Business Services FAQsFady Guirguis
Business Services FAQs
Frequently Asked Questions
- What kind of financial statements do I need?
- How could I use your service for setting up my business accounting on the computer?
- Why would my business consider outsourced accounting?
- Why would I need a business coach when I know my business?
- Our business has been thinking about standardizing procedures, but isn’t adopting systems and standards costly, bureaucratic, and time consuming?
- How do accountants charge for their service?
- Can you give me a quote for the job?
What kind of financial statements do I need?
If you represent a non-profit organization or business (corporation, proprietorship, or partnership) that must report to unrelated shareholders, bankers, creditors, or government you may require an Audit Engagement. The determining factor is the amount of risk associated with the use of those statements.
A Review Engagement will ascertain whether your financial statements are worthy of belief and will provide limited assurance that your financial information conforms to generally accepted accounting principles.
A Notice to Reader Engagement will ensure that your financial information is compiled into financial statement format. Generally, this type of financial statement is prepared when records are reliable, the business is small, and the financial statements are primarily used to file with Canada Revenue Agency.
How could I use your service for setting up my business accounting on the computer?
We support most of the popular accounting programs and can help with your selection of the best accounting program for your business. We are also happy to assist you in tailoring it to your specific business needs. Our training is delivered by Certified QuickBooks or Simply Accounting trainers, who are also experienced bookkeepers and accountants, and are very skilled in the use of the accounting programs they support.
Why would my business consider outsourced accounting?
When you consider the TRUE cost of maintaining an in-house accounting department, including things such as salaries, benefits, vacation pay, down-time, computer costs, use of office space, stationery, hiring costs, firing costs, keeping a person full-time when they are only needed half time, you may want to consider the alternative. We offer a service that you can use as much as you need to. There is no hiring, no use of your business premises, no human resource or computer hassles to deal with. We can give you efficient and consistent quality service provided by qualified professionals.
Why would I need a business coach when I know my business?
80% of North America’s small and medium sized businesses fail in the first 3-9 years. Businesses start out with the entrepreneur’s idea that they can do the job better than someone else. As their business matures, often the very characteristics that helped them start the business are the ones that cause the business to falter.
Our business coach helps you, as business owner, to stay focused on the main goals of the company, one of which is to be a business success and achieve the personal goals of the business owner(s). A business coach, who is independent from your company, can be helpful in separating the forest from the trees that make up the everyday activities of business. A business coach can help you, the business owner, gain more personal satisfaction from your business life and consequently from your personal life.
Our business has been thinking about standardizing procedures, but isn’t the adoption of systems and standards bureaucratic and time consuming?
Implementing any system can be costly, in terms of both time and other resources. Our systems, though, have been tested and proven by many companies in countries around the world. Our company adopted ISO standards (International Quality Standards recognized throughout the world) to ensure excellence in our business practices. The results are quality and consistency of products and services.
Over a period of several years our firm has developed an extensive set of standard business documents, including templates, work instructions, and forms. We have built these documents, along with several other business features into an intranet system based on the Microsoft SharePoint platform. The resulting system, Business Connect, can be adapted to nearly any business. This product allows your business the advantage of a turnkey business system that allows your entire team to stay connected and maintain all the business intelligence of the company.
How do accountants charge for their service?
All accountants charge by time spent on a task or project. The longer it takes the higher the cost will be. Accountant’s invoice based on their level of knowledge and the time they spend on a job. The more organized your financial records are when you give them to us, the quicker we can prepare the work you have asked us to do and the more cost effective it will be for you.
Can you give me a quote for the job?
At MiAccounting this is an integral part of the engagement. At our first meeting, we will discuss the scope of the work to be performed, timelines and reporting requirements. Just as it is impossible to quote a construction job without first looking at the plans, it is also not possible to know how long any particular accounting/tax work might take without seeing the financial records.
Once we have had an opportunity to review your records and discuss the requirements, we will calculate a detailed time budget and provide you with a quote. If something in the scope changes which would require a change to the fee, we will advise you of this change ahead of time.