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Episode 41: Can You Trust Your QuickBooks? The Monthly Health Check Every Business Owner Should Do

Episode 41: Can You Trust Your QuickBooks? The Monthly Health Check Every Business Owner Should Do

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Episode 41: Can You Trust Your QuickBooks? The Monthly Health Check Every Business Owner Should DoBefore you hire an employee, buy equipment, or decide how much you can pay yourself, can you trust the numbers behind that decision?In this episode of QuickBooks Mastery for Small Business Success, Erica Northrup and Lee Davis walk through a practical monthly QuickBooks health check for small business owners. The goal is not perfect bookkeeping. It is understanding whether your financial reports reflect what is actually happening in your business—and knowing which questions to ask when something does not make sense.From bank reconciliations and old bank feed transactions to accounts receivable, accounts payable, payroll liabilities, and your Profit & Loss, this conversation gives you a repeatable way to review your books. You will also learn why unexplained balance sheet balances and rising expenses deserve attention before you use your reports to make a business decision.Key TakeawaysReconcile every bank and credit card account. A connected bank feed is not the same as a completed reconciliation.Investigate old or unexplained bank feed items rather than assuming the books are current.Review accounts receivable for money you realistically expect to collect and accounts payable for bills you actually owe.Understand payroll liabilities. A balance is not automatically wrong, but its timing and amount should be explainable.Look at the balance sheet as well as the Profit & Loss. Negative balances, old balances, and unfamiliar accounts can signal questions worth asking.Compare your Profit & Loss with what happened in the business. Look for missing costs, unexpected changes, and expenses that have crept up.Treat “I don’t know” as a useful starting point. Write down the question and work through it with your bookkeeper or accountant.Finish with the question that matters most: do you trust these numbers enough to make a business decision?Questions to Reflect OnWhich report or balance do you currently find hardest to explain?Does your receivables total represent cash you expect to collect—or invoices that need attention?What costs have increased without you noticing?What decision are you postponing because you are unsure about your numbers?Who will help you investigate the first “No” or “I don’t know” on your monthly check?Mentioned in This EpisodeThe 10-question Monthly QuickBooks Health Check.Bank and credit card reconciliations and bank feed review.Accounts receivable and accounts payable reports.Payroll liabilities, balance sheet warning signs, and Profit & Loss comparisons.Mystery balances, uncategorized transactions, and Ask My Accountant accounts.The free QuickBooks Clarity Scorecard.Recommended ResourcesMonthly QuickBooks Health Check PDFFree QuickBooks Clarity ScorecardLee Davis and CompanyQuestions or support: support@leedavisandcompany.comTimestamps00:00 - QuickBooks Mastery Podcast Intro00:56 - Episode 41: Can You Trust Your QuickBooks?03:20 - Trustworthy QuickBooks Does Not Mean Perfect QuickBooks07:27 - Start the Monthly QuickBooks Health Check09:29 - Bank Feed Warning Signs and Unexplained Transactions11:29 - Accounts Receivable: What Will You Actually Collect?13:58 - Accounts Payable and Cash Planning15:40 - Payroll Liabilities and Balance Sheet Red Flags19:33 - Does Your Profit & Loss Pass the Common-Sense Test?22:15 - Cost Creep: What Has Changed?23:44 - Mystery Balances and Uncategorized Transactions25:23 - Can You Make a Business Decision From These Numbers?26:59 - The 10-Question Monthly QuickBooks Checklist32:05 - Your 30-Minute Challenge and the Free Clarity Scorecard36:09 - Closing and Podcast OutroCall to ActionSet aside 30 minutes this month and answer the health-check questions with Yes, No, or I don’t know. Choose one item to investigate, identify who can help, and set a follow-up date.Start with the free QuickBooks Clarity Scorecard, and email support@leedavisandcompany.com with the question you would like us to cover next.Follow QuickBooks Mastery for Small Business Success in your podcast app and share this episode with a business owner who wants more confidence in their numbers. If you leave a review, a few words about what helped—or what could be clearer—give us useful feedback for future episodes.
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