August 8, 2018

BOOKKEEPING FILE REVIEW

We would love to check in on your Quickbooks file and provide an analysis of what’s going great and where you can improve your bookkeeping processes.

Behind on your books?

Did you engage a less-than-professional accounting professional?

Need a year end review before you have your accountant produce your corporate taxes?

Simply wondering if you are keeping a great set of financial records?

 

We’re not here to judge, we are here to help!

We understand that you may be behind, your bookkeeping may be less than stellar or you’d like a second set of eyes on your financial file.  Just keeping up with keeping up is tough, and you’re not a bookkeeper.  Trust us, we have schtuff that we are behind on and reach out for help with too!

 

We charge $250.00 +HST and here is what you can expect to get out of your Quickbooks review.

 

COMPANY SETTINGS:

Analysis to create optimal company settings and create effective workflow in your file.

OVERALL REVIEW:

Bookkeeping housekeeping is important.  We will check for transactions with no vendor or customer, transactions with duplicate or no numbers and general tidyness.

Are your transactions coding to the correct accounts?  Do you have assets posted as expenses?  Negative income and/or positive expenses?  Do you have un-categorized transactions?  Are your automobile accounts being treated correctly?  And how about your Meals, Entertainment and Travel expenses?!  These are CRA lightening rods and the most abused and overused accounts!

CUSTOMERS AND VENDORS:

Review of customers and vendors, including scanning for duplicate contacts.

RECONCILLATIONS:

How many accounts should be reconciled, when they were last reconciled (if at all), and are there old uncleared transactions.

CHART OF ACCOUNTS:

Review for logic, tax code settings and how it will impact your reporting.

SALES TAX:

Review that tax codes are applied correctly.

We will check that your sales tax filed currently in Quickbooks.

REPORTING:

Your Balance Sheet is likely more important than you think.  We will check that your accounts are in the correct +/- position, un-deposited payments are current, that any clearing accounts are cleared and your Due To Shareholders/Owner’s Equity is reasonable.

Accounts Payable and Accounts Receivable need to be current.  We’ll review them for irregularities.

Does your Profit & Loss make sense?  Is it giving you the information you need to make sound business decisions?  Are your accounts in logical order?  Cost of Goods/Services Sold is key to your P&L, we’ll double check that you don’t have operating expenses posting there.  Or CoGS posted as expenses.  Are your “Other” Income or Expenses coded correctly?

WORKFLOW APPLICATIONS:

We love accounting technology and how it can lighten your workload and streamline your workflow.  We will suggest a few useful, easy to adopt applications that will do the heavy lifting for you.  And take you to that paperless nirvana.

So what happens next?

We will send you a report of our findings and schedule a 15 minute Zoom meeting to discuss your next steps.

We want you to have real time, accurate, compliant useful financial data to help your business grow and prosper.  To that end let’s spend a few minutes talking about what’s going on in your bookkeeping and what you need to do from here on in.