Bookkeeping Clean Up and Audits
Reconciling and reviewing your company’s financial records for accuracy and consistency is an important step to keeping your accounting healthy. Bookkeeping clean up involves going through all your financial transactions such as sales, purchases, and expenses, and verifying that they have been properly categorized and recorded.
In many cases, errors, inconsistencies, and missing information are discovered during the bookkeeping clean up process, requiring corrections and account reconciliations. This can be a labor intensive process that benefits from our expertise and keen eye for attention to detail, but will ensure that your business is ready for an audit or financial review at any time. In addition, bookkeeping clean up services can help you identify areas of concern within your finances. This can help you make the right decisions moving forward to keep your finances on track to meet your goals and objectives.
Bookkeeping Clean Up Process
There are a series of steps in the bookkeeping clean up process that will help ensure you have done a full reconciliation of your financial records.
1. Gather Financial Records
This involves gathering all financial records, including bank statements, credit card statements, invoices, receipts, and any other necessary documents.
2. Review Transactions
A thorough review of each transaction to verify that they have been recorded accurately in the accounting system, including account classification, date, and amount.
3. Make Note of Errors and Discrepancies
For any inconsistencies or errors, including transactions that may be classified in the wrong category, changes can be made.
4. Correct Errors
Adjust records as necessary for accuracy.
5. Reconcile Accounts
Reconcile bank and credit card statements in your accounting system and accounts payable and receivable records.
6. Prepare New Financial Statements
Prepare a reconciled and accurate balance sheet, income statement, and cash flow statement, as well as documentation of the clean up process.
We understand that creating a fresh start by cleaning up your financial records at any time of the year is an involved and complicated process. We offer audit services that will take you through the bookkeeping clean up process and identify any inconsistencies that will need corrective action. With In Balance Bookkeeping Solutions, we can help you organize and maintain your financial records.
