Frequently Asked Questions

We get it - accounting and business consulting isn’t exactly the easiest thing to understand. At Money Mastery, we believe in educating our clients as much as possible so that they can understand the importance of taking control of their finances. Check out our list of frequently asked questions below:

As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.
Get some impartial advice from an accountant before you consult the bank. A bank will want to see a strong business plan and organized records. Let us help you get ready for your business's next step!
Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"
An A/R Aging Report lists all customers who currently owe balances and how old the balances are.
Viewing a Sales by Customer Summary Report allows a business to look at the characteristics of their top customers in order to help identify potential new customers with the same traits.
Businesses that consult a sales by product/service summary report can decide which products they should buy more of or which products to put on sale, depending on volume.
An A/P Aging Report lists all vendors with open balances and also how old the balances are.
View a Profit/Loss Report to see profitability as well as how much money was earned and spent in each category.
Checking your Balance Sheet Report will help you understand cash balances, money owed to the company, money owed by the company, and net income for a certain period.
The Inventory Valuation Summary reports the purchase or cost value of your inventory items as well as the quantity of each item on hand.
A Profit & Loss Report is an important probability metric that can tell a business owner whether they need to raise prices, reduce spending, or both.
Viewing a Profit & Loss Report will help a business understand what categories they are spending their money on.  
Expenses By Vendor Summary Reports can help businesses negotiate better pricing if they’re buying a lot from a vendor.  
Viewing a 1099 Contractor Report allows a business to verify and validate 1099 contractor payments and compliance requirements. 
A Statement of Cash Flows Report will help a business see the cash flowing in and out for a specific period of time. It also breaks down the source of cash received and spent into operating, investing, or financing activities. A Statement of Cash Flows Report can help a business identify whether it is making more cash than it’s using.

Still have questions?

Don’t worry - just give us a shout and we’ll be happy to answer questions about our accounting and business consulting services!