An effective way of managing cost is sometimes by way of cosourcing or outsourcing. Although the cost of hiring, managing and supporting appropriate finance and accounting staff is a clear and necessary cost of doing business, not many small businesses can afford it. Even those businesses that may afford the cost might want to focus more on their core business, rather than the routine accounting issues. And because the LAW requires businesses to maintain accounting systems and appropriate business management processes, Businesses have to undergo this painful budget constraint of acquiring the relevant staff to manage those systems. These challenges often lead to:
- Lapses in internal accounting controls;
- Unsuitable choices in selecting accounting tools and resources;
- Undesirable hiring and process implementation decisions relating to financial accounting;
- Inadequate planning, process management and results that leads to negative consequences related to finance and accounting.
Our Accounting Support Services, which involves sourcing arrangements where we provide full scale bookkeeping, accounting and reporting services for our clients, seeks to address this sourcing needs. Signing up for our part time Accounting Support Services will afford your business the ability to:
- Compile accounting records for various accounting periods, regain control of your accounting data and report timely
- Set up ledger accounts to track all transactions
- Monitor income and expenses to enable informed decision making;
- Prepare monthly, quarterly, annually or special purpose reports on which you base sound management decisions. Prepare monthly bank reconciliation, Maintain security over bank account of your entity.
When you work with McJames staff professionals, you will have access to both our accounting staff, as well as benefit from well established, carefully structured processes.
At McJames & Francis, we support all accounting, tax and payroll needs of our clients, as well as, providing advisory services for business development. We seek to ensure that reliable information systems are provided for all type of business activities. McJames & Francis provides quality business and enterprise advice that support accounting, finance, tax, payroll and outplacement of temporary finance department and accounting/general-ledger personnel by addressing issues as:
- Income earned in your business, farm, hobby or consulting
- Sources and uses of funds by jobs;
- What are the income tax implications of business gains and losses?
- Are your allowance accurately accounted for and appropriately documented?
