Have you ever needed to get a diagnostic test for your car? If you have, then you know how helpful it can be in identifying potential problems before they become major headaches. It no doubt saved you a lot of money in the long run and gave you peace of mind from knowing that your car was either functioning properly or would soon be in good working order.
In a similar sense, a bookkeeping diagnostic review is like checking “under the hood of your car” to make sure that your books are in proper working order.
What is a bookkeeping diagnostic review?
A bookkeeping diagnostic review is the process of examining your bookkeeping records and accounting software to identify any errors, inconsistencies, or areas that need support.
During a this review, a bookkeeping professional will carefully examine items such as your Profit & Loss and Balance Sheet reports, accounts payable and receivable activity, bank statements, and the overall setup of your QuickBooks Online account. They will look for errors in account balances, incorrect classifications of transactions, and any other issues that could be affecting the accuracy of your financial data or the efficiency of your bookkeeping system.
Once the review is complete, you’re provided with a detailed report outlining the findings and possible recommendations for improvement. This report may include suggestions for streamlining or correcting your bookkeeping processes & identifying areas where your accounting software could be customized for your business.
A bookkeeping diagnostic review may reveal that your bookkeeping system and QBO account are in great shape! Or, it may reveal that you need a QBO Clean-Up.
benefits
One of the biggest benefits of a bookkeeping diagnostic review is that it can help you identify potential issues before they become major problems. It’s always better to be proactive rather than reactive, and a review can provide you with useful insights into your business operations that can help prevent issues from occurring in the first place.
If an issue is identified, the review can provide you with a roadmap to address the situation. A review can help you understand the root cause of the problem and provide you with recommendations for how to fix it.
Finally, even if a review indicates that you need to invest in a QBO Clean-Up, taking care of the issues that are discovered sooner rather than later will save you time, money, and many headaches. The longer you wait to address a problem, the more complicated and expensive it can become. By taking action quickly, you can greatly minimize the impact of a serious problem.
the bottom line
If you are a business owner, ensuring the accuracy of your financial records is crucial. A thorough bookkeeping diagnostic review can help you identify any discrepancies in your books and give you the peace of mind that comes with knowing your finances are in order.
Prepped Books is pleased to offer a free bookkeeping diagnostic review to qualifying business owners. Schedule yours today by clicking here.
Disclaimer: This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Prepped Books assumes no liability for actions taken in reliance upon the information contained herein.