Discovery Checklist

Discovery Checklist

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Discovery Checklist for Bookkeeping Services

21 Point Checklist
Our goal is to educate and empower you about your business finances so you can make better-informed business decisions. To do this we need to understand your business and your current financial data management process.

Here is our 21 Point Discovery Checklist to give us a deeper look so that you can make educated decisions about your next steps.

21 Point Discovery Checklist

  1. General Information
    • Business Name (Operating and Legal)
    • Entity Type
    • Business formed
    • Taxes last filed
    • Relationship with Accountant
    • Long term plans/goals
    • Current software and version
  2. Number of accounts and account types
    • Chequing
    • Savings
    • Other, etc.
  3. For each account – last reconciled
  4. Outstanding issues with reconciliations
    • Review Reconciliation reports
    • Outstanding transactions?
    • Balance issues?
  5. Review chart of accounts – document anything noticed
    • Negative accounts
    • Unusual practices
    • Unused accounts
  6. Assess Profit and Loss
  7. Evaluate Balance Sheet
  8. Review A/R Aging
  9. Review A/P Aging
  10. Payroll
    • Any outstanding issues
    • Outsourced?
  11. Liability accounts balances?
  12. Are we missing any credit cards, LOC’s or loans?
  13. Personal spending from business accounts?
  14. Spending personal money on business expenses that are not on books?
  15. Overall Review Synopsis
  16. QuickBooks Online (QBO) upload potential:
    • Total Targets
    • Class tracking
    • Inventory
    • Multiple currencies
    • Price levels
    • Customer types
    • Billable expenses
    • Sales Tax
    • Other Names List
  17. Current status with CRA
    • Employee Deductions
    • Sales Taxes
  18. Status with WSIB
  19. What Reporting Received by Management
  20. Current Pain Points not Solved
  21. Future goals desired for Business Financial management

This detailed and in-depth assessment of your books is performed as a complimentary service.

PLEASE NOTE: There is a nominal fee if you request a written copy of our Discovery report.

Return to Getting Started With Us or NEXT STEP is to complete our New Client Questionnaire