What is a Diagnostic Review of Your Books?

Many people associate a diagnostic review with their cars. You take it to the shop, and they “run” a diagnostic on your vehicle. I can do the same thing with your financial statements and books. With my accounting background and degree, I know what is needed to file your taxes at year-end. Why not have a mid-year review done and make sure you’re on the right track? No need to why until year-end and put unnecessary pressure on yourself.

What did you need from me, and what do you review?

First, I request the following information from you.

• Access to your QuickBooks Online (QBO)
• Bank and Credit Card statements for the period in question
• Loan statements or original documents when assets were purchased – auto, real estate, any asset on the books.
• Type of entity
• Last tax return

Review List

• Last date bank and credit card accounts were reconciled
• Uncleared items in the bank reconciliation – old, duplicates
• Undeposited funds – old balances
• A/R and A/P aging reports
  • Profit & Loss review
    • Uncategorized income
    • Uncategorized expenses
    • Unusual or unexpected balances
    • Large negative balances
    • Miscategorized transactions
    • Miscategorized fixed asset added as expense, not asset
  • Balance Sheet review (accrual basis)
    • Unusual or unexpected balances
    • Large negative balances
    • Negative balances in A/R
    • Miscategorized transactions
    • Accounts with old balances
    • Miscategorized fixed asset added as an asset, should be expense
    • Loans/Notes payable – principal balance, interest expense not recorded correctly.
    • Sales taxes and payroll taxes
    • Owner distributions – equity, owners draw
    • Personal income or expenses

Oh my – How do I hire you to do this?

Well, this is the easy part. I would love to have a connect with you and hear more about your business. You can either email me at NicoleA.CO2000@gmail.com or schedule a meeting with me via phone or zoom at https://calendly.com/excelbook.  I look forward to hearing from you soon.