QBO Tech Tip - File Review
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QBO File Review Tech Tip
- All of my template workflows include details like this, and my Standard Operating Process Guides are start to finish standards for apps and internal processes
File reviews are key for assessing prospective clients.
There are the obvious elements of file reviews.
Balance Sheet accounts are in expected positions and compliant with government regulations
Due/To/From Shareholders is on point
Un Deposited Funds is not overrun with historical entries
AR and AP aging is not chaotic
Profit and Loss accounts make sense, and key audit flag accounts are not being abused
Not that people love to put all their automobile, travel or M&E through their business or anything…
Checking materially large purchases for fixed asset reallocation
Bank feed and reconciliation status
Last dates reconciled
Open items in the feed or left in reconciliations
Noting whether sales tax is up to date
Checking if the GL/BS/Reconciliation/Statement ending balances match
These are the common elements to review and discover the status of a file.
But it is super important to check the status of settings and non-posting transactions too! And many folks simply don’t think about doing this.
There are settings to check for housekeeping.
Chart of Accounts
Check for numbering, tax codes applied, sub-accounts
Bank rules should be vetted, and of particular note, what are the auto-add rules
A review of settings
Automation that may cause trouble
Specifics that will increase the scope of work
Multi-currency, Class and/or Location tracking, Tags…
There are reports for non-posting transactions. Run and review them.
Billable expenses
Sometimes, open billable items can clear with zero-sum invoices
Other times, they can be a nightmare to clear; you may need to do them one… at… a…time…
In particular, files older than 2014 and Desktop conversion files are a buggar to clear unbilled charges
Billable time
Open Purchase Orders
Open Estimates
It is key to review all aspects of a file, not just the typical run-through of the feeds, reconciliation status, P&L and Balance Sheet transactions. Consider the non-posting transactions mightily when pricing a prospective client!
Open, uncleared, non-posting transactions will add to your workload and indicate a business’s sense of organization. If they are cruddy QBO housekeepers, it may be an indication of a client who won’t care about the health of great financials. These may be the businesses that won’t pay for books you deem worthy of your firm creating, or they may be lousy responders to collaboration.
Featured Template
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Featured Template ~~~
15% off discount code: BLOG
The 17Hats Year End / Prospect File Communications & Workflow templates are multi-function. They can be used to:
Review current client files before finalizing a year-end
Review prospect files to determine fit and pricing
Using a templated workflow ensures you never miss a step in a file review, whether preparing for year-end or getting to know prospective clients.
Failure to catch things during your file review can create a host of problems, including missed deadlines, misquoting new clients, and wasted time.
Luckily for you, we’ve already done all the leg work! Created by accounting professionals who know and love 17Hats, these templates make file reviews easy and efficient.
What you get:
File review workflow templates
Easily duplicate and customize these templates for year-end file reviews, review engagements, and new prospect file reviews
Email templates
Checklists of tasks & to-dos
The workflows are not automated - yet! You need to test them for your needs. But then everything is in the correct order and can be quickly set up for automated Qs, emails, quotes, contracts and more!
If you arepurchasing the 17Hats Onboarding Workflows, you do not need to purchase this one as well. It is included in the full onbarding kit.
- QuickBooks Connect Las Vegas
November 14, 2023 - November 16, 2023
9:00 AM - 5:00 PM
This is one of my favourite events of the year and I can’t wait to hang out with my peers and friends there - please be one of them joining us!
I am excited to be hosting a session on “Systems & Automation You Will Love”.
Twice :-}
Simple Implementations To Create Big Work & Life Impacts.
There is so much automation you can set up, often quickly and inexpensively, that will change how you work and live. From managing drudge work, taming tasks & communication time sucks to automagically setting boundaries; you will be wowed by how much change will be created in your day!
Systems, routines and processes can be as powerful as automation. Not everything needs to be automated - in fact, automation can wreak havoc if not thought through properly.
But automation set up properly - desired outcomes tightly defined and systems tested - will give you back time, create consistency and manage so many little details that you will wonder why you didn’t craft these up sooner!
Simply yours, Kellie :-}
::Shameless Call To Action::
I sell bookkeeping templates, standard operating process handbooks and client guides.
15% off discount code: BLOG
