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Avoid Last-Minute Scrambles: Why You Need to Get Caught Up on Financial Statements

Trent Ogden

By Trent Ogden, CFO

August 2023

In recent articles I've talked a lot about business decisions you could or should make based upon having accurate and up-to-date financial information. I'm sure a number of you reading this are doing just that. However, our support department and I help many of you (too many of you) who still don't understand the importance of getting accurate and staying current with your financial statements.

You never know when you will need those financial statements to be ready to share with a product vendor to get a credit line; a bank for a loan; a CPA for a tax return; or an underwriter to approve an opening of an account.

Just a few weeks ago I was helping a QFloors user who needed to qualify for the underwriting of a new credit card processing account. The underwriting department required financial statements but our QFloors customer was way behind on making adjustments and closing the journal and some of the account balances just didn't make sense. They had to scramble to make the reports match the tax returns and bring them up to date before they could share them.

Another QFloors user was 2 years behind on reconciling their bank accounts and needed to quickly get them caught up in order to submit their financial statements to the CPA to file the income tax return before the deadline.

Those of you who reconcile bank statements know how time consuming it would be to do that. Especially if all of your transactions hadn't been recorded yet or were lumped together when they needed to be split apart.

I've found that nearly all of these emergency situations can be avoided by early intervention and preparation. I've also noticed that most of our customers who don't keep up with our recommended End of Period Procedures, don't do so because they lack the confidence to do it. You haven't reconciled a bank statement before, or you haven't made a journal entry before, or financial statements are just intimidating because you don't know how to correct them appropriately.

After all, you're not an accountant, right?

If you need a hand, QFloors offers accounting services where we can help you with financial statement preparation, quarterly reviews, year-end tasks, etc. for $200/hr.

Or, if you really need help, we now offer a new professional service bundle where you can get: 4 quarterly reviews, an EOPP/End of Period Procedures audit (for one of the four reviews), and an industry benchmarking comparison report for one packaged price. Feel free to contact our sales department for more information on these beneficial services.

In the meantime, know that if you have questions about getting caught up on your financial statements, our experienced trainers and accountants are ready to help you with whatever you need. You don't have to do this alone, and we would love to assist you when possible.

Trent Ogden

About the Author

Trent Ogden - CFO

Trent is a University of Utah Alum with a Bachelor's in Accounting & an MBA. With over 25 yrs of experience in flooring, Trent works tirelessly with QFloors to protect small & medium dealers through the use of innovative & usable technology solutions, individualized consultative procedure implementation, & excellent responsive training & support services.