Client Background
A mobile veterinary practice offering at-home pet care services needed a QuickBooks Clean-Up after years of financial mismanagement. The owner had been mixing business and personal expenses, and QuickBooks didn’t match bank statements, making tax filing a nightmare. The client hired Development Theory to help with a QuickBooks clean-up for a veterinary practice.
The Challenge
Business & Personal Expenses Mixed: The owner’s personal and business transactions were in the same accounts, making tax deductions difficult.
Bank Reconciliations Outdated: QuickBooks hadn’t been reconciled for over two years, leading to inaccurate records.
Unapplied Customer Payments: Many clients had paid invoices, but payments weren’t recorded properly, causing confusion.
Unclear Financial Health: The owner had no idea how profitable the business actually was.
Our Approach
Separation of Business & Personal Expenses: Reorganized transactions to ensure tax-deductible business expenses were properly categorized.
Bank Reconciliation & Financial Record Correction: Fixed over two years of incorrect QuickBooks entries.
Customer Payment Application Fix: Matched client payments to invoices, ensuring accurate revenue reporting.
Expense Categorization for Tax Savings: Identified previously missed deductions, lowering tax liability.
Owner Training on QuickBooks Best Practices: Provided guidelines for keeping business finances separate moving forward.
The Solution
Properly categorized business transactions, ensuring accurate books.
Corrected $28,000 in missing revenue, previously misallocated.
Saved $9,000 in taxes, thanks to properly categorized deductions.
Ensured financial accuracy, allowing for business growth planning.
Results & Impact
Financial reporting improved by 90%, making tax filing stress-free.
Cash flow clarity increased, allowing for better spending decisions.
Business and personal expenses properly separated, ensuring compliance.
Owner now has a clear understanding of financial health, enabling future expansion.
Client Feedback
"I was completely overwhelmed before, but now my books are clean, and I actually know what my business is making!"
Development Theory Can Help Business Owners Like You
Are your accounting records a mess? Would you like help getting them straightened out? Our QuickBooks Clean-Up service gets one year of your historic accounting data balancing again. Don't wait until tax season to deal with your books!
Comments