FILE CATCH UP AND DIAGNOSTICS

Behind on your books?

Get Caught Up!

Diagnostics:

  • Did you previously have a not-so-good accounting professional?
  • Need to get ready for tax season?
  • Currently using QuickBooks Desktop and want to go to the cloud?
  • Wondering if you have a great set of financial records?

    I would love to review your QuickBooks file and provide an analysis of what is going great for you, and what isn’t working the greatest for you.

    LET’S CHAT

    This is a judgment-free zone, I am here to help!

    COMPANY SETTINGS:

    Analysis to create optimal company settings and create effective workflow in your file.

    OVERALL REVIEW:

    Bookkeeping housekeeping is important. We will check for transactions with no vendor or customer, transactions with duplicate or no numbers and general organization

    Are your transactions coding to the correct accounts? Do you have assets posted as expenses? Negative income and/or positive expenses? Do you have uncategorized transactions? Undeposited funds? Are you auto accounts being treated correctly? How about meals & entertainment?

    CUSTOMERS & VENDORS:

    Review of customers and vendors, including scanning for duplicates.

    RECONCILIATIONS:

    How many accounts should be reconciled, when they were last reconciled (if at all), and are there old uncleared transactions.

    CHART OF ACCOUNTS:

    Review for logic, tax code settings and how it will impact your reporting.

    SALES TAX:

    Review that tax codes are applied correctly.
    We will check that your sales tax is current and correct in QuickBooks.

    REPORTING:

    Your Balance Sheet is likely more important than you think. We will check that you accounts are in the correct +/- position, undeposited payments are current, that any clearing accounts are cleared and your equity is reasonable.

    Accounts Payable and Accounts Receivable need to be current. We’ll review them for irregularities.

    Does your Profit & Loss make sense? Is it giving you the information you need to make sound business decisions? Are your accounts in logical order? Cost of Goods/Services Sold is key to your P&L, we’ll double check that you don’t have operating expenses posting there. Or COGS posted as expenses. Are your Other Income or Other Expenses coded correctly?

    WORKFLOW APPLICATIONS:

    I LOVE accounting technology and how it can lighten your workload and streamline your workflow. I will suggest a few useful, easy to adopt applications that will do the heavy lifting for you and take you to the paperless world.

    THEN…

    I will send you a report of our findings and schedule a Zoom conference to discuss your next steps.

    Book an appointment today: Make an appointment or call 920-621-7150

    Inside the process:

    File organization case study

    This organization project consisted of 5 years of business financial records for a real estate LLC and a corporation bar & restaurant.

    BEFORE

    The client gave me 6 boxes full of vendor/supplier bills, receipts, tax returns, contracts, insurance policies, payroll records, employee records, and other business documents – with no date, year, no type of
    organization whatsoever!

    WHAT WE DID

    This project took 1 month (with procrastination included) and help from the in-house staff (a.k.a. our cat co-workers).

    We created a box for each fiscal year with dates marked on both ends as well as the top. Inside each box, we added folders marked with the appropriate year and we filed in date order (oldest in the front to newest in the back) all the vendor/supplier invoices were organized and categorized A-Z by name. 

    The receipts were filed in date order(oldest in front to newest in back) and categorized by month using the date on the receipt. They were also placed inside a plastic bag so they don’t go flying all over!

    Binders were also organized for payroll journals by year.

    THE RESULTS

    The system of organization and labeling we created allows a folder to be pulled out of a box while knowing which box the folder is to be returned to. It also sets a standard for easy future organization.

    We returned to the client:
    • 9 boxes
      • 5 boxes labeled by fiscal year with vendor/supplier invoices and receipts
      • 2 boxes of employee files separated by current and previous employees
      • 1 box of vendor/supplier agreements
      • 1 box of business tax returns and financial records (closing documents, remodeling documents, W-9 forms, and financing documents)
    • 11 binders
      • 5 binders of payroll journals labeled by fiscal date year
      • 1 binder of merchant statements
      • 1 binder of LLC bank statements
      • 2 binder of corporate bank statements
      • 1 binder of state tax report filings and payment receipts
      • 1 binder of unemployment tax notices
      • 1 binder of retirement account statements

     

    Erika Balza’s “Help Us to Remember” Holiday Prayer

    It's Christmas Eve, as I put this together, and many of our Northeast Wisconsin clients and friends are gearing up for a very different kind of holiday week. I'm very aware that while the holidays are a time of joy for many, they are just as often a time of pain for a...

    How Your Northeast Wisconsin Business Can Fight Inflation

    Whether you like it or not, you’ve most likely found yourself in a fight against inflation. Somebody hikes prices on your supplier and suddenly your supplier has no choice but to increase the price on you. Then you have no choice but to raise the price on your...

    Year-End Business Tax Strategy for Northeast Wisconsin SMB Owners

    There are many of our clients for whom this time of year is like their version of the Super Bowl. Some Northeast Wisconsin businesses are earning 30-50% (or more) of their yearly revenue in this one month.Others ... well, this is a normal month -- except of course for...

    5 Cybersecurity Steps all Northeast Wisconsin Business Owners Should Take

    From making sure that nobody is doing Zoom calls in their bathrobe to ensuring that work actually gets done on time, you’ve got a few extra things to worry about as a Northeast Wisconsin business owner these days.Chief among those new concerns, however, should be...

    Erika Balza’s Thoughts on Being Thankful in Difficulty

    “It was the best of times. It was the worst of times.” I think we can agree that Charles Dickens’s famous lines ring true when looking back at 2020 and 2021 (though “best” might seem like a stretch).With employees shifting their worlds to make room for new priorities,...

    Northeast Wisconsin Business Owners: Beware the Sales Tax Nexus

    If your Northeast Wisconsin business sells a lot online, then we’re coming into the most wonderful time of the year.And this year, your customers will probably shop your website (and elsewhere online) EARLY in order to bypass all those supply-chain snafus. Cha-ching...

    B. Balanced Services LLC’s Rundown of the 5 Basic Business Entity Types

    The shape of your business affects your future and when I'm talking about the "shape," I of course am referring to your Northeast Wisconsin business entity type.Did you know that you CAN change that after the fact? Depending on which entity you are switching to, the...

    How Northeast Wisconsin Businesses Can Build a Quality Prospect List

    How’s your client/customer list faring these days?If you’re like every other business around you, you’ve got some churn happening. People move, change jobs, experience a shift in financial circumstances … the list goes on. Even in predictable economic times (remember...

    Using KPI’s For Your Northeast Wisconsin Business

    Being able to reasonably forecast upcoming problems has become an essential skill for Northeast Wisconsin business owners -- but too many are flying blind, or doing "bank balance accounting". Can we help you fix this? Using KPI's For Your Northeast Wisconsin Business...

    What To Try When Your Northeast Wisconsin Business’ Receivables Are Slowing Down

    One of my favorite things about what we get to do around here is helping our Northeast Wisconsin clients find "missing money" in their businesses. Whether it's through cost reductions, profit analysis, tax planning (LOTS of money can be saved there), or other means,...

    Ready to come in for an appointment?

    Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

    Contact Us