The Common DIY QuickBooks Oversight That Could Be Undermining Your Business Finances

(Even your CPA isn’t telling you about this common QuickBooks mistake)

Being an entrepreneur is one way to get time and money freedom, but only if you keep your finances in order. And if you’re like most small businesses – as the owner you must be your own bookkeeper when you’re first getting started.

DIY bookkeeping without understanding how bookkeeping software works can be a recipe for disaster. (And mistakes are more common than you think!

I had a revealing conversation with a client recently that I just have to share. She’s been in business for 9 years, diligently handling her bookkeeping, thinking she was doing everything right. But there was a critical oversight that no one told her about, and it could be affecting you too.

The QuickBooks Setup Story

My client invested in QuickBooks from the start because she understood the value of having up-to-date financials. Smart move, right? She even hired a CPA to set it up correctly, laying what she thought was a solid foundation. Every year, she paid a CPA to handle her taxes, believing she was on top of her financial game.

On paper, she’s doing all the right things – but unfortunately for her, the CPAs she hired did not educate her on specific things she had to do in Quickbooks.

The Overlooked Task

During her onboarding for my Financial Foundations Accelerator program, I asked her if her bank account was reconciled. She confidently said yes.

But when I looked, it wasn’t.

It wasn’t her fault at all! The CPA she initially hired never took the time to educate her on properly using QuickBooks. He only showed her the basics—like using the bank feed. The CPA who handled her taxes? He didn’t check to see if her accounts were reconciled either.

Most tax preparers assume you’ve got your bookkeeping sorted unless there’s something glaringly off. They don’t typically verify your numbers unless something seems wildly out of place for your industry. This is all outlined in your annual engagement letter – you are responsible for your data.

No One Told Her

When I explained this to her, she was stunned. She said, “I talked to three CPAs and no one told me this was a thing! No one showed me this!” Unfortunately, this is all too common.

And this, my friends, is exactly why I created the Financial Foundations Accelerator program. This program doesn’t just show you how to use QuickBooks; it teaches you how to understand and leverage your financial data. We cut through the noise and give you actionable insights that you can use to manage your finances effectively.

What You’ll Gain

By joining the Financial Foundations Accelerator, you’ll learn to:

• Properly Reconcile Your Accounts: Ensure your financial records match your bank statements, giving you a true picture of your finances.
• Understand Your Financial Data: Move beyond just entering numbers to interpreting what they mean for your business.
• Use QuickBooks Effectively: Get more than just a basic walkthrough; gain a deep understanding of how to make QuickBooks work for you.

This isn’t a course – it’s a movement. This is a live, ongoing group program that opened up June 15 for participants. (If you’re reading this and it’s months later – come on! We’d love to have you!)

This is perfect for you if:

• Your business brings in less than $200K per year
• You’re not ready for the financial commitment of hiring a 1:1 bookkeeper in your business
• You want to know how to handle your own bookkeeping – AND actually understand the reports. (It’s easier than you think, and I don’t gatekeep!)
• You want a CPA to do your taxes at the end of the year. <–this is worth the investment alone!

For the first five participants, I’m offering a free QuickBooks cleanup for January through May 2024. This is your chance to start with a clean slate and get on the right financial path.

Don’t Miss Out

I believe in sharing knowledge and empowering you to succeed. That’s why I don’t gatekeep. If you have any questions about the program, please reach out. Ready to take control of your financial future? CLICK HERE to check out the program.

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Final Thoughts

It’s time to stop the guesswork and start gaining clarity with your finances. No more sleepless nights or scrambling to understand where your money went. With the Financial Foundations Accelerator, you’ll have the tools and knowledge to handle your bookkeeping confidently and focus on growing your business.