QuickBooks Report Card

Our Report Card explains what parts of your accounting system are working well and which ones need a little help. 

Why is this important?

Using the software correctly will produce the most accurate reports & metrics available. Without accurate numbers, you cannot see your real results which makes it difficult to set new goals and measure your progress.

What is included?

We review over 30 areas of your file and give you a report detailing the results we found. We go over that report with you in a virtual meeting and then you can decide if you’d like our help fixing any issues we found. Some of the areas we investigate are listed below.

File Setup Review

QuickBooks utilizes a number of lists as the building blocks of your accounting system. If these lists are too extensive, it can make your reports overwhelming and unreadable. If these lists are too summarized, it can be difficult to gather the data you need to make decisions about your business. These lists can include:

  • Chart of Accounts
  • Products/Services Item List
  • Payroll Item List
  • Classes (for tracking different business segments or locations)
  • Price levels (for applying different rates to different customers)
  • Customer Types (easily segment your business by different customer types).

Other setup items we review include:

  • 1099 Vendors properly setup to reduce time in creating 1099s are year-end
  • Multiple currencies
  • Price levels
  • Customer types

Financial Data

While we don’t look through every single transaction, there are a few indicators we use to judge the accuracy of the financial information:

  • Does QuickBooks match your last tax return filed? If it doesn’t, this could result in a giant headache for your tax preparer (which usually results in a giant bill from them too!)
  • Balance Sheet Review – We look for old or unusual account balances.
  • Bank Reconciliations – Have they been reconciled recently and do those reconciliations still match your reports? Are there old or unusual outstanding transactions?
  • Undeposited Funds – This account is a common headache for many QuickBooks Users. If you see this account on your Balance Sheet and you don’t have a pile of checks on your desk waiting to go to the bank that matches that total, then you’ve most likely got duplicated sales. Duplicated sales can result in paying too much in taxes!
  • Accounts Receivable – Reviewing old or unusual customer balances
  • Inventory – Reviewing quantity-on-hand to see if inventory reports appear accurate.
  • Accounts Payable – Reviewing old or unusual vendor balances
  • Credit Card Transactions & Reconciliations – Reviewing how credit card transactions are being entered, and the last date reconciled.
  • Payroll Liabilities – Have your payroll liabilities been paid properly?
  • Sales Tax – Have your sales taxes been collected/remitted properly?
  • Opening Balance Equity – This account should never have a balance left in it. If you see it on your Balance Sheet, this needs to be resolved.
  • Profit & Loss Review – Reviewing unusual account balances and the proper classification of transactions.
  • Uncategorized Incomes or Expense – These accounts are a temporary holding spot for transactions that need to be properly classified.
  • Co-mingling Business & Personal Funds – Not only is mixing business & personal funds a bad idea, but it can also cause you to lose the protection provided by your corporate status.
  • Billable Expenses – Marking an expense as billable and then never billing the customer for it correctly can bog down your system and make reports inaccurate.
File Integrity

Several items can affect your file integrity making it more likely to become corrupt or crash, which is a headache you want to avoid at all costs. Some of the items we check include:

  • File Size
  • DB Fragments
  • Number of Versions Used
  • Balance Sheet in Balance
  • Speed
  • Data Verify
  • Users
  • QBO Upload Potential (for QB Desktop users only)

Want to learn more?

The QuickBooks Report Card costs $400.

If you’re interested in this report for your company’s file, click here to learn more!