Must I reconcile my checking account? NO!

Filed in Accounting, Business, Intuit QuickBooks, Xero by on February 9, 2018

Harriet Gatter answered YES to, Must I reconcile my checking account?, but I now say NO!”

  • We laugh at “Do it yourself brain surgery.” DO IT YOURSELF BOOKKEEPING IS FAR WORSE. Intuit (QuickBooks) often encourages DIY bookkeeping, but its CEO recently said, “If a small business works with an accountant, their odds of success go up 89%, thanks to savvy accountant judgment, intuition, and ability to recognize trends and patterns.
  • You can accomplish far more by serving customers, getting more customers, practicing your specialty, and managing your business, than by reconciling accounts.
  • You will be slow, error-prone and stressed if you try to reconcile without our:
  • Extensive continuous education, research, and full-time practice
  • Our tools, including:
  • QuickBooks Online ACCOUNTANT. It skips QuickBooks Online logins and runs QuickBooks Online and faster and more securely, even if the internet is down. QBOA has extra features and corrects errors faster and more accurately. It automatically fixes years of accounts receivable, accounts payable, payroll tax, and sales tax errors. Its client manager tracks what we did and must do, exchanging emails between us.
  • A program that adds this to QuickBooks Online:
    • Images of the front of checks and deposit slips, kept securely, without scanning
    • Entries for all bank and credit card statements (vs. only 90 days)
    • Can segregate check transactions
    • An online portal, with read-only bank and credit card logins
    • Lets users review and change doubtful entries
    • Bank and credit card statement PDFs for proof and processing
  • A program to accurately convert bank and credit card statements to entries, saving time.
  • A QuickBooks account assignment master, from all our clients to Excel. We sort, review and change them, before importing and updating for you. One rule automatically assigns all auto bar, bistro, car, burger, grill, hero, McDonalds, pizza, repair, restaurant, Subway and similar items to Entertainment, as QuickBooks Online imports entries. Other rules use names and amounts to automatically put most auto, bank expense, fixed assets, income, office expenses, purchases, rent, repairs, taxes, telephone, travel, utilities and other entries in the right account. This often properly assigns 90%+ of entries. QB Online uses thousands of user results for 70% “Machine Learning” accuracy.
  • We then do bank and credit card reconciliations, reports, financial statements, and tax returns far faster, more accurately, with less stress, and for less money, than you can, while increasing deductions.
  • We use QuickBooks Online Accountant to keep watch like circling hawks, comparing current periods to prior periods and years, until we know that all your entries are properly assigned.
  • Our tax software costs more than $10,000 a year, but it is very fast, with terrific guidance and error checks.
  • Therefore, Why Must You Reconcile Your Bank Account, with Do It Yourself Bookkeeping?

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