Discovery Checklist


Can you pinpoint what’s working (and what’s not) in your bookkeeping process?

BalanceWise Bookkeeping’s Discovery Checklist gives us a comprehensive look into your financial records, so you can confidently decide the next steps to take.
1.          General Information

·        Business name (operating & legal)

·        Entity type

·        Business formed

·        Taxes last filed

·        Relationship with accountant

·        Long term plans/goals

·        Current software and version

2.          Number of Accounts & Account Types

·        Checking

·        Savings

·        Credit cards

·        Other, etc.

3.          For Each Account

·        When was the last reconciliation?

4.          Outstanding Issues with Reconciliations

·        Review reconciliation reports

·        Outstanding transactions

·        Balance issues

5.          Review Chart of Accounts – Document Anything Unusual

·        Negative accounts

·        Unusual practices

·        Unused accounts

6.          Review Income Statement

7.          Review Balance Sheet

8.          Review Accounts Receivable Aging

9.          Review Accounts Payable Aging

10.      Payroll

·        Outstanding issues

·        Outsourced

11.       Liability Accounts Balances

12.       Are we missing anything?

·        Credit Cards

·        Lines of Credit

·        Merchant Accounts

·        Loans

13.       Personal spending from business accounts?

14.       Spending of personal money on business expenses not recorded on books?

15.       Overall review synopsis

16.       QuickBooks Online/Xero upload potential

·        Total targets

·        Class tracking

·        Inventory

·        Multiple currencies

·        Price levels

·        Customer types

·        Billable expenses

·        Sales tax

·        Other Names list

17.       Current Status with Tax Agencies

·        Quarterly estimates

·        Employee deductions

·        Sales taxes

18.       Current Insurance Status

19.       Current Reports Received by Management

20.     Current Unsolved Pain Points

21.       Future Goals for Business Finance Management


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www.BalanceWiseBookkeeping.com