Ongoing Business Accounting and Financial Reporting Services

Clear records. A better view of your business.

MFS provides business accounting and financial reporting services to help owners understand performance, account balances and cash activity. We organize the accounting work around your operations, reporting needs and the decisions you need to make.

Speak With an AdvisorExplore accounting and reporting support

Discuss your current records, reporting priorities and the appropriate scope of support.

Know where your business stands between tax seasons

Business owners need accounting information throughout the year. Organized records and consistent reporting help you understand what the business earned, what it owes and which questions need attention.

MFS connects bookkeeping, account reconciliation and financial reporting so the reports reflect the activity behind them.

If records are substantially overdue, see Records Cleanup & Tax Readiness rather than treating historical reconstruction as ordinary monthly support.

Reliable reporting starts with the accounting behind it

Financial reporting communicates information about a business’s performance and financial position. Its usefulness depends on the records, reconciliations and accounting methods supporting it.

MFS establishes the agreed accounting workflow, reviews relevant balances and prepares reports from the available records. Questions and missing information are identified so they can be addressed with the client.

  1. Record activity
  2. Reconcile accounts
  3. Prepare and explain reports

What our business accounting services can include

The engagement defines the accounts, entities, accounting periods and responsibilities covered. Depending on the agreed scope, support may include:

  • Bookkeeping and transaction classification

    Organize income, expenses and other transactions using an appropriate chart of accounts.

  • Bank and credit-card reconciliation

    Compare accounting records with statements and investigate relevant differences.

  • Period-end accounting

    Review agreed balances and record appropriate adjustments to support the reporting period.

  • Receivables and payables reporting

    Review outstanding customer and supplier balances where those records are maintained within the engagement.

  • Owner, loan and intercompany balances

    Review relevant balances and supporting records where ownership activity, financing or multiple entities require attention.

  • Tax preparation coordination

    Organize year-end information and address accounting questions needed for the agreed tax preparation work.

Financial reporting that helps you understand the numbers

Different reports answer different questions. We agree on the reporting package and frequency around your needs and the accounting information available.

ReportWhat it showsOwner question
Profit and loss statementRevenue, expenses and profit or loss for a period.How did the business perform?
Balance sheetAssets, liabilities and equity at a specific date.What does the business own and owe?
Cash activity summaryRelevant cash receipts, payments and changes in balances.What changed in our cash position?
Receivables and payables agingOutstanding customer and supplier balances by age, where applicable.What is overdue, and which obligations need attention?
Period comparisons or budget-to-actual reportingDifferences between reporting periods or an approved budget, where included.Where are results changing?

Use your reports to ask better business questions

  • Understand profitability

    Review changes in revenue and expenses instead of judging performance from the bank balance alone.

  • Review balances and obligations

    Understand relevant account balances, customer amounts due and supplier obligations.

  • Identify changes that need attention

    Compare periods and review unusual movements before they become recurring questions.

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An accounting engagement built around your operations

Some businesses need recurring bookkeeping and financial reports. Others already maintain transaction records and need help with reconciliations, period-end accounting or reporting.

MFS defines the division of responsibilities before work begins so you understand what we handle, what your team provides and how questions are addressed.

Ongoing accounting and reporting

For businesses that need recurring support with agreed bookkeeping, reconciliations and financial reports.

Support alongside your existing team

For businesses with an internal bookkeeper or established records that need additional accounting and reporting assistance.

What is established during scoping

  • Entities and accounts covered.
  • Reporting periods and frequency.
  • Accounting method and report basis.
  • Client information and access requirements.
  • Responsibilities and approval arrangements.
  • Report delivery and discussion arrangements.
  • Additional work that would require a separate scope.

From your current records to an agreed reporting routine

The reporting schedule depends on the engagement and timely access to the required information.

  1. Understand the business

    Discuss your operations, existing accounting setup and the information you need.

  2. Review the records

    Assess relevant accounts, available documentation and whether cleanup is needed.

  3. Define the workflow

    Agree on responsibilities, accounting periods, reporting requirements and communication.

  4. Deliver ongoing support

    Complete the agreed accounting work, prepare reports and address relevant questions.

Professional attention to the records behind your decisions

MFS brings accounting and tax experience to the financial records business owners rely on. The work emphasizes organized information, reconciled accounts and clearly explained reporting.

Professional involvement is led by Justin Boodram, IRS Enrolled Agent, who has an accounting background. Where accounting and tax services are combined, the engagement connects the records with the filing work they support. The Enrolled Agent credential relates to taxpayer representation and tax practice, not audit or financial-statement assurance.

About McGregor Financial Services

MFS works with businesses across professional services, real estate, maritime, aviation and other industries.

Accounting, cleanup, planning and tax preparation are related, but they are scoped separately. The work included in an accounting engagement is defined before it begins.

Frequently Asked Questions

What is included in business accounting services?

The engagement may include bookkeeping, account reconciliations, period-end accounting and financial reporting. MFS establishes the accounts, entities, responsibilities and deliverables covered before work begins.

What is the difference between bookkeeping and financial reporting?

Bookkeeping records and organizes transactions. Financial reporting summarizes accounting information so owners can understand performance, balances and other financial questions. Reliable reporting depends on the records supporting it.

How often will I receive financial reports?

The reporting frequency is agreed during scoping. Monthly or other periodic reporting may be appropriate depending on the business, engagement and availability of the required information.

Can you work with my existing accounting software?

We review your current software, access arrangements and records before confirming the workflow. Existing systems may be retained where they support the agreed accounting and reporting needs.

Can MFS work alongside my bookkeeper?

An engagement can be structured around an existing bookkeeping function where appropriate. Responsibilities for recording activity, reconciling accounts and preparing reports are defined before work begins.

What if my books are behind?

MFS first assesses the missing periods and condition of the records. Accounting cleanup or catch-up work may require a separate engagement before recurring reporting can begin.

Does accounting support include tax preparation?

Tax preparation is included only where specifically agreed. Accounting records can support filing, but the bookkeeping and reporting engagement does not automatically include preparing tax returns.

Can you prepare reports for a lender?

We can discuss the reports requested and determine whether they fit the available records and service scope. Lenders may require a particular reporting basis or an assurance engagement that must be assessed separately.

Are these audited or reviewed financial statements?

The service described on this page concerns bookkeeping, accounting and management financial reporting. It does not include audit or review assurance services.

How are accounting fees determined?

Fees depend on factors such as transaction volume, account and entity complexity, record condition, reporting requirements and responsibilities. MFS explains the agreed scope and fees before work begins.

Next step

Let’s define the accounting support your business needs

Tell us how your records are maintained, which reports you receive and where you need more clarity. We will discuss the appropriate accounting work and next steps.

Start with a conversation about your current setup and reporting priorities.

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