Can you pinpoint what’s working (and what’s not) in your bookkeeping process?
BalanceWise Bookkeeping’s Discovery Checklist gives us a comprehensive look into your financial records, so you can confidently decide the next steps to take.
1. General Information
· Business name (operating & legal)
· Entity type
· Business formed
· Taxes last filed
· Relationship with accountant
· Long term plans/goals
· Current software and version
2. Number of Accounts & Account Types
· Checking
· Savings
· Credit cards
· Other, etc.
3. For Each Account
· When was the last reconciliation?
4. Outstanding Issues with Reconciliations
· Review reconciliation reports
· Outstanding transactions
· Balance issues
5. Review Chart of Accounts – Document Anything Unusual
· Negative accounts
· Unusual practices
· Unused accounts
6. Review Income Statement
7. Review Balance Sheet
8. Review Accounts Receivable Aging
9. Review Accounts Payable Aging
10. Payroll
· Outstanding issues
· Outsourced
11. Liability Accounts Balances
12. Are we missing anything?
· Credit Cards
· Lines of Credit
· Merchant Accounts
· Loans
13. Personal spending from business accounts?
14. Spending of personal money on business expenses not recorded on books?
15. Overall review synopsis
16. QuickBooks Online/Xero upload potential
· Total targets
· Class tracking
· Inventory
· Multiple currencies
· Price levels
· Customer types
· Billable expenses
· Sales tax
· Other Names list
17. Current Status with Tax Agencies
· Quarterly estimates
· Employee deductions
· Sales taxes
18. Current Insurance Status
19. Current Reports Received by Management
20. Current Unsolved Pain Points
21. Future Goals for Business Finance Management
Call (714) 602-9384 Office or (657) 888-3618 Mobile for a FREE Consultation!
Lighting the Path to Positive Financial Change
www.BalanceWiseBookkeeping.com