Accounts Cleanup services :- BSI Elite Consult

Accounts Cleanup Services

Are your books a mess?

Whether selling your business, managing cash shortfalls or planning growth, clean accounting records are worth the effort. Save your time and avoid bad decisions with outsourced accounting cleanup services.

What does cleanup mean in accounting?

Accounting processes are the foundation of all business planning and fraud prevention – their importance cannot be understated. Although CPAs will step in to help with some year-end accruals and cleanup, they typically perform the minimum amount of work required to achieve tax compliance. True accounting cleanup means:

  1. Reconciled cash and cash accounts. This should be done once a month to match bank records.
  2. Capitalized fixed assets. Don’t ever estimate the worth of your assets. Create a schedule to depreciate them appropriately.
  3. Verified inventory values. If you hold inventory, a monthly count should be performed and costed to determine an accurate value for your inventory asset.
  4. Other assets fully accounted. All assets’ balances should vary over time and be positive.
  5. Reconciled liabilities. Credit cards, loans and other short term liabilities effect cash. Again, these balances should vary over time and match any statements from the lender.
  6. Accurate equity balances. Often overlooked, the equity section must be accurate to avoid partner disputes or M&A problems.