Why would you want a Financial Review?

Ultimately, it’s a check-in on your company’s financial health.

It’s easy to get caught up the everyday work that needs to be done for your clients. Sometimes it’s the little things that slip through the cracks. One client had a potential of over $14,000 in annual savings after our review. That alone can be worth the cost of review in addition to the other analyses that are also performed.

What is it?

A key service we offer here at Sound Bookkeeping is what we refer to as a Financial Review.

These can be both very time consuming and very revealing. The review can help to show how your company is doing and will help to identify any areas of improvement. 

This service is a paid service that we offer starting at $399 depending on the size of your company.

What is needed to get started?

First, we need financials to review. This obviously requires a great amount of trust on your part to provide the documents we need, but rest assured, every software tool we use has bank level security. Surprisingly, even many ‘consumer’ type software tools now offer this bank level security which makes securing your data even easier.

Next, we take the time to do the review, and put together our Financial Review package.

We offer a 12 month review (base service). For this, we can look either at a full calendar year or just the previous 12 months. We’re happy to do either, and the results can be similar. We recommend reviewing the previous 12 months, let’s say August 2019 to July 2020.  That means your data is as up to date as possible, and we’re recommending solutions that are still relevant to your company. The alternative would be to look at the calendar year of 2019, but some of our recommendations may already be implemented.

Remember, we’re not here to judge. We simply want to offer our services so that you can perform the best you can. If your financials aren’t up to date, it’s no problem, provide what you can, and we’ll still go through our process and put our report together for you. We know this isn’t everyone’s favorite type of work, so we understand if you get a little (or a lot) behind.

What We’ll Need From You

  • Quickbooks Access (either Online or an export from Desktop)
  • 12 months of bank statements
  • 12 months of credit card statements (for each credit card)
  • 12 months of profit and loss (excel if possible) (cash and accrual)
  • 12 months of balance sheet (excel if possible) (cash and accrual)
  • a full transaction export for those 12 months (in excel or CSV)
  • Extra Credit if you provide a the following as well:
    • A few examples of your detailed invoices showing as much of your sales breakdown as possible. (If you do Prewires, perhaps a couple invoices for Prewires, and a couple for Installs)
    • A break down of employee count, total payroll, and the role that each employee fills (looking for owner, sales, technicians, and office/admin staff)

What We Do:

  • Each company is different. Typically, the Financial Review includes the following:
    • Expense Analysis
    • Cost Analysis
    • RMR Analysis
    • Profit Analysis
    • Financial Statement Analysis
  • We send you a “Path to (more) Profitability” Report detailing which includes
    • A detailed report of any areas that may need some TLC
    • A list of recommendations
    • A full recurring expense report
  • Note: Please keep in mind all the software and tools that we utilize have bank level security. We only use your data to compile the reports and once it’s delivered (unless you plan to retain our services in a different capacity), all your private data will be deleted. 

Ready to Get Started?

Head over to our Secure Portal and you can begin uploading the data for the review!