When we complete quarterly reviews, we look for a variety of issues.
If there is one thing you never want to do, it is to sit across the desk from an IRS agent during an audit and have them find discrepancies in your company’s tax filing because your financial statements were not accurate. Even if your company has in in-house bookkeeping staff, it behooves you to have quarterly reviews done by a professional. At Balanced Bookkeeping of NC, we offer businesses in the Mebane, North Carolina area this service for this reason and for other important benefits.
When we complete quarterly reviews, we look for a variety of issues. We look for the inadvertent incorrect post into the wrong account, such as recording something in office supplies that belonged in a cost of good category. We look for items that were recorded as a capital expenditure that can be considered an expense instead, and vice versa. We look for potential signs that someone may be intentionally recording something incorrectly for the purpose of stealing from you. We look for items that were recorded inadvertently as expenses that were actually personal in nature and should be listed as an owner withdrawal. This is just a sampling of the things that we observe when conducting quarterly reviews. In addition, we make any quarterly postings needed.
The benefits do not end with receiving a revised and accurate financial statement once we’ve completed our quarterly reviews. We also sit down with you and go over them, answering your questions so that you have a firm idea of the financial health of your company. This puts you in the position to be able to make sound business decisions and react quickly to factors that can save you money or make you more money. Reach out to us today if you would like to learn more about the benefits of quarterly reviews.