Frequently Asked Bookkeeping Questions


"How can I ensure that my finances are being properly maintained for my business?"

First, if you use an independent firm like Management Horizons, you can be assured that your finances are being properly handled. Our team of professionals has decades of experience in businesses just like yours. If you have a finance department, bring us in to evaluate your controls and examine your financial records. We will determine if the transactions are being entered and processed in an accurate and timely manner. Next, we'll make sure that deposits reconcile to sales and accounts receivable. We will also evaluate adjusting entries to make sure that sufficient back-up exists for these transactions.
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"What are the fundamental controls that I need?"

Have your bank statements sent to your home address, to a private post office box, or to Management Horizons. We'll evaluate every transaction and will review any questionable transactions with you. If you have a bookkeeping department, they will expect you to want to see these records before they do. It is one of the steps that you can take to reduce the risk of fraud.
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"I have been told that if I sign up with a financial services firm, there are many "hidden costs." How can I avoid the surprises?"

You will have no surprises with Management Horizons. We provide you with a specific list of services that we both agree upon. For those services, you are charged a consistent monthly price. That way, you always know in advance of the cost for financial services.
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"That sounds good, but what if I need additional services beyond those upon which we originally agreed?"

Good question! Events will arise such as the need for a bank loan package, computer website design (yes, we also provide computer services!), or creation of a retirement plan for you or your employees. We will quote you the price for the services before we start. If you approve for us to proceed, you will know in advance of the costs for the services.
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"I don't really have the time to concentrate on the financial reports. How can you help to make them more understandable to me?"

If you use our quarterly business analysis, you will have an in-depth review of your financial performance in plain terms, showing you not just the numbers, but charts and graphs to illustrate what's happening in your business. It's a dialogue. We walk through the session with you, answering your questions as we present the materials.
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"Do you just present the materials?"

NO! We tell you what's been successful during the quarter so that you can continue to perpetuate those good events. Next, we tell you what isn't working. We don't stop there, though. We give you concrete suggestions about what you should consider to correct the weaknesses.
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"Does it help to look backward?"

Yes, it helps. It tells us what you are doing so that we can project what will probably happen in the future. That, too, is part of the quarterly business analysis. More importantly, we evaluate your cash resources. Are you generating enough cash from operations to meet your future plans? If not, we'll review your options with you and we recommend the course we believe to be best for you.
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"If I have problems with the Internal Revenue Service, how can you help?"

Sometimes the IRS will question a payroll deposit, or even apply your deposit to the wrong accounting period. We'll work on your behalf with the IRS to seek a resolution. Remember, we're on your side!
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"Can you help me to get additional financing for my business?"

While we can't guarantee success, we arrange bank financing for our clients. We know what the bank needs in order to present you and your business in the most favorable light. Additionally, our banking relationships are strong. We know what many of the banking institutions require and which ones are the most responsive and client-focused. That helps to get candid answers quickly.
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"What if a bank isn't willing to loan the funds that the business needs?"

There are alternatives. In addition to bank financing, there is capital equipment financing (leasing). Sometimes the best alternative is to seek equity investment into the business. At Management Horizons, we can assist you in seeking the most appropriate financing for your needs.
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"How can long-term financial planning assist me?"

Long-term financial planning is more than planning for your retirement and your estate. The tax consequences of your options are evaluated and presented to you. Our objective is to help you optimize your wealth-accumulation goals.
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