When we start working with clients, about 25% of the time, we see errors with how they’ve set up and managed the chart of accounts in QuickBooks. 

The chart of accounts is the listing of accounts that you use to categorize transactions, which then turn into your financial statements. 

When you don’t have this set up correctly, it could look like you have more income or cash on hand than you really do, cause you to over- or under-paying taxes, and have the wrong data to base decisions on.

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01:17 — What is the Chart of Accounts? 

02:15 — Why choosing the wrong account types is so common in QuickBooks 

07:59 — How the wrong accounts gives you the wrong data and can cause you to over- or under-pay in taxes

09:54  — Understanding how to correct this error and how the severity of it can add up by over-paying taxes and having someone fix it for you

11:19 — What to expect during a QuickBooks Clean-Up

15:43 — Utilizing AI for Chart of Accounts for your industry

If you’re not in QuickBooks yet, but realize you’re at the point where you need to be (but want to ensure it’s set up correctly), we also offer a QuickBooks Set Up service starting at just $250. That way, even if you’re not quite ready to outsource your monthly bookkeeping, you can feel much more confident that it’s set up properly.