Monthly accounting services provide substantially more value than yearly service. If an accountant only sees your numbers once a year, it is too late to offer advice that would have helped to make that year more profitable. And also too late to lower your tax liability for a year that is already over with.

Advantages of monthly account :-

1. Saves time & costs as compare hire full time staff
2. Conduct regular business profitability advice
3. Peace of mind cause handle by professional
4. Tax liability is reduced
5. Make proactive financial decisions

According to Public Ruling, Income Tax Act 1967, all business records and books of accounts shall be retained for a least 7 years from the end of year in which the returns is furnished.

Example The financial year of a company is the year ending 31.12.2017. The company fails to furnish its return for the Y/A 2017 by 31.07.2018 as required under the Act. The return is furnished on 28.02.2019.

The records of the company for the financial year ending 31.12.2017 should be retained until 31.12.2026 [i.e. 7 years from the end of 2019 (the year in which the return is furnished), and not from the end of year of 2017.

1. Collecting receivable : Monitor closely account receivables and quickly collect overdue accounts
2. Shorten credit requirment : As credit term is reduced, customer need to pay cash for product purchase, thereby increasing cash flow and reducing bad debts
3. Get short term loan : : Loans from various financial institutions are often necessary for covering short-term cash-flow problems
4. Increasing your sales: Increased sales would appear to increase cash flow

1. Conduct monthly meeting & presentation with owner & management team
2. Knowing your minimum sales turnover to achieve per month
3. Monitoring monthly business operating expenses
4. Analysis 5 major expenses

1. Sales Invoice – Filing by invoice number & month
2. Purchase Invoice – Filing by supplier name & month
3. Receipts & Payment – Filing by month & supporting documents
4. Bank statement – Filing by month