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:
When should I contact an accountant?
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.
What are my options for raising money?
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!
How can I know which accountant is right for me?
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!"
Who owes me money?
An A/R Aging Report lists all customers who currently owe balances and how old the balances are.
Who are my top customers?
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.
What are my top selling or worst selling products?
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.
How much do I owe my vendors?
An A/P Aging Report lists all vendors with open balances and also how old the balances are.
How much money did I make?
View a Profit/Loss Report to see profitability as well as how much money was earned and spent in each category.
Can I afford new equipment?
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.
How much is my inventory worth?
The Inventory Valuation Summary reports the purchase or cost value of your inventory items as well as the quantity of each item on hand.
How much revenue is available to cover operating costs?
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.
How much have I spent on a certain category?
Viewing a Profit & Loss Report will help a business understand what categories they are spending their money on.
How much have I paid for a certain category?
Expenses By Vendor Summary Reports can help businesses negotiate better pricing if they’re buying a lot from a vendor.
Which vendors may also be classed as 1099 contractors?
Viewing a 1099 Contractor Report allows a business to verify and validate 1099 contractor payments and compliance
requirements.
If I show a profit, why isn’t there any cash in the bank?
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!