QBO Diagnostic Review
Your books are like your car. Truly your Financial Vehicle. The better care you take of it, the better image everyone will see. Of course for internal operations, the car won't function well without oil changes. But also externally, the bank is not going to finance a large loan for a "beater with a heater". Not to mention, the feelings of pride or embarrassment that you feel driving that car.
In my experience, Small Business Owners tend to struggle to commit the time necessary to keep their books up to date. Which makes sense because they are busy running and growing a business! Before they know it, the books get messy and feelings of guilt or embarrassment can stand in the way of reaching out to a Professional for help... But up-to-date reports are crucial to making strategic decisions for your business (today!). Don't let procrastination keep you in the dark!
You don't even have to be struggling to get a valuable second opinion. A Diagnostic Review can be insightful if you've been handling the books yourself for a few years and now you're curious if there are any unforeseen issues lurking, or if you could take advantage of a more efficient Chart of Accounts, now that you're ready for strategic growth. Processes that used to work may become inefficient as your business scales... 20 doors can be a much higher transaction volume than 5.
Think of our Diagnostic Review as an 11-point inspection of your financial vehicle. This service is only available if you currently have an active QBO file.
The Onboarding Process
This allows us an opportunity to work together and ensure that we are going to be a great match (personality, response time & technology-wise). Upon completion of our Diagnostic Review, we will schedule a Zoom meeting to "show and tell" any concerns that we see regarding your books. We understand that it all seems to make sense when you have us on the call, but trying to relay that same detail to your CPA... the clarity we shared may become misconstrued. Which is why, we also provide a written Findings Report. Reminding you of the purpose of each inspected account, any concerns that we identified, and our Recommendation(s) for Resolution.
Our team is skilled at efficiently Identifying and Resolving issues that are common to us, but often a struggle for the DIY Bookkeeper who isn't familiar with Trust Accounting, GAAP, and/or the quirks of QBO.
Here are a few common mistakes of busy Business Owners handling their own books:
- The account tile in QBO has two different dollar amounts.
- Reconciliation: All bank, credit, loan, and tax accounts should be reconciled on a monthly basis.
- Undeposited Funds: These should be a positive balance with no old payments lingering over 30 days.
- Credit Cards and Loans should have positive balances.
- Refunds: Refunds from Vendors should not have a separate category.
- Not reviewing reports on a monthly basis.
- Only Reviewing the Profit & Loss report (Balance Sheet?! Stmt of Cash Flow?!)
