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FAQs

FAQs

Roughly half of all American taxpayers overpay the IRS. And if you are making the same mistake or are missing deductions year after year, then you should definitely consider selecting MWJ Consultancy. We examine each of our customer’s tax status in order to obtain all major deductions, credit, and tax advantages. Our team guarantees to provide you with the correct results or your money back.

If your business does not need the creation of sales orders or estimates, your A/R workflow starts with the creation of the invoice:

  • To create an invoice, go to the home screen or the customer's menu and select the “Create Invoices option.
  • Next, go to the Customer section and click the drop-down menu to select a customer or customer job.
  • And if the customer or the job is not added to the list yet, you need to select “Add New.”
  • Go to the top of the form and fill in all the details.
  • In the details area, you will then select the items.
  • At last, hit the “Save and Close” button.

Transitions can be complicated, but you can prepare your company for outsourced accounting;

  • Make sure that your new financial partner is a suitable match.
  • Prepare a schedule and make sure that you have enough time.
  • Specify your objectives.
  • And last but not least, keep checking out for potential roadblocks.

QuickBooks is used as a business accounting software that tracks your daily transactions and manages revenues and expenses. The software can be used for various tasks, for instance, running reports, sending estimates, handling bills, monitoring inventories, invoicing, payments, and payroll.

Financial accounting plays an important role in determining a company’s financial situation and profits. The trading and profit & loss accounts depict the business’s net profit and loss. On the other hand, the balance sheet shows the organization’s financial conditions. Drafting the profitability statement and the business’s positioning statement is known as “finalizing the accounts.” The accounts that must be prepared while finalization is as follows:

  • Trading account
  • Profit and loss account
  • Balance sheet.

These accounts are required to be prepared corresponding to the financial accounting standards.

Yes, we do! We offer E-filing and deposit refund amounts to the clients’ bank accounts for free.

We are open 365*24*7 for your convenience. Contact us anytime you want and MWJ Consultancy will ensure that there’s an expert to help you.

Despite the fact that poor financial management is a leading cause of business failure, many small and mid-sized businesses fail to properly examine and manage their funds. If you don't have good financial systems in place, your company could suffer in a variety of ways:

 

  1. Revenue loss
  2. Inadequate tax planning
  3. Lost financial opportunities

 

A reputable monthly accounting service will handle your profit and loss statements, monthly balance sheets, and frequent account reconciliation for you, allowing you to recover control of your finances with little work.

Quickbooks is the way to go if you're all about accounting and associated services like invoicing. The software's integration with other apps will enhance your financial status. If you need to produce complex graphs and charts, use Excel. Quickbooks just provides accounting graphs.

Excel is one of the most often used accounting tools for small-business finance managers. Smaller firms have and consume less financial data than larger organizations, and Excel helps them to focus on essential accounting functions like budgeting and forecasting.

We'd be happy to meet with you for a quick session to give specialized financial advice for your new company, but you'll need three items at a minimum:

 

  1. A full plan for action
  2. Accounting records that are consistent
  3. Expert assistance

You can create an installment plan to settle your tax burden, or you can choose another alternative, such as an Offer in Compromise to pay taxes through an installment payment plan (OIC). Under an OIC agreement, the IRS may agree to settle the taxpayer's liabilities for less than the total amount of taxes owed. The IRS is unlikely to issue an OIC if there is evidence that the taxpayer could pay the entire amount through an installment payment plan or another method. To be considered for an OIC, complete Form 656, Offer in Compromise, or Form 656L, Offer in Compromise (Doubt as to Liability), and submit the application packet to the IRS.

  1. Quickbooks
  2. TurboTax
  3. Quicken
  4. Xero
  5. Sage
  6. KashFlow
  7. Tally ERP9
  8. TurboCASH