.

Private vs Business Expenses

A business owner needs to know and recognize what type of expenses can be claimed against the profit to reduce tax, and what can’t be.

  • An expense that is directly related to the operation of the business and towards producing income is usually tax deductible.
  • An expense that is for the owner’s personal pleasure is not.
  • Mixing personal and business does not mean a full claim for business can be made. This includes taking a client out for lunch or buying them gifts.

If in doubt about whether or not to claim an expense, contact your accountant or tax department.

Funds Introduced

Sometimes the owner will use their personal funds for business purchases. These can and should be brought into the business bookkeeping system through bookkeeping journals so that all the expenses are being claimed thereby reducing the amount of tax to pay at the end of the year. Don’t forget to let your bookkeeper know about these expenses and keep all the receipts and invoices for them.

Choose the Right Bookkeeping Software

The type of bookkeeping software you get will depend on what you need out of it. Many software providers offer different levels, here are some examples:

  • Cashbook
  • Ledger and Cashbook
  • Ledger, Cashbook and Inventory
  • Ledger, Cashbook, Inventory and Foreign Currency Transactions
  • Ledger, Cashbook, Inventory, Foreign Currency Transactions and Point of Sale

At a bare minimum, you need a Cashbook. You can keep a Cashbook in Excel, or even in a school exercise book.

Organize Your Business Documentation

Keeping the documentation for all business transactions is a high priority. They are called accounting source documents. Keeping them enables:

  • Easy tracking for any future queries that might pop up
  • Proof (to an auditor or tax man) of what occurred

Most tax departments require businesses to keep the documents that back up their tax claims for a minimum of 5 and often 7 years. These are documents such as invoices, receipts, wage records, etc. Search the internet for your local tax department website and type in something like how long to keep records.

The only way to keep the records is to have a very well-organized filing and archiving system. A box or basket full of randomly placed papers makes it much harder to locate what is needed and will cause an unnecessary waste of time not to mention frustration. There are three basic filing options available:

  • The paper system
  • The electronic system on your computer’s hard drive
  • Online documentation storage

Keep Track of Cash Payments

Any cash received should be paid into the business bank account or petty cash before spending it. It can be tempting to take the cash right away to purchase supplies but this might cause a mess in the bookkeeping system. For example, the bookkeeper/owner might:

  • Forget which customer paid the money which can lead to some embarrassment if the customer is phoned some weeks later for payment… and they have already paid! It could also appear as tax evasion because the income is not being declared in the system.
  • Forget to include the purchase in the books – these expenses definitely need to be entered into the accounts to help keep your taxes down!

Being forgetful about the above will result in the bookkeeping system not reflecting a true record of what has occurred.

Learn to Understand Monthly Bookkeeping Reports

It’s surprising how many business owners have no clue if what they are doing is working until it’s too late i.e. they suddenly find themselves with no money and huge debts. You can avoid this scenario by being pro-active about keeping your bookkeeping system up to date and producing reports at least once a month.

Keep on Top of Your Sales Invoicing

As soon as a job is complete, or at least by month’s end, prepare and send out the customer invoices so that the income can start rolling in, thus keeping the bank balance healthy and enabling payments to suppliers to be made when due. The importance of invoicing customers in good time is a lifeline for the business because this is where the money is at. Keep at it and be organized about it. Of course, this does not apply if the business is operating on a cash basis without extending credit to the customers because the cash will be coming in at the time of sale.

Outsource Your Bookkeeping When It Becomes Too Hard to Handle

If you, the business owner, are also doubling as the office administrator/ bookkeeper and finding the bookkeeping too hard or don’t have enough time to do it, then outsource the whole lot. Outsourcing is:

  • Cost Effective: Because you only need to pay for a couple of hours of work a month opposed to paying a regular wage
  • Accuracy: You are getting that necessary professional work done on your accounts so you can be confident they are correct

It can take a professional bookkeeper 2 to 4 hours to process one month’s worth of bank transactions, finalize a bank reconciliation, and produce a set of reports. You can outsource as little or as much as you want done.

See Also: Top 5 Ways a Bookkeeper Can Save You Money

Below is a list of the most common tasks that are a part of the bookkeeping process. You can ask a bookkeeping professional to carry out only one task or a combination of tasks whilst you or your employed office person does the others.

  • Enter transactions to the cash book, to the correct account codes with the correct sales tax options
  • Process bank reconciliations for the main account, savings accounts
  • Prepare sales invoices
  • Enter purchase invoices
  • Prepare a creditors report and upload batch payments to the bank
  • Prepare a sales report and keep in contact with overdue debtors
  • Process payroll and set up payments to employees
  • Process payroll tax reports to the tax department and set up payment
  • Process sales tax returns and set up payment to the tax department
  • Prepare the monthly reports
  • Advise you on the actual state of your business finances and give you ideas on how to improve cash flow.

The great thing about experienced professional bookkeepers is that they are usually in a position to give you great business advice over and above your day to day bookkeeping needs such as:

  • Investigate new software and advise if any are a good fit for your business
  • Attend business meetings with you and your banker and help explain the accounts to the banker if you find it a little difficult 
  • Help prepare your annual budget and cash flow reports
  • Train your office employees

Organizing your accounting will save you money and time while making your business more successful. Perhaps even more important, it will be less stressful. Need help organizing your accounting and bookkeeping? Monily’s team of qualified professionals are ready to help you focus your time and energy on running the show, while we keep business books for you. If you are looking for a reliable bookkeeping and accounting service, you’ve come to the right place.

Local CPA VS Cloud Bookkeeping

Today is the era where not even your printer needs a cable attached in order for it to function. Everything happens with a touch of a button on your smartwatch or smartphone. The world is getting smarter every day, with rapid transitions into all things virtual.

Studies from the Harvard business school, Forbes and the world bank reveal that almost a quarter of traditional jobs will be taken over by robots and, automated systems within the coming decade.

One of the practices, that will inevitably become obsolete will be traditional bookkeeping. This article talks a little about why and how cloud bookkeeping is revolutionizing and adapting to the ever-growing technological advancements of the digital era.

Local CPA Bookkeeping

Hiring a local CPA comes with its set of limitations. Traditional accounting through a local CPA will need to be done on an office computer that has the accounting software installed. There will be inconveniences that the accountant and the business will face. The biggest issue will be that of limited access. The CPA will have to spend the entire day working on a system. Time is another resource that will be wasted in some form.

The cost of hiring a CPA on your payroll, maintenance of hardware, training leave no room for business scalability. Along with these, there are various other challenges like data security, IT issues, collaboration with clients and colleagues, among others.

What is cloud-based bookkeeping?

The cloud-based bookkeeping is accounting just more advanced, in a manner where your entire information is accessible on every platform that you use today. Instead of having a dedicated computer system or an on-paper system that is solely and devotedly being used for the firms accounting processes. With a cloud-based platform you can manage, review and oversee all your financial data anywhere in the world, any time you want to.

See Also: 5 Ways a Bookkeeper Can Save You Money

In contrast to traditional bookkeeping, the cloud system works on your smartphone just as smoothly and securely as your trusted traditional mediums. Simply transformed into to a much more reformed and seamlessly interactive system. Cloud bookkeeping empowers you to make important financial decisions on the go. You no longer need to remember where your business stands, what your cash flows look like, nor do you need to get puzzled between a wreck of sheets and numbers. A simple tap and all that information is within your grasp.  

Why Cloud based Accounting Professionals?

With a cloud-based bookkeeping you no longer rely on just a single individual that is your, accounting professional to have sufficient integrity, to responsibly go manage your accounts and books as well as successfully illustrate and offer consultations for future financial decisions vital for your business’s growth and sustainability. With cloud accounting you get an entire firm of accountants looking and caring after your growth. Going through all the processes that any niche service goes through to ensure maximum customer satisfaction and optimal results.

You get ten folds out of what you pay for, because now you’re not just hanging in the dry and depending on a single professional for your bookkeeping information to be passed on to you accurately. You get an entire organization backing you up, that goes through rigorous quality control and multiple levels of analysts, before it is handed over to you, in a timely manner.

How do you trust a Cloud-based QuickBooks enterprise solutions?

For starters, an individual that is only answerable to you, can be prone to make mistakes. Their integrity can be questionable and so are their practices, whether or not they are best suited for you and your business.

The success of any business majorly depends on a structure employed through every function of the business. Having a dedicated team of accounting professionals keeping your QuickBooks enterprise solution up to date, managing your accounts as well as forecasting future trends. Gets your business a streamlined approach and a more controllable outcome than traditional bookkeeping methods.

How does Monily take over your worries?

Monily is a financial management solution that has more than 200 Certified Chartered Accountants, working full time to manage, maintain, forecast, and project industry trends to improve clients’ businesses. Only the best and the highest-grade accounting minds work in collaboration to ensure a maximum outcome for your business. With Monily your bookkeeping gets smarter than your smartphone, in other words, it becomes smart-bookkeeping. Now not just a single local CPA works to improve, adjust, reflect, consult and file taxes for you, rather you have the brainpower of 200 plus accountants and financial experts devoted solely to the improvement of your business and to make your business into a success it is inevitably to become.