In this blog post, we’ll walk you through the step-by-step process of performing a file review using VerifyiQ, ensuring that your financial data is accurate and up-to-date.
Before You Can Start a File Review…
Before diving into the file review process, there are a few essential prerequisites to keep in mind:
- Personnel Assignment: VerifyiQ requires two people to perform the review – a bookkeeper or associate and a manager or reviewer. Make sure both roles are assigned before starting the review process.
- Accounting Software Integration: VerifyiQ should be connected to either QuickBooks Online or Xero. If the integration hasn’t been set up, complete this step before proceeding with the file review.
Initiating the Review
Once the prerequisites are met, you can begin the file review process. Follow these steps to initiate the review:
- Log in to VerifyiQ and search for the client you wish to work on.
- Click on the client’s name and select the date range for the review, specifying the start and end dates.
- Assign the bookkeeper and reviewer roles.
- Click on the green “Start File Review” button to begin the process.
How Long Does a File Review Take?
The time taken for the review depends on the amount of information that needs to be reviewed. A quarter’s worth of data may take around 30 seconds, while longer periods like 6 months or a year may require more time.
Steps to Complete the Review
As the bookkeeper, your primary task is to start the review and make any necessary changes based on VerifyiQ’s findings. If an item is incorrectly flagged, you can mark it as correct within VerifyiQ. However, if changes need to be made in the accounting software, make the updates, and then rescan the file in VerifyiQ to update the scores.
Communication is key during the file review process. Use the summary comments section to leave overall notes about the review for the manager, and the query comments section for more granular, tab-specific comments.
After the bookkeeper has completed their review, made necessary changes, and rescanned the file, they can submit it to the reviewer by clicking on the “Submit to Reviewer” button. The reviewer will receive an email notification and can then log in to VerifyIQ to conduct their own review.
The reviewer follows a similar process, to review identified items, respond to comments, and check the review history if needed. If the file requires further work, the reviewer can send it back to the bookkeeper for additional updates.
Once the file review is complete and an acceptable score is achieved, the reviewer must mark the file review as complete. This step is crucial, as it closes out the current review and allows the bookkeeper to start a new review the following month.
Ensuring Accuracy and Integrity
Performing a review using VerifyiQ is a straightforward process that ensures the accuracy and integrity of your financial data. By following the steps outlined in this guide and maintaining clear communication between the bookkeeper and reviewer, you can streamline your file review process and maintain up-to-date, reliable financial records.
Remember to always make changes in the accounting software and rescan the file in VerifyIQ to update the scores, and don’t forget to mark the review as complete once it’s finished. With VerifyiQ, you can automate your file reviews and focus on growing your business.
If you have any questions or need assistance, reach out to our support team – we’re here to help!
More Resources
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