As the leading provider of Seattle bookkeeping services, Chief Financial Partners understands the critical role of thorough financial review and auditing for businesses. Our commitment to excellence ensures that your financial records are accurate, organized, and ready for scrutiny. With our comprehensive internal audit checklist, we leave no room for errors, offering you peace of mind and financial confidence.
What Is the Internal Audit Checklist?
At Chief Financial Partners, we follow a two-tier financial review process. After our skilled Seattle bookkeepers have meticulously handled your financial data, we conduct an internal audit. The audit involves a checklist that examines your company’s financial health and identifies discrepancies or irregularities.
What to Expect in the Audit Checklist
Our experienced team conducts a thorough review, paying close attention to every aspect of your financial records. Here are the key elements we assess in the audit checklist.
Chart of Accounts Check
We verify the accuracy of vendors’ and customers’ information, flagging any duplicates or misspelled entries.
Vendor-Customer Categorization
We ensure vendors are correctly categorized as vendors and customers as customers to avoid confusion.
Categorizing Uncertain Transactions
Transactions with unclear categorization are noted, and we consult with you for clarity.
Consolidating Uncategorized Sections
We streamline uncategorized entries into a single, adequately labeled section.
Reconciling QuickBooks Balance
We confirm that your QuickBooks balance aligns closely with your actual bank balance.
Bank Deposit Matching
We match deposits with invoices and address any unmatched or old deposits.
Profit and Loss Statement
We run a comprehensive Profit and Loss Statement for the relevant period.
Accurate Payroll and Rent Amounts
We ensure correct wage amounts for payroll and accurate rent amounts for business spaces.
Validating Processing Fees
We verify that processing fees represent approximately 2% of credit card sales.
Thorough Analysis of Significant Figures
We review major expenses and transactions to ensure accuracy and understanding.
Reconciling Active Accounts
All active accounts are properly reconciled with accurate journal entries.
Investing in Seattle Bookkeeping Services for Profitability
Chief Financial Partners advocates viewing bookkeeping as an investment in your company’s profitability, not merely an expense. While some may hesitate due to bookkeeping costs, we encourage you to consider the benefits. By entrusting your financial records to skilled professionals, you gain precious time to focus on core business operations, sales, and marketing, ultimately boosting productivity and revenue.
Preventing Commingling for Optimal Deductions
Commingling personal and business finances can lead to complications during tax filing and financial assessments. Our expert bookkeepers in Seattle assist in preventing commingling, ensuring that your business expenses are correctly deducted with impeccable record-keeping.
Why Choose Chief Financial Partners
In Seattle, Washington, businesses are subject to potential audits from regulatory authorities like the IRS, Department of Revenue, or Labor and Industries. These audits can be daunting, but with Chief Financial Partners, you have the assurance of meticulous bookkeeping and preparation. Our dedication to accuracy and attention to detail significantly reduce the risk of discrepancies that could attract scrutiny.
Our team of professionals not only safeguards your financial data but also provides valuable guidance to enhance your company’s financial performance. With Chief Financial Partners by your side, you’ll experience a seamless financial journey, free from the anxieties of audits and financial reviews.
Embrace Financial Confidence with Our Seattle Bookkeeping Services
Chief Financial Partners is your trusted ally in Seattle bookkeeping services. Our comprehensive internal audit checklist ensures that your financial records are impeccable, paving the way for a prosperous future.
Say goodbye to financial uncertainties and welcome a new era of confidence in your business’s financial stability. Contact Chief Financial Partners today and witness the difference our expertise can make in shaping your financial success.
