We celebrated my mother’s birthday a few days ago and I couldn’t help but think of what she used to say every time she’d come into my disorganized bedroom: There’s a place for everything and everything has its place.
Learning A Lesson The Hard Way
This really rang true the other day when a real estate investor approached us to set up Quickbooks Online for his business.
He told us how his wife had originally set up his books to help them save money, and that it seemed like a good idea at the time. That is until he applied for a business loan.
He shared how he had a chance to buy a property at 80% of its after repair value, and all he needed was a little working capital. When he met with the banker, he was dismayed because the loan was declined. Apparently, his wife had set up their chart of accounts incorrectly, and the financial reports weren’t lining up with his loan paperwork. That’s when he came to us.
Sadly, by the time we were able to straighten out his books, someone else had bought the property. He lost out on an amazing opportunity with a payoff that could have taken his business to the next level.
To add injury to insult, besides missing out on this real estate investment, the cost to “fix” his books ended up being three times what it would have been had we set it up originally.
Hire An Experienced Accountant to Set Up Quickbooks Online
Each business is unique and requires a customized setup. Our accountants have the knowledge to properly and correctly set up QBO for a variety of businesses, including real estate investors, the construction industry, professional services, and medical groups.
We also have tools that automate retrieving historical transaction data which would otherwise take days, weeks, or months – depending on how far back in time data entry is needed.
Avoid the Headache: Contact Us
Are you sitting on botched books? If so, what opportunities are you missing as a result?