Reviewing your QuickBooks account
Let me be Your QuickBooks Pro-Advisor who Reviews your Financial Books
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- No extended contracts.
- Better understanding of your books.
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- Best of all- if something isn’t right I can help fix it for you.
What's involved with reviewing my QuickBooks account?
When reviewing financial data in QuickBooks, there are several key things I’ll be looking for:
Accuracy of Data Entry: Check that all transactions are correctly entered, including sales, expenses, payroll, and any other financial activities. Look out for any duplicate entries or errors in categorization.
Bank Reconciliation: Ensure that bank statements reconcile with the transactions recorded in QuickBooks. Any discrepancies should be investigated and resolved promptly.
Income Statements (Profit and Loss): Review the income statement to assess the company’s revenue, expenses, and net income over a specific period. Look for trends, unusual fluctuations, or irregularities that may require further investigation.
Balance Sheet: Examine the balance sheet to evaluate the company’s assets, liabilities, and equity at a specific point in time. Pay attention to liquidity, debt levels, and the overall financial position of the business.
Cash Flow Statement: Analyze the cash flow statement to understand how cash is being generated and used within the business. Look for patterns that may indicate potential cash flow problems or opportunities for improvement.
Accounts Receivable and Accounts Payable: Review aging reports to assess the status of outstanding customer invoices and vendor bills. Follow up on overdue payments and ensure timely invoicing and bill payments.