Accounting Clean-Up

Accurate, Timely, Relevant,
And Insightful Data
account cleanup

Attack Your Accounting Clean-Up

When we perform your accounting clean-up, we do the heavy lifting so that you never have to worry about being behind. We perform an extensive audit of your bookkeeping records and ensure that they are in great shape, allowing you to focus on the big picture of running your business.

Our clean-up services include:

  • Performing an extensive audit of your existing bookkeeping records
  • Ensuring that your books and records are completely current
  • Reconciling cash accounts with bank statements
  • Reconciling business credit cards

We know how important it is for your business to be organized and in top financial shape. We will help you make great choices for your business by providing you with full, accurate, financial visibility.

account clean up

Solve Accounting Problems For Your Business

Maintaining accurate financial records can be challenging for businesses. This is often because there is not a dedicated accounting department, and vital accounting tasks are left to those who are already overburdened with the stresses of day to day business operations. We keep you organized and simplify your life (and your business) all year round. Never stress over looming tax deadlines again.

business caught up

Clean-Ups: How Does It Work?

Reconcile All Bank Accounts

The consultant will go in and categorize all transactions from the catch-up period. This entails using the accounting system, such as QuickBooks, to go through the client’s bank feed and place cash-in and cash-out transactions into categories—vendor payments, payments from customers, supplies, overhead, etc.

Figure Out The Exceptions

Within the transactions, the Consultant will take any transactions that do not fall within a general category to the business owner and determine what type of expense/income it is. This helps to understand anomalies or outliers.

Create Cash-Basis Reports

Once accounts are reconciled, our consultants can then go in and create cash-basis reports retroactively for the months needed. This can include an income statement, balance sheet, P&L, etc.

Consider GAAP

Once the business is caught up on its cash-basis reporting, it can consider implementing Generally Accepted Accounting Principles (GAAP), which means moving towards accounting on an accrual basis.

Cash vs. Accrual Accounting

  • Cash-basis accounting recognizes revenues when cash is received and expenses when they are paid. This method does not recognize accounts receivable or accounts payable.
  • Small businesses opt to use a cash-basis because it is simpler to maintain. It is easy to determine when a transaction has occurred, since it is a matter of looking at whether the money is in the bank.
  • Accrual accounting is a method in which revenues and expenses are recorded when they are earned, regardless of when the money is received or paid.
  • The upside of accrual-basis is that it paints a more realistic picture of income and expenses during a given time period, therefore providing a long-term picture of the business that cash accounting could not provide.

Is Your Business Caught Up?

At NOW CFO, we want all our clients to have financial data that is accurate, timely, relevant, and insightful. Catch-ups are necessary. For example, you cannot build a cashflow forecast if you are behind on your financials. If a business is not caught up on their books, none of the future reporting can be accurate.

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