Discovery Checklist

Want to know everything that is working (and not working) about your business finances? Polymath’s 15-point Discovery Checklist gives us a nice deep look so that you can make educated decisions about your next steps.

1. General Info

  • Entity type
  • Business formed
  • Taxes last filed
  • Relationship with CPA
  • Long term plans/goals
  • Current software and version

2. Number of accounts and account Types

  • Checking
  • Savings
  • Other, etc.

3. For each account – last reconciled

4. Outstanding issues with reconciliations

  • Review Rec reports ‐ outstanding transactions? Balance issues?

5. Review chart of accounts – document anything noticed

  • Negative accounts
  • Strange practices
  • Unused accounts

6. Review Profit and Loss

7. Review Balance Sheet

8. Review A/R Aging

9. Review A/P Aging

10. Payroll?

11. Liability accounts balances? Are we missing any credit cards or loans?

12. Personal spending from business accounts?

13. Spending personal money on business expenses that are not on books?

14. Overall Review Synopsis

15. QBO upload potential

  • Total targets
  • Class tracking
  • Inventory
  • Multiple currencies
  • Price levels
  • Customer types
  • Billable expenses
  • Sales Tax
  • Other Names List