Quickbooks Data Analysis

Quickbooks Data Analysis - Findings

WE’VE FOUND THAT ABOUT 8 OUT OF 10 QUICKBOOKS USERS:

• Do not have confidence in the accuracy of their monthly financial statements.
• Experience data input errors that compromise the integrity of their management reports.
• Do not fully utilize the management control tools within the software due to set up and user errors.
• Only see accurate financial information once per year, after their accountant has “cleaned up” the data for tax purposes.

Do any of these statements describe you?

WHAT BUSINESS OWNERS AND ACCOUNTANTS SAY

In a recent national survey of 100 accounting firms and 100 small businesses, Intuit Corporation, the maker of QuickBooks, America’s best-selling small business accounting and management software, found the following:

• Both the accounting firms and their clients identified not having enough time as their most pressing concern.
• For businesses, this concern was followed in order of importance by their concerns of increasing revenue, growing their business and better managing their employees.
• While businesses generally place high trust in their accountant. However, the areas in which small businesses feel their accountants have under-performed include: 1) getting additional help in controlling their costs, 2) getting better business advice, and 3) getting help in understanding their bookkeeping.
• From the accountants’ perspective, the greatest challenge in providing a higher quality of service is 1) their clients’ lack of bookkeeping knowledge and 2) a general inadequacy in their financial records.1 This is an important concern because, in order to be successful, a business must be run by its numbers – its key performance indicators. Effective management depends upon efficient measurement. When your company’s numbers are not correct, decisions based on them will be faulty and may even be damaging to your business’s financial prospects.

Additional surveys have found that:

• Do not have confidence in the accuracy of their monthly financial statements.
• Experience data input errors that compromise the integrity of their management reports.
• Do not fully utilize the management control tools within the software due to set up and user errors.
• Only see accurate financial information once per year, after their accountant has “cleaned up” the data for tax purposes.