Records Cleanup and Recovery

Our cleanup and recovery service involves rectifying financial records that are inaccurate, incomplete, or disorganized. Here’s an overview of what a bookkeeper would typically do as part of this service:

1. Assessment: Begin by conducting a thorough assessment of the existing financial records to identify errors, discrepancies, and areas of concern.
2. Data Cleanup: Clean up the existing financial data by reconciling accounts, correcting errors, and categorizing transactions accurately.
3. Reconciliation: Reconcile bank statements, accounts receivable, accounts payable, and other accounts to ensure that the balances match with the company’s records.
4. Adjustments: Make necessary adjustments to the financial records to reflect accurate balances, including journal entries for accruals, prepayments, and corrections.
5. Documentation: Organize and maintain proper documentation for all transactions, ensuring that records are complete and easily accessible for future reference.
6. Account Analysis: Analyze individual accounts to identify discrepancies, anomalies, or trends that may require further investigation or correction.
7. Cleanup of Previous Periods: Go back through previous accounting periods to rectify any errors or discrepancies that may have occurred, ensuring historical data accuracy.
8. Software Cleanup: Review and clean up the accounting software system, ensuring that chart of accounts, settings, and preferences are configured correctly.
9. Training and Support: Provide training and support to the company’s staff to help them understand and maintain accurate financial records going forward.
10. Financial Reporting: Generate updated financial reports, including income statements, balance sheets, and cash flow statements, to provide an accurate snapshot of the company’s financial position.
11. Compliance Check: Ensure compliance with regulatory requirements and accounting standards, making any necessary adjustments to bring the records into compliance.
12. Recommendations: Offer recommendations for process improvements, internal controls, and best practices to prevent future errors and maintain accurate financial records.

Overall, a cleanup and recovery service aims to restore the integrity and reliability of financial records, providing businesses with a solid foundation for informed decision-making and regulatory compliance.