telescope.png
 

DISCOVERY

 

The Discovery phase is a full review of your QuickBooks file, as well as your associated business processes such as paying bills, processing payroll, categorizing expenses, etc. Throughout the Discovery phase I look for ways to streamline those processes. I also assess the status of the records to see if there's is any back-work that may need to be performed. At the end of the Discovery I will present you with a full report explaining what we've found: The good, the bad, and the ugly.

Here's a list of some things I'll be looking at during the Discovery phase:

  1. GENERAL INFORMATION
    • Entity type
    • Business
    • When were taxes last filed?
    • Who is preparing the taxes?
    • What are your long-term plans & goals?
    • What is your current accounting software? 
  2. ACCOUNTS AND ACCOUNT TYPES
    • Checking
    • Savings
    • Paypal
    • Other
  3. LAST RECONCILIATION DATE FOR EACH ACCOUNT
  4. OUTSTANDING RECONCILIATION ISSUES
    • Review reconciliation reports
    • Are there outstanding transactions?
    • Are there balance issues?
  5. CHART OF ACCOUNTS REVIEW
    • Are there negative amounts in accounts that should be positive?
    • Strange practices?
    • Unused accounts that can be made inactive?
  6. PROFIT & LOSS STATEMENT REVIEW
  7. BALANCE SHEET REVIEW
  8. A/R AGING REVIEW
  9. A/P AGING REVIEW
  10. PAYROLL REVIEW
  11. PAYROLL TAX ACCOUNT REVIEW
  12. LIABILITY ACCOUNT REVIEW
    • Are all existing loans and credit cards accounted for?
  13. ARE THERE PERSONAL TRANSACTIONS IN THE BUSINESS ACCOUNTS?
  14. ARE THE BUSINESS TRANSACTIONS IN PERSONAL ACCOUNTS?
  15. QUICKBOOKS ONLINE OPTIMIZATION
    • Are all QBO features being used properly?
    • Are the QBO features that could be used to improve the system?
  16. DISCOVERY SUMMARY REPORT
  17. RECOMMENDATIONS FOR NEXT STEPS