There are a handful of reasons why business owners using QuickBooks Online would need Accounts Receivable Clean-Up work performed. Having an clean and accurate Accounts Receivable Aging Report for your business is important and help you better manage your customer credit and collections process. Business owners need to know how much money their customer owe them at any given time. They also need to write-off balances that cannot be collected. We understand that businesses that offer payment terms to customers may need A/R Clean-Up work and know the Top 3 Reasons why they do.

Reason # 1 – If You Have Customer Invoices Over 90 Days Aged

If you have more than a dozen outstanding customer invoices that are more than 90 days old, and they make-up more than 5% of your current AR balance, this service is recommended. Your accountant will work with you to determine if outstanding invoices are collectible and identify which invoices can be written-off as bad debt with your tax return. The research process may find that some invoices need to be voided for other reasons, and the process of writing-off taxable invoices is different from process for non-taxable invoices.

Reason # 2 – If You Have Data Entry or Payment Application Errors

If you have discovered data entry errors during your customer invoicing process and found unapplied or missapplied customer invoice payments, this service is recommended. Your accountant will work with you to determine which customer invoices and payments need to be corrected or applied.

Reason # 3 – If You Have Customers that are Also Vendors

Some business owners have customers that are also vendors. It is not uncommon for your customers to reduce the amount of money they owe to you by the amount of money you owe to them on your vendor account. This is commonly referred to as contra-accounting. This is a complex accounting process that should be done by an experienced accountant. If you have an outstanding customer balances that needs to be cleared by your outstanding vendor bill balances, this service is recommended. Your accountant will work closely with you to reconcile your outstanding customer and vendor balances.

Regina Pitts
Regina PittsChief Financial Officer
Member of the QuickBooks ProAdvisor Program

Your Personal Guide to Seamless Accounting: Advanced QuickBooks ProAdvisor at Your Service

Hey there! I’m Gina, and I’m the proud co-founder of Lend A Hand Accounting. Why did I start this? Well, I believe that everyone should have access to affordable, efficient, and flexible accounting and bookkeeping services. It’s all about making sure these essential services fit snugly into your budget without any fuss.

We’ve ditched the traditional hourly rate system and adopted a flat fee pricing. You might be wondering, “Why does this matter?” Well, this way, you know exactly what you’re paying for upfront and there are no unexpected surprises. You get to pick and choose the accounting services you need, like a customized menu. And the best part? You’re in complete control of when you start or stop using our services. We’re essentially just a call or a text away, no need for endless phone calls or draining trips to the accountant’s office.

I’m not just any accountant though. I’m an Advanced QuickBooks Online ProAdvisor. That means I’m equipped with advanced expertise and resources to help you leverage QuickBooks Online to its full potential. My goal is to make your accounting process smooth and efficient so you can focus on what you do best – running your business.

Ready to get started? Reach out to me directly at 360-637-4799. We can even kick things off immediately if you’re ready. Simply create a free account, and I can instantly take a look at your books and let you know where you stand.

At the end of the day, we’re here to serve you. We really appreciate the trust you place in us and we’re eager to meet all of your accounting and bookkeeping needs. Looking forward to being part of your team!

Take care,

Gina

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.