Well, my friend, you're not alone. This actually happens more often than you think...a lot more often than you think. It seems simple enough when you start out. You add an invoice here. You record a payment there. You add the transactions from the bank feed. Then you go to look at the numbers and nothing matches up.
The problem is that by the time most people realize something has gone wrong, it has gone really wrong....like months or years of transactions wrong. This is one of the reasons it's so important to have a professional bookkeeper from the beginning, at the very least, to provide guidance or training. But, we're here now. Your QuickBooks is messed up...now what?
Well, this is where a QuickBooks clean up comes in. This requires skill and knowledge of how QuickBooks works and how proper bookkeeping works. The sources of the issues need to be found and fixed. Historical data needs to be rebuilt. Duplicate information needs to be removed, and missing information needs to be added. Hiring a professional is crucial. And your cooperation with that professional is equally important because they can't read your mind.
What kind of information might the bookkeeping professional need from you? Normally, the first part of the process involves account reconciliations, so access to applicable bank and credit card statements is necessary. You may need to also provide feedback on transactions if it's not clear how they should be categorized. If there are any kind of loans related to the business, then the original loan documents may be needed, and, at a minimum, a record of yearly interest paid on the loans. For assets, it's important to have the original purchase documents. The bookkeeping professional may also need to review your accounts receivable, accounts payable, retainage (if applicable) and equity accounts with you to ensure they are accurate. If there are any other software integrations, then your bookkeeper may need to access those programs to check the integrations.
How long does a QuickBooks clean up usually take? I know everyone hates this answer, but it depends. Sometimes, they can be done in a matter of a couple of weeks. Sometimes it takes months. It depends on how complex the issues are, what the volume of transactions is, whether or not there are integrations added to the mix, and how long it takes the business owner to provide the needed information to the bookkeeper.
How much does it cost? Unfortunately, QuickBooks clean ups are not cheap. Why not? Let me put it to you this way: Is it cheaper to brush your teeth and floss every day? Or to get a root canal? Is it cheaper to go to your regular doctor for a routine checkup? Or to have a specialist treat you for a severe health problem? Is it cheaper to regularly change the oil in your car? Or to have to replace the motor? I think you get the idea, lol. It's much the same with clean ups. As stated earlier, it takes skill and knowledge to get your bookkeeping up to speed, so be wary of cheap pricing for bookkeeping clean ups. If it sounds too good to be true, it probably is.
Now, where could you possibly find help for your QuickBooks mess? Look no further. Here at Contractor's Keeper LLC, we actually like untangling the mess and have the experience to get to the root of the problem(s). Even if you are not in the construction industry, we have an extensive network of bookkeeping professionals and would be happy to refer you out to someone who could assist you. Schedule a free 30 minute call with us here: Free 30 Minute Call.
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